LAS VEGAS, NV--(Marketwired - Oct 31, 2016) - Health Advance Inc. (the "Company") (OTC PINK: HADV) is pleased to announce it has entered into a non-binding Letter of Intent to acquire certain proprietary product formulations for the manufacturer of generic drugs from Patrick O'Charchin, a Canadian resident. The acquisition is subject to due diligence by Health Advance, and the negotiation and execution of a definitive agreement. The agreement will be subject to certain conditions including the Company issuing shares of the Company in exchange for the formulations held by Mr. O'Charchin. The Company will analyze the value of the formulations and expects the due diligence period to last approximately 4-6 weeks.
The Company believes the Letter of Intent is the next phase of its growth and development. Upon completion of the Hantian transaction, the Company will utilize the strategic relationships formed by Hantian to develop, market and promote the formulations that will provide Health Advance with the greatest opportunities.
The formulations are currently active in the following areas: (i) Central Nervous System Drugs such as anti-convulsants and anti-psychotics, (ii) Anti-Infection Drugs such as erythromycin opthalmic ointment, (iii) Topical Dermatology Drugs such as topical antibiotics, topical anti-fungals and anti-inflammatories, (iv) Hormonal Drugs such as steroidal drugs, and (v) Other Drugs such as ophthalmics.
Generic pharmaceuticals are bioequivalent (same ingredients) and therapeutic equivalent alternatives to brand name drugs that have lost the market exclusivity of patent protection. Generic drugs offer the same active chemical entity as trade name products, but differ inert substance formulations. Inert ingredients include binders, fillers, artificial colors, flavorings, etc. Since these substances may affect the bioavailability (performance) of the active ingredient, bioequivalence studies must be conducted by manufacturer's and submitted to the federal Food and Drug Administration (FDA) before new generic products are approved for sale. This file will show that the generic drug has the same ingredients in the same proportions as the brand product (known as bioequivalence) and performs the same as the brand product when taken (known as bioavailability). Once this submission file is reviewed by FDA and bioequivalence and bioavailability are confirmed, an approval for sale is granted and the drug may be marketed. All of the product formulations held by Mr. O'Charchin have bioequivalence studies completed which will result in considerable time savings and cost savings.
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Health Advance Inc. to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings.