MONTREAL, Aug. 22, 2007 (PRIME NEWSWIRE) -- Following the MOU between Viropro International Inc., a subsidiary of Viropro Inc. (Viropro) (OTCBB:VPRO) and Intas Biopharmaceuticals Limited (IBPL) in May 2007, a delegation from IBPL successfully completed the site visit to Viropro in July and is appreciative of Viropro's strong intellectual property and process development skills.
The two companies are working towards a final agreement for the Development and Production of a Therapeutic Protein. Speaking on the development, Shri Mani Iyer, Director, IBPL, said, "IBPL is looking to leverage certain proprietary technologies and expertise of Viropro towards co-development of a molecule dedicated towards bio-therapeutic products. An initial sum of US$50,000 has been sent to Viropro as a down payment towards the first milestone payable upon signing of the agreement. IBPL and Viropro are actively working towards a final agreement to manufacture and commercialize the product. The final agreement is expected to be signed by the 07th of September, 2007." Commenting on IBPL's association with Viropro, Dr. Rustom Mody, Head (Quality & Strategic Research), said, "In line with the company's R&D strategy to develop innovative research technologies/new molecules related to biopharmaceuticals and identify partnership opportunities, the agreement will mark the beginning of a collaboration through which the respective companies will explore opportunities in development of future commercial products."
Dr. Jean-Marie Dupuy, president and CEO of Viropro, said, "The development work is progressing according to schedule. Viropro expects to receive product development revenues of US$2.1 million over the 20-month period following the signature of the final agreement, as well as subsequent royalties on IBPL product sales."
About Intas Biopharmaceuticals Ltd.
IBPL is one of the fastest growing biopharmaceutical companies in India. As an independent entity of Intas group, the company has carved a niche in the biotechnology sector in the country. The company has fully integrated biopharmaceutical operations with an ultra modern R&D facility and an EU-GMP certified Manufacturing Facility approved to manufacture microbial and cell culture derived bulk drugs and finished products in pre-filled Syringes and vials (Lyophilized).
About Viropro Inc.
Viropro Inc. conducts operations through its subsidiary, Viropro International Inc., whose Head Office is located in Montreal, Canada. Viropro is a rapidly expanding biopharmaceutical company specializing in the transfer of its technologies for industrial production of biogeneric therapeutic proteins for the treatment of various diseases including cancer, diabetes, hepatitis or multiple sclerosis. The company's principal objective is to provide manufacturing process technology transfers to pharmaceutical companies in emerging markets with unmet medical needs such as in South America, Asia and Africa. To expand its range of expertise in biopharmaceuticals, Viropro has concluded strategic alliances with various scientific and business partners renowned in national and international spheres. For more information on Viropro Inc., please visit our website at www.viropro.com