Genix Pharmaceuticals Corporation Prepares to File Abbreviated New Drug Submissions (ANDS) for Its First Ten Ophthalmic Drugs with Health Canada
Genix Introduces Paul Chow to the Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2021) - Genix Pharmaceuticals Corporation (TSXV: GENX) ("GENIX" or the "Company") GENIX is pleased to announce that it has entered into an agreement with a regulatory consulting company to prepare and file Abbreviated New Drug Submissions (ANDS) with Health Canada for the first 10 of its 30 generic ophthalmic drugs, acquired by the Company.
An ANDS is an application to Health Canada to approve a prescription generic pharmaceutical for sale in Canada. Upon approval of an ANDS, Health Canada issues the applicant with a Marketing Authorization and Drug Identification Number (DIN), which allows the applicant to legally sell the drug in Canada. Upon submission of these ten ANDS applications, the Company expects to receive Health Canada approvals and issuance of these DINs within 12 months.
Upon completion of the first ten ANDS filings, the Company shall immediately proceed with the ANDS filings of the remaining twenty ophthalmic drugs in GENIX's portfolio.
The Company's CEO, Sina Pirooz, states, "Today represents the first milestone in GENIX's plan to become an important supplier of ophthalmological pharmaceuticals in Canada. The Company will continue to acquire additional generic drugs, within the fast growing ophthalmological and chronic obstructive pulmonary disease (COPD) market sectors, and will also continue to move forward with its research & development of new ophthalmic and COPD products for the Canadian and global markets."
The Company would also like to announce the appointment of Mr. Paul Chow to the Company's Board of Directors. Mr. Chow has served in the capital markets for over two decades providing corporate advisory services and acting as a director and/or senior officer with several private and public companies throughout North America. He has helped companies develop their business model through strategic planning, corporate finance, business development and marketing. Most recently he has led Next Green Wave Holdings Inc. - an integrated cannabis producer with manufacturing facilities in California, to successfully list on the Canadian Securities Exchange and the OTCQX in United States. As a founding partner, he was instrumental in the development of the board and management team, financing, IPO listing and developing the corporate strategies from start-up into a strong revenue and cash flow producer.
In addition, the Company announces that is wishes to grant 3,650,000 stock options to certain officers, directors, consultants, and employees of the Company to purchase up to a total of 3.65 million common shares of the Company at a price of $0.30 for a period of five years as at March 22, 2021. The options will vest in accordance with the terms of the Company's stock option plan.
The Company is pleased to announce it has begun the application process for moving off the OTC Pink Sheets and uplisting to the OTCQB® Venture Marketplace. The application process will not guarantee acceptance of the Company's submission by OTCMARKETS from the PINKS to OTCQB.
Genix Pharmaceuticals Corporation is a highly innovative, Canadian life-sciences company focused on the acquisition, research, development, manufacturing, sales and distribution of innovative, novel and generic prescription and OTC pharmaceuticals for the ophthalmological and COPD markets and to satisfy unmet needs.
Our mission is to provide Canadians access to affordable, highest quality, evidence-based, novel and generic prescription drugs and OTC medicines and nutraceutical products to improve their health and quality of life. All Genix products are developed and supported by evidence-based science and clinical studies and manufactured under the strictest Good Manufacturing Practices (GMP) protocols. We intend to sell these products through traditional retail outlets as well as direct to consumer and e-commerce platforms.
On behalf of the Board,
Sina Pirooz, CEO, Director
Genix Pharmaceuticals Corporation
For more information regarding GENIX, please contact:
Kevin Bottomley, Director
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
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