LEWISTON, N.Y., Dec. 9, 2004 (PRIMEZONE) -- LAM Pharmaceutical, Corp. (OTCBB:LAMP) (Frankfurt:LAM) (Berlin:LAM), a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced today the expansion of its distribution arrangements for Latin America to cover fifteen countries through an agreement with aQva Pharmaceuticals Inc. de Mexico S.A. de C.V.
The five-year agreement grants exclusive distribution rights to aQva as long as minimum volume levels are achieved once regulatory approval in all countries is obtained. Per the agreement, minimum sales levels for IPM Wound Gel(tm) range from $1.5 million in the first year after regulatory approvals are obtained to $3.4 million by the fifth year of the agreement.
"We are pleased to be able to expand our distribution arrangements in Latin America in this fashion and anticipate receiving the first of the regulatory approvals in this region for our IPM Wound Gel in the near future," stated Joseph Slechta, President and Chief Executive Officer of LAM. "We certainly appreciate the efforts of aQva in guiding IPM Wound Gel through the regulatory process as well as their confidence in the product as evidenced by the expanded distribution arrangements."
Salvador Ficciella, CEO of aQva Pharmaceuticals Inc., commented, "We are very optimistic about the prospects for IPM Wound Gel in Central and South America. Our initial contact with medical professionals throughout the region indicates that IPM Wound Gel will be well received once the regulatory process is completed. We look forward with confidence to introducing this important product to the region."
About LAM Pharmaceutical, Corp.
LAM Pharmaceutical, Corp., www.lampharm.com, is a biomedical company with laboratories in Lewiston, New York, and a business office in Toronto. LAM focuses on the development and commercialization of novel wound healing and transdermal drug delivery systems that offer patients, among other benefits, safer and more effective treatment for a variety of serious diseases. The technology is based on an original LAM Ionic Polymer Matrix(tm) technology (LAM IPM(tm)), a proprietary and patented combination (a total of 15 U.S. issued and approved patents) of electrically charged and non-charged molecules with wound-healing properties. LAM IPM(tm) technology is also appropriate for use with well-established drugs, allowing for the sustained delivery of greater amounts to the target areas than is otherwise possible by oral means, thus prolonging therapeutic activity.
About aQva Pharmaceuticals
aQva Pharmaceuticals is an international distribution company with headquarters in Montreal, Canada, an operating subsidiary in Mexico City and distribution partners in several Latin American countries. aQva's main business focus is to distribute pharmaceutical and healthcare products in Latin America.
Statements in this press release regarding our business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to uncertainties relating to the need for additional funds and corporate partners, product liability, dependence on third parties for manufacturing and marketing, the early stage of products being marketed or under development, patent risk and competition.
LAM Ionic Polymer Matrix(tm), LAM IPM(tm) and IPM Wound Gel(tm) are trademarks of LAM Pharmaceutical, Corp. LAM IPM Wound Gel(tm) is protected by one or more of the following patents: 5,897,880; 6,120,804; 6,007,843; 6,063,405.