Tetra to partner with a Contract Sales Organization (CSO) for both TERPACAN™ and AWAYE™
Tetra expanding sales partnership agreements to the Middle East
OTTAWA, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (TSX-V:TBP) (OTCQB:TBPMF), today provided an update on its commercialization initiatives to bring its OTC Drug Identification Number (DIN) products and natural health products to market in 2020.
Following the receipt of two OTC DINs from Health Canada last week, Tetra is now fully focused on the commercialization of these products and planned 2020 launch. The Company has selected a Contract Manufacturing Organization (CMO) that will initiate the manufacturing of both TERPACAN™ Hemorrhoids and TERPACAN™ Back and Muscle Pain in the upcoming weeks. This key step ensures test batches will be completed quickly and allow Tetra to focus on its marketing initiatives for both TERPACAN™ products.
As the next steps, Tetra is finalizing a commercial supply agreement and initiating activities to secure private reimbursement for the two TERPACAN™ products. Both initiatives will allow Tetra to meet its anticipated commercial production needs for both OTC DIN products.
Ahead of receiving both DIN’s from Health Canada last week, Tetra’s commercial team finalized the selection of a Contract Sales Organization (CSO) based on its ability to provide Tetra with the sales representatives required to effectively launch and market the DIN products in Canada. This firm was selected based on their track record and impressive performance. Tetra continues to discuss expanding its mandate to include the U.S. as soon as the products receive the National Drug Code (NDC) from the Food and Drug Administration (FDA). Tetra will now begin to work with this CSO to initiate the activities required to sell and distribute the TERPACAN™ products. This includes presenting the AWAYE™ and TERPACAN™ portfolios and securing listings in pharmacy banners in the upcoming months. Tetra will announce the CSO upon signing a definitive agreement.
All of the above initiatives are key components to the commercialization of our TERPACAN™ products and allows us to maintain our initial focus of launching these products in Canadian pharmacy retail outlets by mid-2020.
Commercial interest in AWAYE™ has steadily grown over the last few months and Tetra intends to sign a distribution agreement in the Middle East. Tetra is in advanced discussions with a middle eastern pharmaceutical company for the regional manufacturing as well as the sale and distribution of the AWAYE™ product line. The pharmaceutical company has sale representatives that detail pharmacies, physicians and natural health type stores in the middle east. Discussions have also been initiated with a second middle eastern pharmaceutical company for a licensing and sales partnership for both the TERPACAN™ and AWAYE™ product lines.
“The commercial and business development teams have worked hard to bring AWAYE™ to other territories around the world and we are using this momentum to accelerate the launch of the TERPACAN™ products globally. Using a CSO at this stage is our best option to achieve value for our shareholders. The CSO will allow Tetra to maximize our ability to sell our retail products with an established and reputed sales organization," said Dr. Guy Chamberland, CEO and Chief Regulatory Officer of Tetra Bio-Pharma. “We intend to sell these products globally and to continue to expand these product lines and maintain our lead as an innovator in the world of botanical medicines.”
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX-V:TBP) (OTCQB:TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the success of this product or any other product, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information, please contact Tetra Bio-Pharma Inc.:
Investor Contact:
Bruce Mackle
LifeSci Advisors LLC
646-889-1200
Tetrainvestors@LifeSciAdvisors.com
Media Contact:
Andrew Mielach
LifeSci Public Relations
646-876-5868
amielach@lifescipublicrelations.com
Canada:
Carol Levine
Energi PR
514-288-8500 ext. 226
carol.levine@energipr.com