AlphaRx says Flexogen Ultra receives approval for marketing by joint venture in Asia

By E. Janene Geiss

Philadelphia, Jan. 10 - AlphaRx Inc. announced Tuesday that its Hong Kong joint venture company, Alpha AP, Inc. has received marketing approval for the sale of Flexogan Ultra in Asia.

Flexogan Ultra, which is a scaled-down version of Indaflex, contains 1% Indomethacin. Indomethacin is used to relieve the pain, tenderness, inflammation and stiffness caused by gout, arthritis and other inflammatory conditions, according to a company news release.

With AlphaRx's enhanced proprietary nano delivery system, the company said it believes Flexogan Ultra's effectiveness will be significantly greater when compared to other topical preparations available on the market.

Flexogan Ultra is the first product to be launched in Hong Kong and the only pharmaceutical product allowed by the authority to make a "Nano Formulation" marketing claim, officials said.

The company said it anticipates this product will be the first of many to be licensed to Alpha AP for marketing in Asia.

The newly formed Joint Venture, Alpha AP, based in Hong Kong, is a newly formed joint venture funded by Advance Pharmaceutical Co. Ltd. It will market products in China, Hong Kong, Korea and Japan.

Under the terms of the licensing agreement, AlphaRx said it will provide 10 products to the joint venture to be marketed under the Advanced Pharmaceutical brand.

In addition to its 50% equity in the joint venture, AlphaRx said it will receive a 5% royalty from the joint venture's gross sales.

AlphaRx said it also will receive a one time licensing fee of $11 million from the joint venture contingent upon completion of its Hong Kong public stock offering.

AlphaRx is a Markham, Ont., biopharmaceutical company using proprietary drug delivery technology to develop new drug formulations.

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