WEST CALDWELL, NJ and TORONTO, June 21, 2018 (AccessNewswire-) EastGate Biotech Corp. (PinkSheets: ETBI), a pharmaceutical company that focuses on innovative technological developments specifically in insulin drug delivery for the treatment of Type 2 diabetes, announced it entered into a Memorandum of Understanding (MOU) with Mystic Pharmaceuticals Limited (www.mysticpharma.info) of Bangladesh. The scope of the MOU is to focus on the manufacturing of the company’s liquid insulin mouth rinse solution for specific markets. Presently, EastGate is developing its insulin mouth rinse in the Philippines, Pakistan, and Europe through its JV with Nico Innovapharma.
The terms of the MOU encompass the manufacturing of Eastgate’s complete product line. Mystic Pharmaceutical’s initial focus will be on the manufacturing of the liquid insulin mouth rinse solution. The first phase of the manufacturing agreement will involve the scale-up of clinical trial batches for use within the specified markets. Mystic Pharmaceuticals is located in Bangladesh. It is a professionally managed WHO-GMP & CSO certified company that will meet the necessary regulatory requirements. Mystic will be responsible for the investment of any necessary equipment for the liquid insulin mouth rinse solution. Financial terms will be defined further in the upcoming Joint Venture agreement.
“We are very pleased to work with Mystic Pharmaceuticals to initiate the manufacturing processes for our proprietary innovative liquid insulin mouth rinse solution” said Anna Gluskin, CEO of EastGate Biotech. “Mystic provides us with a state of the art facility in Bangladesh that has first rate manufacturing processes in country and around the globe. This agreement really solidifies all the necessary items required to manufacture the drug. We have distribution in the Philippines, Pakistan and Europe along with our local regulatory partners that are in the process of defining the clinical trials. This business relationship is instrumental not only because it allows us to be independent, but it also enables us to protect the innovation surrounding our liquid insulin mouth rinse solution.”
“We are very excited to work with EastGate Biotech Corp. as our innovative technology partner, said Atique Choudhury, Managing Director of Mystic Pharmaceuticals Limited. “We believe that we can provide the highest quality pharmaceuticals for this revolutionary product that will make a profound impact on the diabetes treatment paradigm. We are very pleased to be part of a solution that can alter the trajectory of the global diabetes epidemic. We see great potential in EastGate’s global licensing strategy and feel confident that our production capacity will keep pace with the extreme growth projected in the marketplace.”
About EastGate Biotech
EastGate Biotech focuses on innovative technological developments and produces and distributes innovative drug compounds and healthy nutraceuticals that are based on natural therapies absorbed by the body. We utilize advanced nanotechnologies and alternative delivery systems that take difficult to deliver compounds and deliver them using our nanotechnology platform which ultimately increase the bioavailability to the body. Using our methods of delivery, provides healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain a healthy lifestyle. EastGate’s wholly owned subsidiary Omni Surgery and Anti-Aging Centre is the first of many surgery centers to come under the Omni umbrella as we plan to roll up existing business under the Omni brand and expand our footprint globally.
About Mystic Pharmaceuticals
Mystic Pharmaceuticals Limited is a closely held, professionally managed, WHO-GMP & ISO Certified Pharmaceutical Company. The company has reached 15 years of manufacturing experience after being established in the year 1999 as a joint venture company in response to a growing demand for high quality Pharmaceutical products. Mystic has a track record of incorporating modern technologies with a new approach in order to provide an increased capacity to meet growing sales successes.
ISO 9001-2000, 14001 certified company for both Quality Management and Environment Management. Mystic Pharmaceuticals Limited strictly adheres to WHO guidelines at every stage from procurement to manufacturing cGMP and written SOPs are followed and monitored strictly.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
The words "anticipates", "plans", "expects", "indicate", "intend", "scheduled", "estimates", "forecasts", "focus", "guidance", "initiative", "model", "methodology", "outlook", "potential", "projected", "pursue", "strategy", "study", "targets", or "believes", or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "would", or "should", "might", or "way forward", "will be taken", "will occur" or "will be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. The risks, estimates, models and assumptions contained or incorporated by reference in this release, include those identified from time to time in the reports filed by EastGate with the SEC, which should be considered together with any forward-looking statement. EastGate undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Rose Perri 1-647-692-0652