PLANTATION, Fla., Dec. 6 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today announced that it has entered into a license agreement with
Kuhnil Pharm Co. Ltd., headquartered in Seoul, to distribute Multiferon(R)
(multi-subtype, natural human alpha interferon) in South Korea. While
financial terms were not disclosed, Viragen will receive a small up-front
license fee in exchange for providing exclusive marketing rights to the drug
in South Korea for a period of ten years.
Kuhnil Pharm is a rapidly growing, leading manufacturer, developer and
marketer of pharmaceuticals in Korea with a specialty focus in oncology,
covering an expansive network of clinics, physicians and hospitals with over
300 sales representatives. This agreement provides that Kuhnil shall take all
measures necessary to achieve regulatory approval for Multiferon(R) in South
Korea, as required by the Korean health regulatory authority, KFDA.
"We are very excited to have the opportunity to position Multiferon(R) in
South Korea as a unique natural alpha interferon with the promise to provide
an effective therapy for hepatitis B, hepatitis C and certain cancers," stated
Mr. Kim Young, CEO of Kuhnil. "The South Korean alpha interferon market
currently exceeds $6 million in annual sales, and we expect Multiferon(R) will
play an important role and compete favorably against other alpha interferon
regimens." With a population of nearly 50 million, the South Korean
pharmaceutical market is the 13th largest single market in the world, and the
market growth potential for alpha interferon is significant.
Viragen's President & CEO, Mr. Charles A. Rice, welcomed this Asian
expansion, saying, "We are most pleased to have Kuhnil as our partner for
South Korea, and we are working to expand this agreement into other valuable
countries throughout the Pacific Rim. Kuhnil has demonstrated its enthusiasm
for Multiferon(R) and has decades of experience marketing drug products for
companies such as Merck, Schering-Plough and Wyeth. We will work closely with
them to provide the support necessary to expedite a South Korean regulatory
approval, so that we can both benefit from this very attractive commercial
opportunity."
The South Korean regulatory approval process is expected to take
approximately 12 months.
About Kuhnil Pharm Co. Ltd.:
Kuhnil Pharm is a privately-held company established in 1951 in Seoul,
South Korea. It is a top ranked marketer of pharmaceuticals in Korea and is
developing a leading position in biopharmaceuticals through its Bio Business
Unit.
About Multiferon(R):
Multiferon(R) is a highly purified, multi-subtype, natural human alpha
interferon. Marketed as " ... The natural choice"(TM), it is approved for
sale in ten international markets (non-U.S.) for the first-line or rescue
therapy of a broad range of infectious diseases and cancers. Earlier this
year, Viragen filed an application in Sweden to seek expanded approval for
Multiferon(R) to include the first-line adjuvant treatment of high-risk
malignant melanoma. A decision is expected imminently.
About Viragen, Inc.:
With global operations in the U.S., Scotland and Sweden, Viragen is a
biotechnology company engaged in the research, development, manufacture and
commercialization of pharmaceutical proteins for the treatment of viral
diseases and cancers. Our product portfolio includes: Multiferon(R) (multi-
subtype, natural human alpha interferon) targeting a broad range of infectious
and malignant diseases; and humanized monoclonal antibodies targeting specific
antigens over-expressed on many types of cancers. We are also pioneering the
development of Avian Transgenic Technology, with the renowned Roslin
Institute, as a revolutionary manufacturing platform for the large-scale,
efficient and economical production of human therapeutic proteins and
antibodies.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that
can be identified by such terminology such as "expect," "potential,"
"suggests," "may," "should," "could" or similar expressions. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. In particular, management's expectations regarding future
research, development and/or commercial results could be affected by, among
other things, uncertainties relating to clinical trials and product
development; availability of future financing; unexpected regulatory delays or
government regulation generally; the Company's ability to obtain or maintain
patent and other proprietary intellectual property protection; and competition
in general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Viragen, Inc.
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http://www.viragen.com
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CONTACT:
Douglas Calder, Director of Communications of
Viragen, Inc., +1-954-233-8746, or fax, +1-954-233-1414, or
dcalder@viragen.com
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