HOUSTON, Aug. 3, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) is pleased to provide more information regarding BioSight Ltd. and the high demand cancer and drug delivery markets.
As mentioned in a previous press release dated July 28, 2004, CSJJ has signed a draft investment agreement to purchase a significant equity interest in BioSight Ltd. BioSight's mission is to create value through the development of disease and tissue-specific pro-drug constructs for "disease enabled drug delivery". The Company's novel target-driven technology, S2DOT(tm) (Seek to Destroy Only Target), will enable the next generation of cancer therapies. The market for cancer drugs is large and rapidly growing. According to a 2002 "Drug & Market Development" report, the market for chemotherapeutic agents is expected to grow from $10 billion in 2000 to more than $15 billion in 2007. "New" blockbuster chemotherapy drugs and drugs in pipeline require improved delivery systems, which BioSight Ltd. will provide. BioSight's growth strategy is to focus on its core R&D expertise and to establish key strategic collaborations with the pharmaceutical and other biotechnology companies that share the same areas of interest.
Financial Projections
BioSight Ltd.'s current revenue source is fee for service contractual work in which the Company provides custom peptide synthesis and site specific modifications, design and synthesis of combinatorial libraries, antibody production and purification and complete "turn-key" development of projects in the field of proteomics. During 2004 and 2005, the Company projects to generate income of $1.0 M and $3.5 M respectively. In 2006 income is expected to rise substantially to $25.0 M once the S2DOT(tm) breast cancer product enters the market. Finally, in 2007 and 2008 income will be generated from the S2DOT(tm) bladder cancer product and new applications respectively. Income is estimated to increase to $39.0 M in 2007 and $61.5 M in 2008.
For further information on BioSight Ltd., please visit the Company website at www.biosight.co.il.
For more information on Coastal Holdings Inc., please contact CEO Andrea Cortellazzi at (647) 886-2703 or visit the Company website at www.coastalholdings.com.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.