BOULDER, CO ‹ Paxis Pharmaceuticals announced today that its global operation for the production and sale of Paclitaxel, one of the world¹s leading chemotherapy drugs, has begun.
Paxis Pharmaceuticals, a pharmaceutical start-up company, acquired key manufacturing assets and licensed the rights to intellectual property from Hauser, Inc. (OTCBB:HAUS) in May of 2002. They assumed the lease on Hauser¹s Boulder, CO, Paclitaxel manufacturing facility and equipment that has the capacity to produce an excess of 200 kilograms of Paclitaxel per year.
³Our initial goal is to be the largest supplier of bulk Paclitaxel,² said Paxis Pharmaceuticals President Dr. Dean Stull, Ph.D. ³We have the capital, equipment, know-how, and key expert employees necessary to make Paxis a strong competitor in this growing segment of the pharmaceutical market.²
In a separate announcement, Dr. Dean Stull, Ph.D., founder of Hauser Inc., will serve as the Paxis team president as well as head up all technical and commercial efforts in the United States.
Vasili Patarkalishvili, Paxis Chairman and CEO, is also the CEO of NatEx, an affiliate of Paxis organized in the Republic of Georgia to supply Paxis with raw material for Paclitaxel production. Through this NatEx affiliate, Paxis acquired exclusive harvesting rights to a significant renewable resource of approximately 100,000 acres of Taxus baccata trees in the former soviet republic of Georgia. This unique partnership allows Paxis to work closely with the Georgian Agriculture and Forestry Ministries to minimize any impact on the forest. They utilize sustainable harvesting techniques in Georgia by only clipping a limited amount of new growth per tree. Based on initial forest surveys, Paxis has raw materials sufficient to manufacture up to 500 kilograms of Paclitaxel per year when running at full capacity.
Paclitaxel and related compounds (taxanes) are being evaluated in new cancer drugs, in cardiovascular stents, and for other health indications that should expand the market for Paclitaxel considerably. Paclitaxel annual sales are in excess of one billion dollars. It is estimated that the demand for Paclitaxel and related compounds could grow by 20 percent annually over the next 10 years.
Paxis Pharmaceuticals is a privately held Delaware corporation with cGMP manufacturing operations based in Boulder, Colorado. Their harvesting operations are based in the country of Georgia through their wholly owned NatEx affiliate. Paxis intends to manufacture and market the active pharmaceutical ingredient Paclitaxel and other related compounds found in the Taxus baccata tree. For more information on Paxis Pharmaceuticals visit http://www.paxispharma.com.
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