Phagelux Announces Expansion Capital And Other Updates
SHANGHAI, MONTREAL, and SALT LAKE CITY, Feb. 5, 2016 /PRNewswire/ - Phagelux, Inc., which utilizes bacteriophages, lysins and related technologies to create solutions for bacterial problems including adjuncts and alternatives to antibiotics, is pleased to announce the raise of expansion capital from Fosun Industrial Co. Ltd., a subsidiary of Fosun Pharmaceutical Group (600196.SH, 02196.HK) ("Fosun Pharma"). Mark Engel, CEO of Phagelux, says "the addition of Fosun as a strategic partner is a milestone for our company since Fosun brings with them strong expertise in drug development, drug distribution and access to global equity markets." Mr. Qiyu Chen, Chairman of Fosun Pharmaceutical Group, states "we are very impressed with the leadership and the science of Phagelux; however, importantly, we at Fosun Pharma believe in the global need for alternatives to deal with bacterial issues. We are looking forward to work with Phagelux and co-investor Wuxi App Tech Healthcare Fund to be at the forefront of innovation for the better. " Mr. Feng Tao, General Manager of the Investment Department of Fosun Pharmaceutical Group, will join the Phagelux Board of Directors.
Phagelux also announced that the Phagelux AgriHealth Division received the first product approval in China in late December 2015. William Wang, COO of China operations, said "we are tremendously excited to be launching this product at the end of the first quarter, 2016."
Phagelux further announced that OmniLytics, the US operating division of Phagelux, signed a significant contract manufacturing agreement in late 2015. Mr. Tony Swenson, COO of OmniLytics, says "we are aiming to be the premier phage company in the US, either with our owned branded products or as the go to contract manufacturer for others."
Phagelux will present at the Bio CEO & Investor Conference in New York City on February 9th, 2015 at 11:15 EST. Mr. Engel will present and will discuss the lead programs of the company.
About Fosun and Fosun Pharma
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma), a leading healthcare company in China, which was established in 1994, has been listed on Shanghai Stock Exchange and the Main Board of the Stock Exchange of Hong Kong Limited (stock codes: 600196.SH, 02196.HK). Fosun Pharma's major shareholder, Fosun International (00656.HK), has businesses that include integrated finance and industrial operations, and which cumulatively have more than 100,000 employees around the globe.
About Phagelux, Inc.
Phagelux is headquartered in Shanghai with laboratories in China and North America and manufacturing facilities in the United States and China. Phagelux has both HumanHealth and AgriHealth divisions.
SOURCE Phagelux, Inc.
