Today before the opening bell, TNI BioTech, a biotech company focused on combating fatal diseases through the activation and mobilization of the body’s immune system, reported that a Memorandum of Agreement has been signed involving the company and MOV-FAS S.A. to open a pharmaceutical plant in Managua, Nicaragua.
TNIB has acquired a portfolio patents involving Low-Dose Naltrexone (LDN) for the treatment of HIV/AIDS, cancer and other diseases. This acquisition includes more than two decades of data showing Low Dose Naltraxone (LDN) as an effective immune system modulator, without significant toxic side effects or addicting properties, and can be administered by a single capsule taken daily. In anticipation of meeting existing obligations, as well as contracts under negotiation, TNI BioTech reached an agreement with MOV-FAS S.A. to finance and construct a pharmaceutical plant for the production of IRT-103.
According to today’s press release, the new plant will occupy approximately 20,000m² of area in Managua, Nicaragua; an economic free zone designed to promote industrial growth and development in the Managua area. The company secured a lease on the premises with plenty of room for future expansion. Plant construction began in September of 2012 and is being built pursuant to international pharmaceutical GMP (Good Manufacturing Practice) standards. The TNI BioTech facility is expected to be fully operational by the end of next month.
LDN is to be manufactured under the trade name of IRT-103 with the intention of selling the product in Africa and nearby export markets. The plant has the capacity to manufacture approximately One Billion Four Hundred Thousand (1,400,000,000) capsules year.
A partially owned subsidiary was formed by TNI Biotech for this joint venture. The partners in this joint venture are TNI BioTech (which owns 55%); MOV-FAS S.A., the development company (which owns 35%); Pharmaceutical Care Consultant of South Florida, d/b/a Skips Pharmacy (which owns 5%); and GB Pharma Holdings LLC, a subsidiary of GB Oncology & Imaging Group LLC (which owns 5%). TNI BioTech anticipates providing most of the technology; Pharmaceutical Care Consulting will provide quality control and management; GB Oncology & Imagining Group, LLC has provided the initial contracts for the sale of IRT-103; and MOV-FAS will provide the initial capital, the land, and building, but more importantly, local relations to handle all permitting and approval for the venture.
Frank Owens, the managing member of MOV-FAS S.A., and a successful entrepreneur with over 30 years of experience in building and operating businesses in Central and South America, stated, “We are on target to open the new pharmaceutical facility October 15, 2012. The facility will be expanded from production for One Hundred Thousand (100,000) capsules a day to Four Million (4,000,000) capsules per day as demand for the product increases. MOV FAS entered this venture because it believes the project will be a financial success, and simultaneously allow us to provide low cost effective treatments for HIV/AIDS and autoimmune diseases to millions of people in developing nations.”
Christopher Pearce, CFO of TNI BioTech, Inc., added, “TNI BioTech looks forward to working with noted, successful and innovative businessmen such as Mr. Frank Owens and Robert E. Friedrich. Their extensive experience in the field of business development and manufacturing provides the company with a partner ensuring TNIB can meet its IRT-103 delivery contracts beginning the last quarter of 2012.”
Noreen Griffin, TNI BioTech, Inc. CEO, commented, “The opening of this facility is very important for TNIB, as it is a significant step in the company’s development of its licensed, patented, low cost effective treatment for a number of autoimmune diseases and will provide revenue for the company.”
To learn more about the company and its immunotherapy technologies, visit www.tnibiotech.com
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