Vancouver, British Columbia--(Newsfile Corp. - February 14, 2020) - Genix
Pharmaceuticals Corp. (TSXV: GENX) ("GENIX" or the "Company"), announces that
it has completed the acquisition (the "Acquisition") of 30 World Health
Organization approved ophthalmic drugs and product dossiers as stated in its
press release dated December 23, 2019. Having received final acceptance to the
Acquisition from the TSX Venture Exchange ("TSXV"), the Company issued
15,000,000 common shares to the shareholders of Canagen Pharmaceuticals Inc.
to complete the Acquisition. The shares are subject to a resale restriction
that expires four months and one day from their date of issuance.
The acquisition represents a milestone for the Company to continue to enhance
its portfolio of high growth, high margin pharmaceutical and nutraceutical
products.
Many of these thirty ophthalmic drugs are in the list of top 100 prescription
drugs (based on revenue) sold in Canada last year. According to Pharmacy
Practice magazine, Ophthalmologic Preparations, Others, was the "highest
growth class based on Canadian drugstore and hospital purchases" -the fastest
growing segment of the Canadian pharmaceuticals industry with an annual growth
rate of 32.6%. According to a newly released study by the consulting firm,
Allied Market Research
(https://www.alliedmarketresearch.com/ophthalmic-drugs-market),the North
American market for ophthalmic drugs in 2016 was USD 15.36 Billion of which
Canada is estimated to hold 10%, approximately USD 1.5 Billion.
It can take several years to prepare a generic drug dossier and accrue
significant costs, as the formulations need to be scientifically developed to
match their brand name equivalents and undergo extensive testing, including
bio-availability (BA) and bio-equivalence (BE) studies to ensure that it is
identical in all therapeutic aspects to their brand name competitors.
Accordingly, GENIX has been fortunate to acquire these 30 product dossiers at
a small fraction of their market value and save significant time to bring them
to market.
Generic drugs are identical, bio-equivalent versions of the brand name drugs
whose patents have expired. These generic drugs have the same quality, safety
and efficacy as brand name drugs but are typically priced between 50-75% of
the brand name equivalent. Generic medicines work the same way in the body as
the original brand-name drug and are produced under the same GMP manufacturing
standards.
According to the Canadian Generic Pharmaceuticals Association (CGPA), "In 2018
generics were used to fill 90% of all prescriptions in the United States, if
the use of generic medicines in Canada were equal to the US levels, Canadians
would have saved more that $11 billion in 2018."
GENIX will begin immediately to prepare and submit its Abbreviated New Drug
Submissions (ANDS) together with the dossiers to Health Canada for approvals
and issuance of a Drug Identification Number (DIN) for each generic molecule.
Upon successful issuance of DINs, the Company will commence the distribution
and sale of the ophthalmic drugs nationally throughout Canada and to selected
export markets
Sina Pirooz, the Company CEO, stated, "We are truly excited about this new
product acquisition. With these thirty new ophthalmic drugs, the Company is
poised to achieve strong revenue growth and profitability in the coming years
and position itself as a formidable, and highly competitive, player in the
fast-growing and highly profitable Canadian ophthalmic drugs and
nutraceuticals sector."
About the Company
Genix Pharmaceuticals Corporation is an innovative Canadian life sciences
company engaged in the research, development, manufacturing and marketing of
high growth, high margin, novel and proprietary, evidence-based,
pharmaceuticals, over the counter (OTC) products, nutraceuticals and
healthcare products, as well as generic medicines. The Company's products are
all manufactured at certified Good Manufacturing Practise (GMP) facilities,
Health Canada approved and supported by thorough scientific research, toxicity
studies and clinical trials to ensure consumer safety and therapeutic efficacy
such that they deliver consistent and verifiable results in the various
therapeutic areas. GENIX is focused on the development of novel and innovative
complementary and alternative medicines (CAM) involving both nutraceutical and
pharmaceutical products for distribution in North American and other targeted
global markets.
On behalf of the Board,
Sina Pirooz, CEO, Director
Genix Pharmaceuticals Corporation
For more information regarding the Company please contact:
Jamie Lewin
CFO, Director
Tel: +1.604.739.3052
jalewin@telus.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially and there are no
assurances that the transaction described in this news release will close on
the terms described or at all. Except as required pursuant to applicable
securities laws, the Company will not update these forward-looking statements
to reflect events or circumstances after the date hereof. More detailed
information about potential factors that could affect financial results is
included in the documents filed from time to time with the Canadian securities
regulatory authorities by the Company. Readers are cautioned not to place
undue reliance on forward looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/52439
(c) Copyright Newsfile Corp. 2020
