Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

May 01, 2007 08:30 ET

Bioxel Expands its Commercial Footprint in Europe

Options granted to officers and employees

SAINTE-FOY, QUEBEC--(CCNMatthews - May 1, 2007) - Bioxel Pharma Inc. (TSX VENTURE:BIP), a leading manufacturer and supplier of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it is expanding its paclitaxel API listings to ten additional countries; bringing to twenty three the number of European countries in which Bioxel will sell its paclitaxel product in the near term.

"We have been committed to expanding Bioxel's commercial footprint in Europe," said Pascal Delmas, President and CEO of Bioxel Pharma. "This objective requires systematic registration and approval of our paclitaxel drug master file (DMF) on behalf of our pharmaceutical clients in countries where they intend to use Bioxel's paclitaxel. In recent months, Bioxel has been asked by these generic pharmaceutical companies to extend the registration of its DMF, particularly in the five largest European markets: Germany, France, Italy, Spain, and the UK." Mr. Delmas added, "Bioxel confirms its objective to have a strong commercial presence throughout Europe in 2007, a territory which represents a market opportunity of about 200 kilograms of paclitaxel per year."

Bioxel's DMF has been submitted in a number of European countries, including: Germany, Italy, Austria, Portugal, Poland, Greece, the Czech Republic, Croatia, Norway, Sweden, Denmark, the Netherlands, and Switzerland. The latter two have reviewed and approved Bioxel's DMF.

This new registration round covers the following countries: The UK, France, Spain, Ireland, Estonia, Lithuania, Latvia, Hungary, Slovenia and the Slovak Republic. The Corporation expects that its clients will obtain approval to use Bioxel's paclitaxel in these ten new countries within 9 to 12 months following DMF submissions, opening the door to commercial supplies of paclitaxel. These filings are associated with paclitaxel supply agreements signed in 2006 between Bioxel and leading generic pharmaceutical companies.

The Company also announced today that the Board of Directors has awarded 371,000 common share purchase options to its officers and employees under Bioxel's stock option plan. The purchase options were granted on April 2, 2007, at an exercise price of CAD$ 0.29 per share, which was the closing price of the common shares of Bioxel on the TSX Venture Exchange on the last business day preceding the date of grant. These common share purchase options will expire on April 1, 2012.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is a biopharmaceutical company, focused on developing, manufacturing and marketing taxane pharmaceutical ingredients. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis, Alzheimer's disease and cardiovascular disease. The Corporation sells cGMP paclitaxel and develops a portfolio of other generic taxane APIs and taxane-based proprietary products for improved cancer therapy.

This announcement includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. These include risks and uncertainties that could affect Bioxel's products under development such as regulatory factors, technological developments and competitive factors. Achievement of the objectives set forth in this release is subject to these risks and uncertainties. The Corporation's results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the realization of financial projections.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.

Contact Information