Calypte Invests in Chinese Joint Venture
PR Newswire - March 30, 2006 07:30
Acquires GMP Manufacturing Facilities in China
LAKE OSWEGO, Ore., March 30, 2006 /PRNewswire-FirstCall via COMTEX/ -- Calypte Biomedical Corporation (Amex: HIV) (the "Company") announced today that it has acquired a 51% equity interest in Beijing Marr Bio-Pharmaceutical Co., Ltd. (the "Joint Venture"), a wholly foreign-owned enterprise existing under the laws of the People's Republic of China ("China"). The remaining 49% equity interest in Beijing Marr is owned by Marr Technologies Asia Limited, an affiliate of Marr Technologies BV, the Company's largest stockholder.
As a result of this acquisition, the Company has acquired rights to manufacturing facilities and other assets necessary for the production of its Aware(TM) line of HIV-1/2 rapid test products in China. The Joint Venture has begun the process of renovating the manufacturing facilities to meet the production needs of the Aware(TM) HIV-1/2 rapid oral fluid (OMT) diagnostic test, which is currently under evaluation by the Chinese State Food and Drug Administration ("SFDA"). The Joint Venture also obtained a Chinese Certificate of GMP for Pharmaceutical Products, issued in its name, which must be renewed by June 18, 2006 following the renovations.
The Joint Venture assets include a 2,100-m(2) GMP manufacturing facility located on a 24,000-m(2) site that also contains additional office and warehouse buildings. The Joint Venture acquired these facilities as part of an asset acquisition from Beijing Yaohua Bio-Technology Ltd. The acquisition also includes the rights to 17 diagnostic test products approved by the SFDA, including a rapid HIV-1/2 blood test and other diagnostic tests including various sexually transmitted diseases ("STDs").
Roger I. Gale, Calypte's Chairman and CEO, stated, "We view this acquisition as a crucial milestone in our global strategy. We have completed clinical trials and submitted our application of the Aware(TM) HIV-1/2 rapid oral fluid (OMT) diagnostic test for approval by the SFDA. We are now well on our way to having the facilities and manufacturing licenses we need to deliver substantive sales in China."