VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2010) - Global Health Ventures Inc. (OTCBB:GHLV) (the "Company"), a specialty pharma company focused on life style products is pleased to announce that it has signed a binding letter of intent ("LOI") with Pacific Therapeutics Ltd. ("Pacific") a specialty pharma company focused on pulmonary diseases including asthma, idiopathic pulmonary fibrosis and acute respiratory distress syndrome (ARDS).
Under the terms of the LOI, the Company will pay Pacific an upfront fee, milestone payments for key clinical and regulatory achievements, and royalties on potential future sales. The Company and Pacific will share responsibility for all future clinical development and the commercialisation of PTL-202 (a novel patented therapy) on a 50/50 basis. PTL-202 is a combination of two drugs that are FDA approved for the treatment of diseases other than pulmonary. In an experimental model of chronic lung fibrosis, the drug was shown to be effective at measurably reducing indicators of fibrosis.
Mr. Doug Unwin, Pacific's President and CEO, commented, "The LOI is an exciting validation of our technology and strategy. Global Health Ventures focus on reformulation and drug delivery, combined with their expertise in allergy; inflammation and clinical development make them an ideal partner for the co-development of PTL-202."
Dr. Hassan Salari, President and CEO of the Global Health, commented, "PTL-202 represents a novel approach to the treatment of fibrosis and other lung diseases and one that may provide significant advantages over the use of steroids that are known for their limited effectiveness and adverse events. This agreement represents an expansion of the Company's specialty pharma strategy of reformulation and repurposing approved drugs."
ABOUT PACIFIC THERAPEUTICS LTD.
Pacific Therapeutics is a private, development stage specialty pharma company focused on the identification and development of drug candidates to treat pulmonary diseases and fibrosis. Its strategy includes reformulating approved drugs to increase efficacy and patient compliance, completing the further clinical testing, manufacturing and other regulatory requirements sufficient to seek marketing authorizations in the Europe, the United States and other countries worldwide.
ABOUT GLOBAL HEALTH VENTURES
Global Health Ventures is a specialty pharma focused on the life style products. The company has a new proprietary platform technology for drug delivery via the sublingual (under the tongue) route. This unique method delivers drugs to the bloodstream quickly with minimal drug breakdown in the liver or gastro-intestinal system, a process that can greatly reduce side effects associated with the drug. The Company's lead therapeutic product is a male sexual enhancement drug that is delivered via sublingual route and is called X-Excite. In experimental studies, X-Excite has been shown to reach blood stream rapidly, producing maximal effect and having less of the unwanted side effects which are associated with the standard oral administration route drugs. X-Excite is presently in clinical trials in Europe. The Company also uses the same technology to deliver a vast number of other FDA approved drugs where they are needed to act rapidly. These include, stress relief, sleeping disorders, pain killers, anti-allergy medications, energy boosters and addiction replacement therapies.
Notice Regarding Forward Looking Statements - This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the products in commercializing and developing. Further, the risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products. Investors are encouraged to review the risk factors listed or described from time to time in the Company's filings (10K) with the Securities and Exchange Commission.