Easton Pharmaceuticals Signs MOU Towards Distributing A Line Of Injectable Approved Cancer Drugs For Mexico And Other Latin American Countries; Further Announces It Is Not Canceling Its Canadian Medical Marijuana Option With MDRM, Stays Committed To Medic
TORONTO, ON--(Marketwired - Jun 8, 2015) - Easton Pharmaceuticals Inc. (OTC PINK: EAPH) announces it has signed an MOU agreement towards finalizing negotiations with BMV Medica S.A. de C.V. to jointly distribute and sell a line of the most common and used cancer drugs throughout Mexico and most of Latin America. The majority of these sales will be to the Mexican and other national governments through their national tender program. As a member of the North American Free Trade Agreement, Canadian-manufactured pharmaceuticals qualify for the national tender program, providing a major advantage over other manufacturers. Easton Pharmaceuticals also announces it has made the decision not to cancel its option with MDRM Canada, and stays committed to Canada's Medical Marijuana industry and Aero Farms prior to Canada's federal election in the fall of 2015.
Easton's current joint venture partner, BMV Medical S.A. de C.V., has secured the rights for all of Mexico and other Latin American countries towards the first two of an extensive line of cancer drugs from an industry leading, world recognized Canadian Manufacturer whose name will be disclosed on closing. The cancer drugs are "paclitaxel" and "docetaxel". The manufacturer already has approval and is currently selling "paclitaxel" in Canada and other countries around the world, has filed regulatory documents and is well into the process of obtaining regulatory approval with Health Canada to obtaining marketing authorization for "docetaxel". Both of these cancer drugs are generic drugs and are amongst the most commonly prescribed for several of the most common cancers including breast, lung and ovarian cancers. In addition docetaxel is extremely difficult to manufacture with only a limited number of companies worldwide possessing the knowhow and facilities to manufacture these and other cancer drugs. As a member of the North American Free Trade Agreement, Canadian-manufactured pharmaceuticals qualify for the national tender program, providing a major advantage over other manufacturers. The securing of the distribution agreement by BMV for the drugs is another big achievement where BMV has now secured a full line of diagnostic, cancer and other drugs.
Easton and BMV have previously announced securing the exclusive rights to market and sell CommonSense Ltd's VS-Sense woman's diagnostic products for Mexico, geared towards its 70 million female population where 1 in 3 woman will at some point require the use of the test, which is a result of BMV's and Easton's well respected, strong distribution capabilities within Mexico and Latin America. With BMV securing the rights to the first 2 Cancer drugs, it further demonstrates their capabilities and respect in the pharmaceutical industry with reputable international companies. Easton has tied up the exclusive option and has entered into discussions to become a partner on the same terms as the VS-Sense products which is a 50/50 revenue split partnership and to possibly participate with BMV on its full line of cancer drugs for Mexico and other Latin American countries. Easton has advanced $65,000 in escrow to secure the exclusive negotiation rights until closing or until cancellation.
Easton through the government contacts and relationships nurtured through BMV Medica, strongly believe they can conservatively acquire 20% of the market for the respective cancer drugs with the Mexican government and other Latin American countries. A 20% share of this market can represent tens of millions of dollars as the drug industry is expected to have triple digit growth compared to single digit growth in North America. The Cancer drug industry is considered a high value business segment to be part of as cancer drugs are expected to surpass cardiovascular drugs as the biggest selling drugs in the world. Every major government body around the world has indicated that cancer will continue to impact more and more people and lives around the world especially in countries possessing an aging population. In addition, Easton remains committed to its own early stage Cancer drug "Xilive" which it purchased in late 2013. The Company anticipates working out a deal with the majority owner where Easton will acquire majority control in exchange for a percentage of future royalties and shares of Easton's common stock. Once that is complete, BMV will be spearheading a clinical trials program which will not require any animal testing. Easton expects to finalize negotiations shortly on both fronts with a subsequent announcement.
Marijuana is now considered and a well known part of a medical treatment to relieve the many symptoms of cancer and its treatments such as chemotherapy and radiation, which is an added reason why Easton Pharmaceuticals has made the decision to stay committed to the Medical Marijuana industry. On June 2nd of 2015, Easton Pharmaceuticals announced it was seeking to cancel its option with MDRM Canada and the agreement it signed with MDRM in June of 2014 where Easton forwarded $50,000 (including other fees) which provided Easton with an exclusive option to purchase up to 49% of Aero Farms, a private Ontario company and experienced grower who has received a letter to build from Health Canada to obtain a medical marijuana growers license under the new national MMPR system. Easton has now made the decision to no longer cancel its option with MDRM and to commit to Canada's Medical Marijuana industry through the efforts and existing buildout of Aero Farms and possibly other company's. The decision to not cancel its option and attempt to remain steadfast and committed to Aero Farms and Canada's Medical Marijuana industry resulted after several discussions from all parties involved and obtaining input from industry professionals and advisors. The Company believes abandoning Canada's Medical Marijuana industry after announcing two years ago that it was entering the industry would be the wrong decision at this point in time, especially considering Canada's federal election is being held in the fall of 2015 which may drastically speed up the MMPR licensing process and remove much of the red tape and delays. The liberal party of Canada have previously stated that one of their mandates would be to possibly legalize marijuana entirely, including possible recreational use. A dispute between MDRM and Aero Farms surfaced several months ago where a litigation action was launched. That action has since expired, negotiations are currently ongoing where Easton and all parties believe a possible resolution can be achieved in the near term. Aero Farms is a well respected and well positioned company who have undergone a build out of its current facility to high standards and compliance. Further work remains to be completed, however Easton believes and is hopeful that any disputes will be rectified between all parties that would allow the completion of the build out.
In other developments within the medical marijuana industry, Easton pharmaceuticals wishes to also confirm that it remains committed to the transaction completed with medicated Markets and the rights it holds in California's medical marijuana industry. Easton has requested updated financial statements which are required to provide an accurate valuation for the transaction and for future financial statements. Easton has offered its assistance and resources to complete the updated financial statements and valuation. Additional updates are forthcoming.
In other news, Easton has suspended its discussions to purchase an operating dispensary in Colorado who currently have sales in excess of $1.2 Million. The return on Investment and growth prospects did not meet the requirements Easton is looking to achieve.
Easton Pharmaceuticals will be shortly announcing changes and additions to management, directors and advisors as a result of its recently announced agreements.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries such as medical marijuana. The Company previously developed and owned an FDA approved wound-healing drug and currently owns topically delivered drugs to treat cancer and other conditions that are all in various stages of development and approval. Easton has entered into a 50 / 50 revenue sharing agreement towards being the exclusive distributor in Mexico for patented women's diagnostic products. Easton has completed an acquisition that grants 40% ownership interest in Medicated Markets International LLC; a company holding Medical Marijuana growing rights in California on 20 acres (3 acre growing area). Easton has also made additional investments into AMFIL Technologies, a company who own rights to a product called the groZONE anti-microbial airflow system and hold an exclusive option to purchase up to 49% in a (MMPR) medical marijuana grow-op business post granting of license from Health Canada in Ontario, which has received a letter to build from Health Canada. The company's gel formulation is thought to be an innovative and unique transdermal delivery system that can in the future be adaptable in the delivery of other drugs and Cannabidiol extracts.
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Easton's current joint venture partner, BMV Medical S.A. de C.V., has secured the rights for all of Mexico and other Latin American countries towards the first two of an extensive line of cancer drugs from an industry leading, world recognized Canadian Manufacturer whose name will be disclosed on closing. The cancer drugs are "paclitaxel" and "docetaxel". The manufacturer already has approval and is currently selling "paclitaxel" in Canada and other countries around the world, has filed regulatory documents and is well into the process of obtaining regulatory approval with Health Canada to obtaining marketing authorization for "docetaxel". Both of these cancer drugs are generic drugs and are amongst the most commonly prescribed for several of the most common cancers including breast, lung and ovarian cancers. In addition docetaxel is extremely difficult to manufacture with only a limited number of companies worldwide possessing the knowhow and facilities to manufacture these and other cancer drugs. As a member of the North American Free Trade Agreement, Canadian-manufactured pharmaceuticals qualify for the national tender program, providing a major advantage over other manufacturers. The securing of the distribution agreement by BMV for the drugs is another big achievement where BMV has now secured a full line of diagnostic, cancer and other drugs.
Easton and BMV have previously announced securing the exclusive rights to market and sell CommonSense Ltd's VS-Sense woman's diagnostic products for Mexico, geared towards its 70 million female population where 1 in 3 woman will at some point require the use of the test, which is a result of BMV's and Easton's well respected, strong distribution capabilities within Mexico and Latin America. With BMV securing the rights to the first 2 Cancer drugs, it further demonstrates their capabilities and respect in the pharmaceutical industry with reputable international companies. Easton has tied up the exclusive option and has entered into discussions to become a partner on the same terms as the VS-Sense products which is a 50/50 revenue split partnership and to possibly participate with BMV on its full line of cancer drugs for Mexico and other Latin American countries. Easton has advanced $65,000 in escrow to secure the exclusive negotiation rights until closing or until cancellation.
Easton through the government contacts and relationships nurtured through BMV Medica, strongly believe they can conservatively acquire 20% of the market for the respective cancer drugs with the Mexican government and other Latin American countries. A 20% share of this market can represent tens of millions of dollars as the drug industry is expected to have triple digit growth compared to single digit growth in North America. The Cancer drug industry is considered a high value business segment to be part of as cancer drugs are expected to surpass cardiovascular drugs as the biggest selling drugs in the world. Every major government body around the world has indicated that cancer will continue to impact more and more people and lives around the world especially in countries possessing an aging population. In addition, Easton remains committed to its own early stage Cancer drug "Xilive" which it purchased in late 2013. The Company anticipates working out a deal with the majority owner where Easton will acquire majority control in exchange for a percentage of future royalties and shares of Easton's common stock. Once that is complete, BMV will be spearheading a clinical trials program which will not require any animal testing. Easton expects to finalize negotiations shortly on both fronts with a subsequent announcement.
Marijuana is now considered and a well known part of a medical treatment to relieve the many symptoms of cancer and its treatments such as chemotherapy and radiation, which is an added reason why Easton Pharmaceuticals has made the decision to stay committed to the Medical Marijuana industry. On June 2nd of 2015, Easton Pharmaceuticals announced it was seeking to cancel its option with MDRM Canada and the agreement it signed with MDRM in June of 2014 where Easton forwarded $50,000 (including other fees) which provided Easton with an exclusive option to purchase up to 49% of Aero Farms, a private Ontario company and experienced grower who has received a letter to build from Health Canada to obtain a medical marijuana growers license under the new national MMPR system. Easton has now made the decision to no longer cancel its option with MDRM and to commit to Canada's Medical Marijuana industry through the efforts and existing buildout of Aero Farms and possibly other company's. The decision to not cancel its option and attempt to remain steadfast and committed to Aero Farms and Canada's Medical Marijuana industry resulted after several discussions from all parties involved and obtaining input from industry professionals and advisors. The Company believes abandoning Canada's Medical Marijuana industry after announcing two years ago that it was entering the industry would be the wrong decision at this point in time, especially considering Canada's federal election is being held in the fall of 2015 which may drastically speed up the MMPR licensing process and remove much of the red tape and delays. The liberal party of Canada have previously stated that one of their mandates would be to possibly legalize marijuana entirely, including possible recreational use. A dispute between MDRM and Aero Farms surfaced several months ago where a litigation action was launched. That action has since expired, negotiations are currently ongoing where Easton and all parties believe a possible resolution can be achieved in the near term. Aero Farms is a well respected and well positioned company who have undergone a build out of its current facility to high standards and compliance. Further work remains to be completed, however Easton believes and is hopeful that any disputes will be rectified between all parties that would allow the completion of the build out.
In other developments within the medical marijuana industry, Easton pharmaceuticals wishes to also confirm that it remains committed to the transaction completed with medicated Markets and the rights it holds in California's medical marijuana industry. Easton has requested updated financial statements which are required to provide an accurate valuation for the transaction and for future financial statements. Easton has offered its assistance and resources to complete the updated financial statements and valuation. Additional updates are forthcoming.
In other news, Easton has suspended its discussions to purchase an operating dispensary in Colorado who currently have sales in excess of $1.2 Million. The return on Investment and growth prospects did not meet the requirements Easton is looking to achieve.
Easton Pharmaceuticals will be shortly announcing changes and additions to management, directors and advisors as a result of its recently announced agreements.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries such as medical marijuana. The Company previously developed and owned an FDA approved wound-healing drug and currently owns topically delivered drugs to treat cancer and other conditions that are all in various stages of development and approval. Easton has entered into a 50 / 50 revenue sharing agreement towards being the exclusive distributor in Mexico for patented women's diagnostic products. Easton has completed an acquisition that grants 40% ownership interest in Medicated Markets International LLC; a company holding Medical Marijuana growing rights in California on 20 acres (3 acre growing area). Easton has also made additional investments into AMFIL Technologies, a company who own rights to a product called the groZONE anti-microbial airflow system and hold an exclusive option to purchase up to 49% in a (MMPR) medical marijuana grow-op business post granting of license from Health Canada in Ontario, which has received a letter to build from Health Canada. The company's gel formulation is thought to be an innovative and unique transdermal delivery system that can in the future be adaptable in the delivery of other drugs and Cannabidiol extracts.
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