SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

November 30, 2010 08:14 ET

Radient Pharmaceuticals Signs Letter of Intent With Latin American Healthcare Distributor

TUSTIN, CA--(Marketwire - November 30, 2010) - Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today the signing of a Letter of Intent ("LOI") to form an exclusive distribution agreement and collaborative business development partnership with Colombia-based PROCAPS S.A. PROCAPS is a top tier Latin American healthcare distribution company currently commercializing oncology and other therapeutic products throughout countries in Latin America.

RPC and PROCAPS intend to structure a long-term exclusive distribution partnership to build market share and awareness for RPC's U.S. FDA-cleared Onko-Sure® In Vitro Diagnostic (IVD) cancer test in Latin America. The Companies are working on the following terms:

  • RPC and PROCAPS will evaluate strategies to commercialize RPC's Onko-Sure® IVD cancer test as a medically and economically beneficial cancer test for patients in Colombia and other Latin American healthcare markets.
  • PROCAPS will investigate the market opportunity for full-service distribution of RPC's Onko-Sure® IVD cancer test kit to clinical reference labs, hospitals and cancer treatment centers in designated territories in Latin America.
  • RPC will grant PROCAPS first rights for distribution of Onko-Sure® in Colombia, Venezuela, Peru, Ecuador, Bolivia, Panama, Guatemala, Dominican Republic, and El Salvador.

In selecting PROCAPS, RPC acknowledges the Company's expertise in launching new healthcare products in key Latin American markets. PROCAPS has formed successful partnerships with large pharmaceutical companies including Wyeth, Merck, GSK, and Sanofi. Most recently, PROCAPS has become an exclusive distributor of a US-developed oncology therapeutic.

RPC Chairman and CEO Mr. Douglas MacLellan commented, "Cancer knows no borders, and Radient Pharmaceuticals is well positioned to combat this disease by supplying innovative diagnostic tests like Onko-Sure® on both a domestic and global level. Latin America has an escalating cancer challenge similar to other emerging economies and in working with PROCAPS S.A., RPC holds tremendous commercialization potential for the rapidly expanding Latin American healthcare market. We are eager to finalize our partnership with PROCAPS and begin the marketing and sales of Onko-Sure in this region."

For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy and the monitoring of disease progression or recurrence. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • RPC Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    Tel: 206.310.5323