Genix Pharmaceuticals Corporation Provides a Corporate Update to Shareholders
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Genix Pharmaceuticals Corporation (TSXV: GENX) ("Genix" or the "Company"). President, Mr. Mahmoud S. Aziz, provides corporate update.
To the Shareholders of Genix:
As the newly elected Director and President of Genix, I am pleased to provide you an update on our advancements and planned milestones.
While I am certainly excited to update the important progress that Genix has made, I would first like to acknowledge the difficult circumstances that we are all collectively facing as the COVID-19 pandemic continues to affect millions of Canadians and people worldwide. I am grateful for our team's commitment to keeping our business moving forward while many areas of our industry slowed as the focus shifted to respond to COVID-19.
For Genix, 2020 was a pivotal year in which we reorganized our management team, including the Board of Directors and Executives, and focused on key product acquisitions and research & development. During the past 15 months, we have acquired 31 prescription drugs and 3 novel nutraceuticals, to position ourselves as a leading generic ophthalmic drug company. It should be noted that prior to being able to market, sell and distribute the generic drugs in our portfolio, the Company is required to reformat the Product Dossiers and prepare and submit Abbreviated New Drug Submissions ("ANDS") to Health Canada for approval. The typical timeline to receive approval is between 6-9 months but with COVID-19 slowdown, the process has been extended. Upon approval and the issuance of Drug Identification Numbers (DINs) for each drug, and their listings in the Provincial Drug Formularies, Genix can commence sales across Canada and should be in a position to generate significant revenues and profits for the Company.
In 2021, the Company is focused on registering all 31 prescription drugs with Health Canada and obtaining DINs for each drug. Our initial focus is on generic ophthalmic drugs, which is the fastest growing and highly profitable segment of the Canadian pharmaceutical industry. Genix should be in a position to generate substantial revenues in the medium and long term and secure the Company's future as Canada's leading generic ophthalmic drug company.
To better understand where we are going as a company, I have highlighted a few of the Company's significant milestones:
We maintain focus on the Company's founding vision of becoming the largest generic ophthalmic drugs company in Canada, in terms of the number of molecules and products being offered, to help patients and consumers in this fastest growing sector for pharmaceutical products. Genix is targeting an additional 70-100 ophthalmic generic drugs to add to its portfolio.
Over the next two years, we will be working with our R&D team on the development of several patentable ophthalmic drugs and novel over-the-counter (OTC) nutraceutical products. For example, we are working on developing the world's first eye drop for age related macular degeneration (AMD); the world's first Computer Vision Syndrome (CVS) eye drop to prevent and reduce the broad symptoms of CVS; and three other unique novel nutraceutical products which we plan to launch this summer to kick start the Company's revenue generation.
The barrier to acquiring these generic drugs is high but the Company has leveraged its long-established global manufacturing relationships to negotiate exclusivity and favourable terms for its products. In addition, Genix will be seeking out highly prescribed, large market, single source generic drugs which, are highly profitable and do not have generic equivalents in Canada.
The Company is also focused on acquiring a range of generic prescription drugs for the treatment of Chronic Obstructive Pulmonary Disease (COPD) - the second fastest growth segment of the Canadian pharmaceuticals industry and is finalizing the exclusive agency rights for nine high value, widely used, generic inhaler products to market and sell in Canada.
We remain committed to the current course of business. We lead with our branding and consumer market insights and our investments in facilities, people, and products to bring the Genix brand of products to consumers across Canada and internationally.
As mentioned, 2020 was a pivotal year for Genix where we reorganized our management team, including Board of Directors and executives. We now have a well-balanced board of directors and experienced professionals on our leadership team and, along with our advisory board, are committed to the growth and success of the Company and bringing value to all our shareholders.
As the new President & Director I have spent over forty years developing trust-based relationships with global pharmaceutical manufacturers and leading pharmaceutical research institutes to source and develop generic drugs. Due to these extensive relationships and diverse networks, we have been able to rapidly acquire innovative pharmaceutical products, at the least possible costs, and we continue working with several manufacturers to bring on new generic and patentable products.
The Company is now well positioned to focus on rapid growth, revenue generation and profitability.
Genix's approach to product development is informed by an understanding of where the industry is today, where it is going, and where we want to position ourselves within it. We are establishing ourselves as a serious player in the Canadian ophthalmic and COPD drugs market and an early leader in the research and development of innovative products in these two pharmaceutical sectors. Some of the progress we have made with products that will help Genix drive rapid growth, revenues and profitability include:
Ophthalmic Generic Drugs:
The Company has purchased thirty (30) World Health Organization approved generic prescription ophthalmic drugs (the "Ophthalmic Drugs") and their Common Technical Document dossiers (the "CTD") together with concomitant global sales and marketing rights and entered into a Letter of Intent (LOI) to acquire two additional OTC ophthalmic products.
Single Source Generic Drugs:
Genix will continue to seek out opportunities to acquire large-market, widely prescribed single source generic drugs, where there are no generic equivalents in Canada, and will also seek to be the first generic supplier in Canada of newly off-patent "branded" products so that the Company can obtain "market exclusivity" for these drugs.
Levothyroxine sodium: In April 2021, we successfully closed the Exclusive License and Supply Agreement with the manufacturer of Levothyroxine sodium to acquire Canada's first generic version of Synthroid® - Canada's most prescribed drug by number of prescriptions written and volume with estimated sales of over $200M. The Company will have the exclusive manufacturing, sales, marketing, and distribution rights for all eleven dosages of a Genix branded version of Synthroid® (Levothyroxine sodium), which is the leading prescribed treatment for hypothyroidism.
Since there are no equivalent generic products available in Canada, we believe this blockbuster generic drug will help catapult the profitability of the Company and bring significant value to shareholders. We await the approval from Health Canada and a granting of Drug Identification Number (DIN), providing Genix a clear path to reach sales and concomitant revenue generation and profits for the Company.
Over the next three months we will be marketing our three novel nutraceutical products:
FLU-X®: Clinically proven to kill influenza A and B, and common cold viruses. 100% natural anti-viral, anti-flu and anti-colds oral/nasal spray which was developed to prevent and treat SARS-CoV in 2002.
SUCANON®: All-natural insulin sensitizer for managing and treating Type 2 noninsulin dependent diabetes.
RENOCHLOR®: Clinically proven dietary supplement to aid in restoration of kidney health and kidney function. A patented nutraceutical for the prevention and treatment of Chronic Kidney Disease (CKD), Chronic Renal failure (CRF) and end stage renal disease.
Future Ophthalmic Products:
OCUCOOL: World's first eye drops to treat and prevent the symptoms of Computer Vision Syndrome (CVS) caused by all blue light emitting digital devices and game consoles.
Age Related Macular Degeneration (AMD) Eye Drops - The world's first AMD drop is a superior and highly effective alternative to the existing regimen of oral vitamin formulations, for prevention of AMD, through superior therapeutic ophthalmological effect and bioavailability for the patient.
AMD Skin Patch - The world's first nano-emulsified patch for prevention of AMD, which delivers a steady supply and better absorption of the key nutritional ocular ingredients.
Euphrasia Eye Drops - All-natural eye drops to treat and prevent Conjunctivitis (inflammation of the eye membrane such as Pinkeye).
Chronic Obstructive Pulmonary Disease (COPD) - Finalizing the acquisition of exclusive Canadian and global rights to the top nine revenue generating branded pharmaceutical asthma inhaler products sold in Canada.
We are listening to pharmacists and consumers across Canada about gaps in the market so that we can reach these under-serviced segments of generic pharmaceuticals. Our investments into our operational capabilities allow us to quickly launch new products to market. In the coming years, we expect to expand our offerings even further.
We remain ready and flexible to make necessary operational improvements so that the Company can quickly bring safe, high quality, highly effective, evidence-based, affordable ophthalmic drugs, nutraceuticals and OTC products to patients and consumers to help prevent and treat their eye health and COPD issues and diseases.
To facilitate the importation, sales and distribution of our prescription drugs, the Company has initiated its application to acquire a Drug Establishment License (DEL) with Health Canada and we anticipate granting of the DEL this summer. This is critical to ensuring that our supply chain can rapidly meet the market demand for importing, warehousing, sales, and distribution of our products.
These investments into our operational infrastructure have allowed us to lay a strong foundation for our drugs and OTC products commercialization strategy.
I am proud of the progress we continue to make with our business. I look forward to providing additional updates as we accelerate on our steady climb towards profitability.
Mahmoud S. Aziz
President & Director
Genix Pharmaceuticals Corp is a highly innovative, Canadian life sciences company engaged in the acquisition, research, development, manufacturing, distribution, sales and marketing of high growth, high margin, novel and proprietary, evidence-based, pharmaceuticals, over-the-counter products, nutraceuticals, and healthcare products, as well as generic medicines for the ophthalmological and COPD markets to satisfy unmet consumer and patient needs.
Our mission is to provide Canadian's access to affordable, highest quality, generic prescription drugs and OTC medicines and nutraceutical products to improve their health and quality of life.
Its OTC products includes FLU-X®, SUCANON®, RENOCHLOR®, and future OTC products. We intend to sell these products through traditional retail outlets as well as direct to consumer 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 USA, China, S.E. Asia, the United Kingdom and other selected countries.
The Company has always deployed a pharmaceutical model for product development and selection including rigorous active ingredient discovery and clinical testing for all its nutraceutical and pharmaceutical products. Genix products are developed and supported by evidence-based science and clinical studies and manufactured under the strictest Good Manufacturing Practices (GMP) protocols.
For more information regarding GENIX, visit our website https://genixpharm.com or please contact:
Kevin Bottomley, Director
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
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