PharmEng to Receive Government Financial Support for Research Into Treatment for Alzheimer's Disease
TORONTO, ONTARIO--(Marketwire - January 30, 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, will receive $3.0M over 3 years from the Atlantic Canada Opportunities Agency ("ACOA") for research and eventual commercialization of a daffodil derived extract for the treatment of Alzheimer's disease.
ACOA's Atlantic Innovation Fund will distribute the $3.0M based on the project meeting certain conditions that will include $1.0M of private sector financial participation. The project involves formulation development, extraction of the active pharmaceutical ingredient (galanthamine), purification and final dosage finishing. Access to Government funding is expected as the project meets certain deliverables over the 3 year period. Keata's pharmaceutical manufacturing facility located in Sydney, N.S. will provide the eventual commercial manufacturing for the North American market once research has been successfully completed and all the necessary regulatory approvals have been obtained, a process that could take 3 to 5 years.
"We have collaborated with multiple groups to get to this point - the Atlantic BioVenture Centre in Truro, Atlantic Systems in Charlottetown and Alzeim Limited in Wales, U.K.", stated Alan Kwong, CEO of PharmEng International Inc. "The potential for this product as a natural and cost effective treatment for Alzheimer's disease will provide the Sydney facility with manufacturing volumes that will push the limits of the plant capacity given the anticipated demand," 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.
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