DGAP-News: Genix Pharmaceuticals Corp. / Key word(s): Miscellaneous
Genix Pharmaceuticals Corporation Enters into a Definitive Agreement to
Acquire Global Rights to Flu-X(R)
27.03.2020 / 14:00
The issuer is solely responsible for the content of this announcement.
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Vancouver, British Columbia--(Newsfile Corp. - March 27, 2020) - Genix
Pharmaceuticals Corporation (TSXV: GENX)("GENIX" or the "Company"), announces
that it has entered into an agreement, dated for reference March 24, 2020 (the
"Agreement"), with Canagen Pharmaceuticals Inc. ("Canagen") pursuant to which,
subject to acceptance of the TSX Venture Exchange ("TSXV"), the Company has
agreed to purchase the sole and exclusive global distribution, sales and
marketing rights and interest (the "Global Rights") for Flu-X®, a novel and
proprietary, anti-viral, anti-flu and common colds coronavirus^1^oral and
spray herbal product.
GENIX makes no representations that Flu-X® will have any beneficial effect on
the prevention, treatment or cure of COVID-19 (SARS-CoV-2).
Canagen is the manufacturer and owner of the intellectual property and all
sales, marketing and distribution rights to Flu-X®. Under the Agreement, the
Company will acquire the Global Rights for a term of ten years, extendable by
mutual agreement, by making cash payments to Canagen of CAD $100,000,
comprising $25,000 paid within four months of closing, and $75,000 within the
first anniversary thereafter. GENIX plans to commence global sales of Flu-X®
immediately and in Canada once regulatory approval, through the issuance of a
Natural Product Number (NPN) by Health Canada, has been granted. The Global
Rights exclude Canagen's existing Flu-X® customers.
Flu-X® is an herbal, oral, anti-viral, anti-flu virus and colds coronavirus^1
spray. Flu-X® was originally developed by Professor D.S. Liu, Ph.D., a leading
virologist and medical doctor, as an anti-SARS (Severe Acute Respiratory
Syndrome) coronavirus^1 drug to prevent and treat the SARS coronavirus
(SARS-CoV) outbreak during China's SARS coronavirus epidemic in 2002-2003. Due
to its highly safe and effective anti-viral properties and its success in
treating SARS-CoV infected patients and preventing SARS-CoV infections at
several hospitals in China, the original drug was rebranded as Flu-X® and has
been sold on a limited basis in Canada, the United States, United Kingdom and
China in the past.
There is a high degree of similarity between the SARS-CoV and the COVID-19
coronavirus (SARS-CoV-2). According to The Lancet Infectious Diseases, the
whole genome of SARS-CoV-2 has an 86% similarity with SARS-CoV. Both viruses
share high degrees of homology to SARS-like coronaviruses isolated in bats,
suggesting that bats are the probable origin of both SARS-CoV and SARS-CoV-2.
Even in terms of disease dynamics there are apparent similarities. The main
transmission route is thought to be respiratory droplets, although viral
shedding via faeces has also been reported for both viruses. The
angiotensin-converting Enzyme 2 (ACE2), found in the lower respiratory tract
of humans, has been identified as the receptor used for cell entry for both
SARS-CoV and SARS-CoV-2.
Although there are striking similarities between SARS and COVID-19 diseases,
the differences in the virus characteristics will ultimately determine whether
the same measures for SARS will also be successful for COVID-19. COVID-19
differs from SARS in terms of infectious period, transmissibility, clinical
severity, and extent of community spread (source: The Lancet Infectious
Diseases).
"We are truly excited about acquiring the global rights to Flu-X®. It was used
safely and effectively in China during the SARS-CoV epidemic and has been
shown to be effective against several coronaviruses^1," stated Sina Pirooz,
the Company's CEO. "Since there are striking similarities between the SARS and
COVID-19 coronaviruses, we are encouraged about the potential of Flu-X® on
COVID-19," added Mr. Pirooz.
About Flu-X®: The result of over three years of extensive clinical research
and development during the SARS coronavirus epidemic in China, Flu-X® is an
effective, over-the-counter (OTC), anti-viral, anti-flu and colds,
anti-coronavirus^1^oral and spray product, and is a proprietary scientific
formulation of standardized Chinese herb extracts. It has been clinically
demonstrated in several scientific studies and animal and human patient trials
to kill both influenza A and B viruses and cold coronaviruses^1 upon contact,
thus preventing contraction of certain strains of the influenza. These
clinical studies and trials also confirmed that Flu-X® prevents the
replication of both influenza A & B viruses and cold coronaviruses^1, thereby
preventing and reducing the severity of flus and colds and accelerating
recovery.
A 153-patient double blind, randomized, placebo-controlled clinical trial of
patients with Viral Respiratory Tract Infections demonstrated an 82.9%
recovery rate in the Flu-X® group compared to 19.6% in the placebo control
group. Further, comparative in-vivo studies on mice confirm the product's
superiority to Interferon (a leading anti-viral pharmaceutical) against the
influenza virus, offering a protection rate of 55% compared to 40% for
Interferon. Clinical toxicology studies confirm the product to be safe even at
400 times the recommended human dosage. Additionally, the product has been
used by over 5,000 volunteers and customers and has been shown to be safe and
highly effective in the prevention and treatment of flu and colds, by killing
and preventing the replication of the influenza A and B viruses and cold
coronaviruses^1. In clinical tests, Flu-X® has also been shown to inhibit the
Haemophilus influenzae, Aureus staphylococcus and a hemolytic streptococcus
bacteria strains, associated with secondary flu-related bacterial infections.
Flu-X® was originally developed by Professor D.S. Liu, Ph.D.as an anti-SARS
virus drug during China's SARS epidemic in 2002-2003 and was successfully used
to treat SARS patients at several hospitals in China. Professor Liu has over
40 years' experience in molecular biology and virology and graduated as a
physician from China's prestigious China Medical University. He completed his
post-graduate degree at the China Academy of Medical Sciences under the
supervision of Professor Zhu Jiming, the scientist who isolated the first
Asian influenza strain in the world, in the 1950's. Professor Liu has worked
extensively as a virologist with projects for the World Health Organization
(WHO), Royal Post Graduate Medical School, UK, Welcome Research Laboratories,
UK, and Peninsular Laboratory Inc., USA. He was awarded the "National Special
Contribution Scientist Award" by the State Council of China and is a member of
the editorial committee of "China Biological Products Journal" and "China
Immunology Journal". He is also Scientific Advisor for anti-cancer drug
development at Swiss Debiopharm Research Foundation.
About the Company
Genix Pharmaceuticals Corporation is an innovative Canadian life sciences
company focused on the research, development, manufacture, licensing, sales
and distribution of novel and innovative healthcare products, which include
proprietary over-the-counter nutraceuticals and generic pharmaceuticals that
have been shown to deliver consistent and verifiable results in various
therapeutic areas. The Company employs a pharmaceutical model for product
development and selection including rigorous active ingredient discovery and
clinical testing for all its nutraceutical and pharmaceutical products. The
Company intends to continue developing novel and innovative products for sale
through traditional retail outlets as well as direct to consumers and
e-commerce platforms, in keeping with the evolving nature of the health care
industry towards Integrative Medicine and Health ("IMH") and Complementary and
Alternative Medicine ("CAM"). GENIX intends to market its products in Canada,
the United States, China, Southeast Asia, the United Kingdom and other select
countries.
About Canagen
Established in 2001, Canagen Pharmaceuticals Inc. is an established and
innovative Canadian-owned, pharmaceuticals company actively engaged in the
manufacture of finished dosage, generic pharmaceuticals, active pharmaceutical
ingredients (APIs) and OTC products and in the research, development and
commercialization of novel drugs covering the cardiovascular, oncology,
dementia and anti-viral therapeutic areas. Its Nutraceuticals Division is
actively involved in the research, development and commercialization of
innovative nutraceutical products, utilizing best pharmaceuticals practices.
Canagen owns and operates eight certified GMP pharmaceuticals factories in
Canada, China, India and Russia and has dedicated R&D facilities in Canada,
India and China. Canagen also has research and development collaborations with
Canada's National Research Council (NRC), The Department of Fisheries &
Ocean's Centre for Aquaculture and Environmental Research (CAER) and China's
Institute of Materia Medica.
(1) 1 Aside from COVID-19
On behalf of the Board,
Sina Pirooz, CEO, Director
Genix Pharmaceuticals Corporation
For more information regarding Genix, please contact:
K. Bottomley
Director
Tel: +1.604.609.6199
kbottomley@genixpharm.com
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/53880
169
Click on, or paste the following link into your web browser,to view the
associated documents http://www.newsfilecorp.com/release/53880
News Source: Newsfile
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27.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service
of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Genix Pharmaceuticals Corp.
Canada
ISIN: CA37232A1093
EQS News ID: 1009433
End of News DGAP News Service
