Global Health Ventures and Critical Pharmaceuticals Limited Sign Memorandum of Understanding for Anti-Obesity Drug
Published: Jan 28, 2009
VANCOUVER, BRITISH COLUMBIA and NOTTINGHAM, UNITED KINGDOM--(Marketwire - January 27, 2009) - Global Health Ventures Inc. (OTCBB: GHLV), a HealthCare Technology merchant bank, is pleased to announce the signing of a memorandum of understanding for the acquisition of an anti-obesity nasal drug product from Critical Pharmaceuticals Ltd. Under the terms of the agreement, Critical Pharmaceuticals licenses an anti-obesity drug product that they have developed using their patented technology known as CriticalSorb to Global Health Ventures on worldwide exclusive basis. A different version of the drug is currently in the late stage of development with some major pharmaceutical companies, but Critical management believes their formulation is far more effective than the current formulation being tested. The parties plan to reach final agreement in the near future, subject to completion of some outstanding conditions. The entire financing for the project will be committed by Global Health Ventures; and Critical Pharmaceuticals will benefit from the marketing of the product through royalties, milestones and research contracts agreed by the two companies.
About Global Health Ventures
Global Health Ventures is a "Healthcare Technology Merchant Bank" in the business of acquisition and licensing of outstanding and promising healthcare related technologies for further development and re-licensing to major pharmaceutical companies. While venture capital and private equity firms tend to be investment-oriented, Global Health Ventures licenses, or straight buys out the promising technologies from biotech companies with insufficient resources, or lack of appropriate management for further development. Global Health Ventures also licenses or buys out technologies from major pharmaceutical companies that have made internal decisions not to develop due to internal competition and duplication. Global Health Ventures has built a portfolio of products using its own capital from diverse brokers, dealers, as well as private and institutional investors. The Company develops the technologies to the mid-stage Phase III clinical trials and then sells or licenses out to major pharmaceutical, biotechnology or speciality pharma throughout the world for upfront fees, milestones, and royalties.
About Critical Pharmaceuticals
Critical Pharmaceuticals is a biotechnology company located in BioCity, Nottingham, United Kingdom. The Company has a proprietary technology which enhances the delivery of drugs via the nasal cavity to the brain, bypassing the problems associated with blood brain barrier (BBB). The technology increases the brain delivery of drugs by several folds, thus making it feasible for the drugs that need to act on the central nervous system to reach pharmacological concentration effective in treating a disease. As the control machineries for appetite and food intake is located in the brain, therefore, the anti-appetite drugs can only be effective if they reach the appropriate region of the brain. Critical Pharmaceuticals has developed such technology which enhances the delivery of a drug under this agreement to the brain using the nasal route of delivery.
Safe Harbour Statement
This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the products in commercializing and developing. Further the risk involves the ability of the Company to accelerate the development, and the ability to out-license the products as well as, the ability to raise sufficient funds for the development. Specifically, the risks and uncertainties that could affect the success of the Company includes risks associated with clinical developments, the ability of the Company to continue to raise capital to fund its operations and the capital requirements of the licensed-in products. Investors should also review the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission.
Global Health Ventures Inc. - Media Contact
Director, Investor Relations
(604) 324-4845 (FAX)
Dr. Lisbeth Illum
Chief Executive Officer
+44 115-912-4371 (FAX)