BATON ROUGE, LA--(Marketwired - March 14, 2017) - OncBioMune Pharmaceuticals, Inc. (OTCQB: OBMP) ("OncBioMune" or the "Company"), a clinical stage biopharmaceutical company engaged in the development of novel cancer products and a proprietary vaccine technology, today announces a non-binding term sheet ("Term Sheet") with EOC Pharma Ltd., a U.S. subsidiary of leading Chinese specialty pharmaceutical company Eddingpharm (Taizhou) Co., Ltd.
The Term Sheet sets forth guidelines for a 50/50 Joint Venture Agreement ("JVA") for the purpose of development and commercialization of EOC Pharma products in 34 countries across México, Central and Latin America ("MALA"). More specifically, the Term Sheet identifies the clinical development of the potent oral VEGFR2/3 inhibitor Telatinib for the treatment of gastric cancer.
In January 2014, Eddingpharm acquired worldwide rights to Telatinib from ACT Biotech, Inc.
The Term Sheet originated through discussions between Vitel Laboratorios S.A. de C.V. ("Vitel") and EOC Pharma during the process of OncBioMune acquiring Vitel. As disclosed yesterday, OncBioMune completed its acquisition of Vitel on March 10, 2017. EOC Pharma has informed OncBioMune of its interest to move forward towards a definitive agreement for the development of Telatinib in MALA under the OncBioMune brand.
"This Term Sheet is a great example of the partners and licensing opportunities that are now available to us with the acquisition of Vitel," commented Jonathan Head, Ph. D., Chief Executive Officer at OncBioMune. "Telatinib is a promising experimental drug that has the potential to provide a meaningful benefit to gastric cancer patients in great need across MALA. We are encouraged by the eagerness of EOC to work with us and optimistic that we can have a binding agreement in place in the near term."
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About OncBioMune Pharmaceuticals, Inc.
OncBioMune Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in the development of novel cancer immunotherapy products, with a proprietary Vaccine Technology that is designed to stimulate the immune system to attack its own cancer while not hurting the patient. Our lead product, ProscaVax™ is scheduled to commence a Phase 2 clinical study in 2016. OncBioMune also has a portfolio of targeted therapies, some of which are biosimilars to blockbuster drugs. OncBioMune is headquartered in Baton Rouge, Louisiana.
This news release contains statements that involve expectations, plans or intentions (such as those relating to our expectations regarding expected sales and product launches, the effect of the acquisition on shareholder value, cash flows, gross margins, and clinical development, testing and regulatory approval of ProscaVax in the U.S. and Mexico). Such risks and uncertainties include, among other things, the uncertainty regarding the market acceptance of newly released products and our ability to source new products, and our need for, and the availability of, substantial capital to fund our operations and research and development) and other factors discussed from time to time in the our Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within our control. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.