SARASOTA, Fla., Feb. 21 /PRNewswire-FirstCall/ -- Industrial Biotechnology Corporation (“IBC”), and Chunghwa Chemical Synthesis & Biotech Co. Ltd. (“Chunghwa”) are pleased to jointly announce that they have entered into a strategic process development and manufacturing and production agreement.
The terms of the agreement include Chunghwa receiving equity of IBC in lieu of cash compensation for process development and scale-up of IBC selected chemicals for commercialization, and a production and manufacturing proposal for the mass biological production of IBC selected chemicals. Chunghwa is the largest bulk pharmaceutical manufacturer in Taiwan, where it is based, and is a leading contract manufacturer for pharmaceutical and specialty chemical companies worldwide. Additional information about CCSB can be found at http://www.ccsb.com.tw .
David West, Director and CFO, stated, “This agreement with Chunghwa is an important milestone. It demonstrates our proof of concept, and third-party validation from a credible outside third party, of our value proposition. The industrial biotechnology sector and the biological production of chemicals are projected to grow enormously. This agreement helps position IBC as a biological infrastructure and technology company that will assist and enable this global biological transition, which is now underway.”
Dr. Mark Truei, Ph.D., IBC VP of Manufacturing and Production, said, “I am very pleased to see the establishment of the partnership between Chunghwa and IBC. Chunghwa is a leading player in contract manufacturing. It has developed an outstanding reputation over its 50-year history and it has extensive experience with U.S. clients. Particularly, this partnership also confirms the value of IBC technologies and products in terms of its cost effectiveness, broad product list, more healthy products and environmental friendly manufacturing processes. I am very confident that many other major players, as manufacturers and distributors, will follow Chunghwa soon to join the alliance to become part of the IBC family.”
“IBC has licensed and developed revolutionary technologies for using microbial fermentation/enzyme transformation to produce high-value biological-produced chemicals. These technologies greatly reduce the production costs of many chemicals that currently can be only manufactured from complicated and costly methods of chemical synthesis and/or extraction from natural materials. These technologies enhance and complement our company and R & D enormously. By combining IBC’s new break-through technologies with Chunghwa and our over 40 years of experience in process development and contract manufacturing under strict GMP regulations, the partnership of these two companies will expedite the commercialization of several important targeted chemicals,” said Dr. Steve H. Chang, President of Chunghwa.
About Industrial Biotechnology Corporation
Industrial Biotechnology Corporation (“IBC”) commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. We believe these technologies enable IBC to more efficiently manufacture high-value chemicals at significantly lower costs, with a substantially lower environmental impact than traditional methods, and with a higher purity. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC will bring to market new and established chemicals that are in high demand for use in Flavors and Fragrances, Fine chemicals, Pharmaceutical, Agricultural, Environmental and Bio-Energy applications. IBC’s pioneering and state-of-the-art biological production methods can replace large manufacturing facilities, many of which employ hazardous processes, and toxic materials in their chemical production. These innovative methods involve fewer production steps, and through the use of “designer” enzymes and proprietary production systems, may enable IBC to produce greater yields of high-purity, natural compounds at significantly lower costs. We believe these processes can be readily scaled-up to large, commercial production levels. IBC’s core intellectual property utilizes patented technologies exclusively licensed from Rice University. The company has assembled a team of leading scientists, management and industry leaders to implement these new technologies. IBC has a comprehensive technology and licensing acquisition strategy, and will seek to establish research and development partnerships with leading universities and corporations in the industrial biotechnology field to develop commercially viable biological-based solutions and related intellectual property patents. For more information, email us: info@industrialbiotechnology.com
About Chunghwa Chemical Synthesis & Biotech
Chunghwa Chemical Synthesis & Biotech Co. Ltd. (“CCSB”), founded in 1964, is the largest bulk pharmaceutical manufacturer in Taiwan, located in the suburb of Taipei. CCSB is a member company of the China Chemical Pharmaceutical Group, whose affiliates, CCPC in Taiwan and Suzhou Chung-Hwa Chemical and Pharmaceutical Industrial Co. Ltd. in Suzhou, China, constitute two of the largest pharmaceutical formulators in their areas. The group recently invested $100 million (U.S.) to construct and upgrade these three companies.
CCSB has developed more than 30 bulk pharmaceutical products for a variety of therapeutic indications. CCSB has filed Drug Master Files for 13 products with the FDA. In 1984, CCSB was the first pharmaceutical manufacturer in Taiwan inspected and approved by FDA for Current Good Manufacturing Practice (“cGMP”) Regulations compliance. Its cGMP plant, which produces both synthetic and biotechnology products, passed FDA inspection again in April 2002.
Pharmaports, LLC, in Montvale, New Jersey, USA, is CCSB’s North American region sales office and promotes its products and services. Together, the group has formed an international network providing pharmaceutical ingredients and finished dosages.
Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Industrial Biotechnology Corp. “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe Industrial Biotechnology Corp.'s future plans, objectives or goals are also forward- looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Industrial Biotechnology Corp., as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corp. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Industrial Biotechnology Corp. does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Industrial Biotechnology Corporation
CONTACT: David L. West, Industrial Biotechnology Corporation,+1-941-925-2500
