QUEBEC CITY, QUEBEC -- (MARKET WIRE) -- 04/27/2006 -- Advitech Inc. (TSX VENTURE:AVI) today announced that it has reached an agreement in principle, setting forth the proposed scope of a marketing and distribution agreement for Dermylex with Enbio-Life Biotechnology & Medical Company Ltd, ("Enbio-Life"), a subsidiary of Yusheng Pharma. Enbio-Life is a Taiwanese company, which markets nutraceutical products in Taiwan, China and other Asian countries. This agreement is for the Taiwanese market and Enbio-Life has an option for the market in China as well.
Enbio-Life has agreed to pay an undisclosed payment in May 2006 to secure the negotiation exclusivity and to finalize a definitive marketing and distribution contract, to be entered into between the parties no later than August 31, 2006. Enbio-Life has already agreed to the Minimum Purchase Requirements for 2006 and 2007. The Contract will give Enbio-Life the exclusive rights from Advitech to market in Taiwan products using Dermylex, Advitech's clinically-proven bioactive ingredient for the treatment of psoriasis. This three-year Contract will provide for Minimum Purchase Requirements to be met by Enbio-Life and royalties on sales generated by Enbio-Life to be paid to Advitech. Other terms and conditions of the Agreement were not disclosed.
Commenting on the news, Mr Renaud Beauchesne, CEO of Advitech, said: "We are very pleased with this Agreement because it provides Advitech with its first partnership in Asia and the possibility of entering new Asian markets in the near future. New market reports on psoriasis are showing an increasing incidence of the disease in these countries". Mr Jones Wang, CEO of Enbio-Life, added ''We are seeking to build on this partnership with Advitech and, as we work directly with hospitals and clinics, we are confident that we shall create the demand and the right network for Dermylex.''
About Enbio-Life Biotechnology and Medical Company Ltd.
EnBio-Life Biotechnology & Medical Company, Ltd. is a spin-off of YUSHENG PHARMACEUTICAL CO., LTD. Yusheng Pharma has been headed up by President Chen Jen Quei for over 40 years, and Enbio-Life has been created to focus on the development of chronic diseases and preventive medicine by marketing unique medical and nutraceutical products. Mr Jones Wang is the CEO of Enbio-Life that has offices in Taichung (Taiwan) and Shanghai (China).
Dermylex is Advitech's orally administered product for mild to moderate plaque psoriasis. Dermylex is made from Advitech's XP-828L, a bioactive ingredient with proven clinical efficacy. On July 5, 2005, the Company reported positive results from its Phase II clinical trial of XP-828L for treating mild to moderate psoriasis. The 112-day, multi-center, double blind, placebo-controlled study, involving 84 patients, confirmed the efficacy and excellent safety profile of XP-828L for treating mild to moderate psoriasis.
Advitech is a life science and technology company specializing in the development of clinically tested bioactive ingredients for chronic immune-mediated inflammatory diseases (IMID), such as psoriasis and inflammatory bowel diseases. Advitech's common shares are listed on the TSX Venture Exchange under the symbol AVI. The number of common shares outstanding is 54,799,818.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.