Edmonton, Alberta and Cairo Egypt, May 17, 2010
Cyplasin Biomedical and Minapharm SAE announce Term Sheet Agreement for Distribution and
Manufacture of Cyplasin Products
Cyplasin Biomedical (CPBM: OTCBB and XYI1:FRA) and Minapharnn SAE (Cairo and Alexandria Stock Exchange: MIPH) jointly announced the successful negotiation and signing of a binding term sheet agreement for the sales/marketing and distribution of Cyplasin's product C-Virin for use with chronically infected Hepatitis C patients within the Middle East and MENA regions. The agreement also encompasses the eventual manufacture and marketing of Cyplasin's future vaccine product C- Vaxin once it is available. The agreement further includes a small convertible debt loan from Minapharm to Cyplasin which will be used for initial manufacturing setups.
Mr. G. Likes President /CEO of Cyplasin stated " we are extremely pleased to have been able to attract a partner company of Minapharm's caliber to our story and very much look forward to a long and successful relationship with Minapharnn. This agreement provides us a commercialization outlet for our revenue generation strategy and this and similar opportunities in the future will be what drives us to become a major vaccine product development company over time."
Dr. Wafik Bardissi, Chairman and CEO of Minapharm added: "Together with Cyplasin Biomedical we are creating a cross-functional approach to further endow our pipeline with affordability and innovation, which are required characteristics for new products within the Hepatitis C market."
About Minapharm — www.minapharm.com
Minapharnn is headquartered in Cairo with production facilities in the 10th of Ramadan City and is among the leading prescription medicine companies in Egypt and the Middle East. The company specializes in the manufacture and marketing of innovative specialty pharmaceuticals and through its subsidiary Rhein Minapharnn Biogenetics (www.rhein-minapharnn.com). With five therapeutic proteins already on the market and several in the pipeline, Minapharm's competence lies in shortening the time to market while adhering to the highest international ethical and safety standards. Minapharnn has a collective workforce of over 700 employees and is listed on the Cairo and Alexandria Stock Exchange (symbol: MIPH).
Cyplasin Biomedical is a publically-traded specialty pharmaceutical company with headquarters in Edmonton, Alberta, Canada (OTCBB:CPBM). Cyplasin's technology encompasses the use of recombinant DNA technology to manufacture virus like particles (VLPs). These VLPs can be engineered to incorporate various viral and non-viral antigens for use as vaccines against many different types of targets such as Hepatitis C. The recombinant antigens presented in the context of a VLP carrier system are much more immunogenic than the antigen alone, and this carrier is so powerful that the subsequent vaccine may not require the use of immune adjuvants. Cyplasin is using the technology to develop vaccines that are "entry inhibitors" to prevent hepatitis C viral infection of liver hepatocytes.
The Company is also pursuing a revenue generation strategy by commercializing generic therapeutic drugs for use in the Hepatitis C market.
Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environments, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.
For further information and inquiries
Mr. Garth Likes
Suite 131 Advanced Technology Center, 9650-20th Avenue
Edmonton, Alberta T6N 1G1
Mr. Frank Mueller