BATON ROUGE, LA--(Marketwired - December 07, 2016) - OncBioMune Pharmaceuticals, Inc. (OTCQB: OBMP) ("OncBioMune"), a clinical stage biopharmaceutical company engaged in the development of novel cancer products and a proprietary vaccine technology, today provides shareholders an update on the proposed acquisition of Vitel Laboratorios, S.A. de C.V. ("Vitel"), a revenue-stage Mexico-based pharmaceutical company that develops and commercializes high specialty drugs in Mexico and other Latin American countries.
Prior to the acquisition negotiations, OncBioMune and Vitel partnered in a Joint Venture to develop OncBioMune's portfolio of novel compounds and drug delivery technologies, beginning with ProscaVax, the Company's novel therapeutic cancer vaccine in clinical trials for the treatment of advanced prostate cancer. A Phase 2/3 trial in Mexico of ProscaVax through the joint venture is expected to begin shortly.
In September, OncBioMune announced negotiations to acquire Vitel, which was followed in November by the two parties signing a term sheet moving the proposed acquisition forward. In keeping with the Company's objective to keep shareholders informed, OncBioMune is pleased to report that the respective legal teams have drafted definitive documents covering the full scope of the acquisition. A meeting with Vitel executives is now scheduled for mid-December with expectations that the meeting will result in the next step of the acquisition transpiring during the meeting.
As part of the negotiations, OncBioMune is being kept abreast of sales throughout the Vitel distribution network in Mexico of commercialized of Bekunis® for constipation and Cirkused® for stress, two over-the-counter products licensed by Vitel from ROHA Arzneimittel GmbH. Vitel has informed OncBioMune that sales of the two products, which were commenced in September, have exceeded Vitel's projected sales for 2016.
"I am very pleased by the mutual efforts to bring this acquisition to fruition. Vitel represents significant value with its multiple revenue streams and extensive portfolio of licensed drugs currently in various stages of commercialization in Mexico," commented Dr. Jonathan Head, Chief Executive Officer at OncBioMune. "As we align for two new Phase 2 studies of ProscaVax, these revenues will be instrumental in supporting development of our drug candidates, as well as other potential similar acquisitions."
"OncBioMune's management is laser focused on developing a formidable internationally recognized biotechnology company through acquisition and development of their pipeline," said Manuel Cosme Odabachian, Chief Executive Officer of Vitel. "I absolutely share this vision and look forward to completing the merger to leverage our portfolio and networks throughout Mexico, Latin America and the rest of the world in meeting this goal."
While the acquisition is moving forward in good faith, interested parties are advised that the acquisition of Vitel by OncBioMune remains subject to the execution of a definitive agreement containing customary representations, warranties, and closing conditions, completion of due diligence and approval by the respective boards of directors of OncBioMune and Vitel.
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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, LA.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause OncBioMune Pharmaceuticals' actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. OncBioMune Pharmaceuticals has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are OncBioMune Pharmaceuticals' need for, and the availability of, substantial capital in the future to fund its operations and research and development; the fact that OncBioMune Pharmaceutical's vaccines and therapeutics may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in OncBioMune Pharmaceutical's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. OncBioMune Pharmaceuticals undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.