Genix Pharmaceuticals Corporation Completes Purchase of Rights to 30 Ophthalmic Generic Drugs and Product Dossiers
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2020) - Genix Pharmaceuticals Corp. (TSXV: GENX) ("GENIX" or the "Company"), announces that it has completed the acquisition (the "Acquisition") of 30 World Health Organization approved ophthalmic drugs and product dossiers as stated in its press release dated December 23, 2019. Having received final acceptance to the Acquisition from the TSX Venture Exchange ("TSXV"), the Company issued 15,000,000 common shares to the shareholders of Canagen Pharmaceuticals Inc. to complete the Acquisition. The shares are subject to a resale restriction that expires four months and one day from their date of issuance.
The acquisition represents a milestone for the Company to continue to enhance its portfolio of high growth, high margin pharmaceutical and nutraceutical products.
Many of these thirty ophthalmic drugs are in the list of top 100 prescription drugs (based on revenue) sold in Canada last year. According to Pharmacy Practice magazine, Ophthalmologic Preparations, Others, was the "highest growth class based on Canadian drugstore and hospital purchases" -the fastest growing segment of the Canadian pharmaceuticals industry with an annual growth rate of 32.6%. According to a newly released study by the consulting firm, Allied Market Research (https://www.alliedmarketresearch.com/ophthalmic-drugs-market),the North American market for ophthalmic drugs in 2016 was USD 15.36 Billion of which Canada is estimated to hold 10%, approximately USD 1.5 Billion.
It can take several years to prepare a generic drug dossier and accrue significant costs, as the formulations need to be scientifically developed to match their brand name equivalents and undergo extensive testing, including bio-availability (BA) and bio-equivalence (BE) studies to ensure that it is identical in all therapeutic aspects to their brand name competitors. Accordingly, GENIX has been fortunate to acquire these 30 product dossiers at a small fraction of their market value and save significant time to bring them to market.
Generic drugs are identical, bio-equivalent versions of the brand name drugs whose patents have expired. These generic drugs have the same quality, safety and efficacy as brand name drugs but are typically priced between 50-75% of the brand name equivalent. Generic medicines work the same way in the body as the original brand-name drug and are produced under the same GMP manufacturing standards.
According to the Canadian Generic Pharmaceuticals Association (CGPA), "In 2018 generics were used to fill 90% of all prescriptions in the United States, if the use of generic medicines in Canada were equal to the US levels, Canadians would have saved more that $11 billion in 2018."
GENIX will begin immediately to prepare and submit its Abbreviated New Drug Submissions (ANDS) together with the dossiers to Health Canada for approvals and issuance of a Drug Identification Number (DIN) for each generic molecule. Upon successful issuance of DINs, the Company will commence the distribution and sale of the ophthalmic drugs nationally throughout Canada and to selected export markets
Sina Pirooz, the Company CEO, stated, "We are truly excited about this new product acquisition. With these thirty new ophthalmic drugs, the Company is poised to achieve strong revenue growth and profitability in the coming years and position itself as a formidable, and highly competitive, player in the fast-growing and highly profitable Canadian ophthalmic drugs and nutraceuticals sector."
About the Company
Genix Pharmaceuticals Corporation is an innovative Canadian life sciences company engaged in the research, development, manufacturing and marketing of high growth, high margin, novel and proprietary, evidence-based, pharmaceuticals, over the counter (OTC) products, nutraceuticals and healthcare products, as well as generic medicines. The Company's products are all manufactured at certified Good Manufacturing Practise (GMP) facilities, Health Canada approved and supported by thorough scientific research, toxicity studies and clinical trials to ensure consumer safety and therapeutic efficacy such that they deliver consistent and verifiable results in the various therapeutic areas. GENIX is focused on the development of novel and innovative complementary and alternative medicines (CAM) involving both nutraceutical and pharmaceutical products for distribution in North American and other targeted global markets.
On behalf of the Board,
Sina Pirooz, CEO, Director
Genix Pharmaceuticals Corporation
For more information regarding the Company please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially and there are no assurances that the transaction described in this news release will close on the terms described or at all. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
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