Nedlands-based pharmaceutical group PharmAust Ltd has signed an agreement with US-based Commonwealth Biotechnologies Inc to co-market their products - giving both companies an entry into the other's markets.
Nedlands-based pharmaceutical group PharmAust Ltd has signed an agreement with US-based Commonwealth Biotechnologies Inc to co-market their products - giving both companies an entry into the other's markets.
PharmAust managing director Paul D'Sylva said the agreement would offer the industry a single-point of service for early stage drug discovery and development.
The company also recently announced an agreement with Bristol Pharma Australia to sell its own brand of paracetamol and ibuprofen through retail grocery, community and hospital pharmacy markets. This is accompanied by research contracts signed domestically to a value of $150,000.
The full announcement to the stock exchange is pasted below
PharmAust Limited (ASX: PAA) has signed a Strategic Alliance & Client Referral Agreement with US-based Commonwealth Biotechnologies Inc. (NASDAQ: CBTE) that will see the two companies co-market their combined services to provide a `one-
stop-shop' for the global drug discovery industry.
The agreement will provide customers of both organisations with ready access to the two companies' complementary capabilities and enable better overall solutions to be developed on the demanding timescales required by clients in the life sciences industry.
Virginia-based Commonwealth Biotechnologies Incorporated (CBI) provides a complete array of leading analytical and synthetic chemistry analysis technologies, many of which are not available from other commercial sources. CBI has 2,000 customers worldwide.
Richard Freer, Chairman of CBI said: "This is one of those true win-win relationships where each company stands to benefit enormously from the added technology offerings and extended global reach.
"In particular, CBI will now have access to the large and rapidly growing Pacific Rim market, while PharmAust will be able to offer its drug discovery services in medicinal chemistry and peptide technologies to the CBI's large client base," he said.
PharmAust Managing Director, Dr Paul D'Sylva said: "This alliance is in line with PharmAust's strategy to work with high quality partners to enhance the range and depth of our product and service offerings to the global drug discovery industry.
"The integration and co-marketing of PharmAust and CBI's pre-clinical capabilities offers the industry a single-point of service for early stage drug discovery and development. This Agreement represents an important first step in what PharmAust considers to be a
strategically important relationship going forward," Dr D'Sylva said.
