PharmEng Announces New Supply Agreement With Multi-National Consumer Healthcare Company
TORONTO, ONTARIO--(Marketwire - January 06, 2009) - PharmEng International Inc. (TSX VENTURE: PII), a full-service consulting and contract manufacturing company, today announced that Keata Pharma Inc. ("Keata"), its wholly owned subsidiary, has signed an agreement effective January 1, 2009 with a multi-national consumer healthcare company for the manufacturing of specific branded non-prescription drug products (the "Products") for Canada and various other international territories. This represents a new agreement for Keata, replacing an existing sub-contracting relationship with the multi-national consumer healthcare company with whom Keata had sales in excess of CDN $10 M in 2008.
Under the agreement, Keata will be the third party supplier to the multi-national consumer healthcare company for the Products for an initial two year term commencing from January 1, 2009 with an option to extend the agreement for two additional one-year terms.
"We are delighted to be continuing our relationship with this consumer healthcare company as the agreement underscores our dedication to quality and our commitment to continual cost improvement", stated Alan Kwong, CEO of PharmEng International Inc. "This supply agreement comes as a part of other multi-year contracts and will help to properly optimize our production capacity," concluded Mr. Kwong.
Keata manufacturing capabilities include pilot laboratories for formulation development, various capabilities of high shear mixing, container blending and equipment for modified release technology in an environment consistent with current Good Manufacturing Practices. Keata facilities have the necessary equipment and approvals to provide formulation development and testing services to manufacture and package products in solid and liquid dosage forms, including aseptic manufacturing. Keata's long-term goal is to develop capabilities in other dosage forms, such as suppositories, topicals and injectables.
About PharmEng International Inc.
PharmEng International Inc., headquartered in Toronto, Canada, is a full-service consulting and contract manufacturing company that serves the pharmaceutical and biotechnology industries in North America and internationally. Consulting services include project management, engineering, GMP, validation, calibration, regulatory compliance and certified training. Contract manufacturing includes pharmaceutical support, formulation development, laboratory testing, and finished solid dosage and liquid products. PharmEng's shares trade on the TSX Venture Exchange under the symbol PII. To find our more about PharmEng International Inc. (TSX-V: PII), visit our website at www.pharmeng.com.
FORWARD LOOKING STATEMENTS
Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of PharmEng to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by PharmEng with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of PharmEng to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
PharmEng International Inc.
(905) 415-3922 x 116