Isotechnika Terminates Existing Agreement with ILJIN
Company Secures Rights and Seeks More Favourable License Agreement???? ?
EDMONTON, Alberta, January 31, 2012 - Consistent with prior communications from ILJIN, the company is pursuing discussions with ILJIN Life Science Co., Ltd. ("ILJIN") to potentially change the current relationship with ILJIN in order to better advance the voclosporin program. The company has therefore chosen to exercise its right to terminate the existing Development, Distribution and License Agreement (the "DDL") with ILJIN. In doing so, Isotechnika secures full rights to voclosporin for transplant and autoimmune indications in the United States and other regions outside of Canada, Israel, South Africa, China, Taiwan and Hong Kong. The company already owns full rights in Europe.
"In order to have more meaningful discussions with ILJIN, it was determined that the current contract was not appropriate. Terminating the existing agreement frees the company to engage ILJIN, as well as other companies who have expressed interest in voclosporin," commented Dr. Robert Foster, Isotechnika's CEO. "This action has given the company the opportunity to secure a new, more favourable, relationship to effectively bring voclosporin to the market."
About Isotechnika Pharma Inc.
Isotechnika Pharma Inc. is a biopharmaceutical company focused on the discovery and development of immunomodulating therapeutics designed to offer key safety advantages over currently available treatments. Its lead drug, voclosporin, is a calcineurin inhibitor, and is targeted at the estimated US$3.0 billion market for this class of immunosuppressants. Isotechnika Pharma Inc. trades on the Toronto Stock Exchange under the symbol "ISA". More information on Isotechnika Pharma can be found at www.isotechnika.com or www.sedar.com.
We seek Safe Harbour.
For Further Information:
Dr. Robert Foster
Chairman & CEO ????????
Dr. Launa Aspeslet
Chief Operating Officer
Kilmer Lucas Inc.
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Posted: January 2012