WEST KELOWNA, BC--(Marketwired - July 11, 2016) - FPS PHARMA INC. ("FPS Pharma") is pleased to announce that FPS Pharma Asia Limited ("FPS-PAL" or the "Company"), a wholly owned Hong Kong subsidiary, has entered into a Supply Agreement with Mr. Earle Hickey and/or his nominee, to be the Distributor for Sri Lanka, of FPS-PAL pharmaceutical compounding products , including those licensed by the Company pursuant to the exclusive Intellectual Property Rights ("IP Rights") Licensing Agreement with Florida based AfGin Pharma Licensing, LLC.
On March 7, 2016, FPS Pharma announced that FPS-PAL had secured IP Rights for Indonesia, Malaysia, Thailand, Laos, Cambodia, Viet Nam, Myanmar, Sri Lanka, and Hong Kong and on April 5, 2016, People's Republic of China was added to this extensive list of countries.
FPS-PAL has submitted a "Short Business Brief" to the Ministry of Health, Nutrition and Indigenous Medicine (the "Ministry") for Sri Lanka to obtain preliminary approval for the Company to carry on its pharmaceutical compounding business in Sri Lanka. Once all approvals have been obtained from the Ministry, it is the Company's intention to begin the process of setting up an FPS-PAL compounding facility in Sri Lanka to supply our pharmaceutical compounding products to the Company's new distributor for Sri Lanka.
In addition to the local Sri Lankan market, it is the Distributor's intention to provide and export our pharmaceutical compounding products to countries that Sri Lanka has trade agreements with which include India.
Dr. Ronald Aung-Din, M.D., the inventor of the technology behind the IP Rights, and a shareholder of AfGin Pharma Licensing, LLC, has practiced General Neurology and Neuro-Psychiatry in Sarasota, FL for 25 years. He is board-certified by the American Board of Psychiatry and Neurology, and a member of the American Academy of Neurology.
Dr. Aung-Din has developed a unique drug delivery system involving the topical application of medications for the treatment of:
- migraine and other chronic headache conditions ("Topical Therapy for Migraine"),
- Parkinson's Disease ("Topical Regional Neuro-Affective Therapy"), and
- diabetic peripheral neuropathy, chemotherapy related peripheral neuropathy, hereditary peripheral neuropathies, and certain other peripheral neuropathic processes ("Topical Peripheral Neuro-Affective ("TPNA") Therapy for Neuropathic Conditions.
We look forward to working with Mr. Earle Hickey in Sri Lanka in what the Company believes is a tremendous business opportunity.
ON BEHALF OF THE BOARD OF DIRECTORS
"James R. Brown"
James R. Brown, President