LAVAL, QC, Dec 05, 2007 /PRNewswire-FirstCall via COMTEX/ -- Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) is pleased to announce that it has received notification from the Therapeutic Goods Administration (TGA) in Australia that Neptune Krill Oil (NKO(R)) has obtained approval as a complementary medicine allowing immediate commercialization in Australia hence New Zealand, which automatically allows TGA approved products.
The Department of Health and Aging of the TGA has accepted and registered, in the Australian Register of Therapeutic Goods, Neptune Krill Oil under the Australian Approved Biological Name "Euphausia superba oil". In addition, the Australian Quarantine and Inspection Service has granted a permit to import quarantine material of NKO(R).
"In Australia and New Zealand complementary medicines are classified as a subset of over-the-counter (OTC) pharmaceuticals," stated Dr. Tina Sampalis, Chief Scientific Officer of Neptune. "Considering the very tight regulatory control by the TGA, obtaining complementary medicine approval and the quarantine permit constitute a major breakthrough for Neptune in Australia and New Zealand," she added.
"Physician and other healthcare practitioner recommendations have always had a positive impact on our sales. Bearing in mind that 50% of complementary medicines in Australia are sold through medical recommendations and in pharmacies(1), we are seeking a strategic alliance with a major local partner in order to commercialize NKO(R) in these targeted markets. In order to support penetration in this new market, Neptune expects to be actively participating in the near future with such a partner in a series of medical conventions, seminars and media conferences to introduce the scientific data, clinical research and health benefits of NKO(R) to physicians and other healthcare practitioners as well as the end consumer," added Dr. Sampalis.
1. Source: Australian Self-Medication Industry (ASMI)
About Neptune Technologies & Bioressources Inc.
Neptune develops proprietary health ingredients from underexploited marine biomasses, such as krill, with its patented extraction process (Neptune OceanExtract(TM)). Using its proprietary process, the Company is strategically positioning itself in the health and wellness market.
Natural biomass extraction is now playing an important role in developing nutrigenomics, the next wave in nutritional research. Through strategic alliances and partnerships, as well as through clinical studies, the Company continues to demonstrate the beneficial effects of these products. The Company develops and markets new formulas and new products for specific applications in high growth markets such as the nutraceutical, cosmeceutical, biopharmaceutical and nutrigenomics markets.
Neptune continues to actively pursue its strategic development plan to form partnerships/strategic alliances with worldwide leaders in the nutraceutical and pharmaceutical industries. Neptune has recently signed agreements with Nestle and Yoplait, worldwide leading food manufacturers, paving its entrance into the global functional food market. According to its business strategy, negotiations are ongoing with pharmaceutical companies with the objective of entering the pharmaceutical market by licensing rights.
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