TUSTIN, CA--(Marketwire - April 09, 2010) - Through its US-based subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today it has extended its partnership with GenWay Biotech Inc., signing an exclusive 5-year marketing, sales and distribution agreement with GenWay Biotech Inc. for the commercialization of RPC’s Onko-Sure™ in vitro diagnostic cancer (IVD) test in Russia and the former Soviet Republics.
Under the terms of the agreement GenWay Biotech is responsible for the marketing and product sales in this new market. Radient Pharmaceuticals signed a similar agreement with GenWay Biotech earlier this year which gave GenWay Biotech the exclusive rights to market, sell and distribute Onko-Sure in seven other international markets.
Today’s announcement marks the second Onko-Sure distribution agreement RPC signed this week and is a part of RPC’s aggressive strategy to further commercialize Onko-Sure in key international markets with strong demand for cancer screening, diagnostic and monitoring tests. According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, “I am extremely pleased with the most recent progress we’ve made in locking down distributors for Onko-Sure. GenWay is a key partner to RPC and we anticipate strong product sales through their extensive sales network in Russia and surrounding regions.”
GenWay will penetrate this market with the support of a dedicated sales and marketing organization for Onko-Sure. MacLellan continued, “We have already established a productive, revenue-generating partnership with GenWay for various other international markets and will continue pursuing additional partnerships in new markets.”
According to Sergey Sikora, Vice President of Business Development for GenWay Biotech Inc., “We are very pleased to expand our work with Radient Pharmaceuticals to include Russia and the former Soviet Republics. Our focus is on aggressive product sales to well-known hospitals and cancer clinics in this market.”
Onko-Sure is a simple, non-invasive, patent-pending and regulatory-approved in vitro diagnostic test that enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP). FDP levels rise dramatically with the progression of cancer. Onko-Sure is approved by the US FDA for the monitoring of colorectal cancer and by Health Canada as a lung cancer screen and cancer monitoring tool.
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company’s corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, and premium skin care products.
About GenWay
GenWay Biotech, Inc. manufactures and supplies test kits and their key components, such as antibodies and antigens. The company’s proprietary technology platform specializes in producing antibodies from proteins of human, animal, plant, bacterial and other sources. More than 40,000 products are available from the company’s online catalog. GenWay is also actively developing novel test kits that look for indications of cancer and other diseases. Learn more at www.genwaybio.com.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
Radient Pharma Contact:
Kristine Szarkowitz
Director-Investor Relations
Email Contact
(Tel: ) 206.310.5323
