MINNEAPOLIS, MN--(Marketwire - March 31, 2009) - Virogen, Inc. (PINKSHEETS: VRGN), the developer and patent holder of a revolutionary vaccine to combat Newcastle disease, a deadly disease that kills chickens worldwide, has been notified by its Middle Eastern distributor that its flagship vaccine Innovo immune has been approved by the Egyptian Registration Committee. This is a milestone for the company because Egypt has the one of the most stringent requirements for approval of biological vaccines, and immediately upon receipt of the formal license, Virogen will be able to fill existing purchase orders of over $200,000 from its distributor in Egypt. Virogen is also on the verge of finalizing its registration in Pakistan, where a $200,000 purchase order is ready to be filled.
The only criteria now remaining is receipt of a registration number and labeling instructions designated by the Egyptian Committee. Once these are issued, the company will immediately begin manufacturing and importing the vaccine into Egypt. That will also open the door for Microbitech, Virogen’s distributor, to fulfill existing contracts with the two largest poultry producers in the Middle East, enabling them to immediately fill over $200,000 in orders that are already in place.
While poultry vaccines are now available in the form of a spray or nasal inhalant, the product developed by Virogen is 2,000 times more potent than those now on the market. It is injected directly into the chicken embryo and provides immunity up to ten weeks, with the average time to market being six weeks. Competitively, it is far cheaper to produce, more effective, and much less expensive to the purchaser than conventional vaccines.
Newcastle is a deadly disease which can decimate entire flocks should an outbreak occur. Fully 85% of the worldwide market resides outside of the United States. Foreign markets are experiencing rapid growth as protein consumption abroad is rising at a far more rapid rate than in the US. Therefore, the company has made the strategic decision to concentrate its resources on these world markets.
Statement by Paul Hogan, CEO
Paul Hogan, CEO of Virogen, Inc. notes, “Every production bird in the world is required to be vaccinated, and since Virogen’s vaccine is the only Innovo patent-protected product on the market, the company anticipates it will capture this exclusive market for several years. With approximately 45 billion birds being produced annually outside of the United States and consumption growing by close to 30% per annum and expected to increase exponentially, one can anticipate the revenue opportunity for this vaccine is in the tens of millions over the product life cycle.”
Forward-Looking Statements:
This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Virogen, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For More Information, contact:
Paul Hogan
CEO
Virogen, Inc.
(415) 367-4058
Guy Vinci
VUI Consulting
386-218-5929