Viropro, Inc. Signs a Binding Letter of Agreement For a Multi Million Development Contract With NASDAQ Listed Spectrum Pharmaceuticals, Inc.
Irvine, CA & Montreal, Canada, Wednesday, January 5, 2011 - Viropro is pleased to announce it has signed a binding Letter of Agreement ("LOA") with Spectrum Pharmaceuticals, Inc. of Irvine, CA, for the development and clinical production of a biosimilar version of Rituximab, a monoclonal antibody currently used in the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, and rheumatoid arthritis. As part of this LOA, Spectrum will also license the rights to certain technology that will be used in the development of the Rituximab biosimilar.
The LOA calls for payments of milestones over an expected 36 months time span. The LOA also calls for the payment of royalties from ensuing sales.
Dr. Rajiv Datar, President & CEO of Viropro, comments: "We are extremely pleased to announce the signing of this LOA; it reaffirms the quality of our research and proprietary technology. It is an important breakthrough for us in the North American market. Spectrum is a fast-growing and well-established biopharmaceutical company. Over the past few months, Spectrum has thoroughly examined and evaluated our technology and offer, and the ensuing LOA is a very satisfying accomplishment to us of our efforts."
This is the second client to contract for a monoclonal antibody-based therapeutic drug with Viropro. In 2007, an agreement was reached with Intas Biopharmaceuticals Ltd. of Ahmedabad, India.
Dr. Datar adds: "This is the perfect complement to our growing biotech Contract Research, Development and GMP Manufacturing Services offering. Over the last several months we have set in motion our new, global business plan, and have made considerable progress towards its implementation. Now the flow of revenues from this LOA, in addition to the expected revenues from the first contract with Intas, will ensure a considerable revenue flow to Viropro for the next several months."
Furthermore, Viropro is currently in negotiations for 2 major acquisitions and has recently secured a financial partner for its financing effort to come.
About Viropro, Inc.:
Viropro, Inc. conducts its operations through its subsidiaries Viropro International, Inc. and Biologics Process Development, Inc. The Company’s principal objective and mission is to "make biotech drugs for its clients, efficiently and economically." Towards this end, the Company specializes in the use of its Intellectual Property and high-yield manufacturing process technologies, for industrial-scale production of biopharmaceutical drugs for its clients that serve global markets, with unmet medical- and/or market needs (www.viropro.com).
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Posted: January 2011