SOURCE: Virogen, Inc.
Virogen, Inc. Activates $500,000/Yr. Minimum Contract With Vet Cure Pharma of Pakistan
MINNEAPOLIS, MN--(Marketwire - September 8, 2008) - Virogen, Inc. (
Currently Pakistan produces one billion birds for consumption per annum and usage is growing at a rate of approximately 30% per annum. The contract minimum calls for revenue of $500,000 per annum, but purchases are expected to quadruple this amount within the first year. Indeed, incentives are placed in the contract for Vet Cure Pharma to meet these objectives. The EU license registration process is now triggered, and Pakistani Government approval is expected within 60 days. This is believed to be a reasonable time frame and would enable Virogen's first shipments to begin in the fourth quarter of 2008.
Statement by Paul Hogan, CEO
Paul Hogan, CEO of Virogen, Inc., notes that, "Every production bird in the world is required to be vaccinated, and since Virogen's vaccine is breakthrough technology and the most effective Innovo patent-protected product on the market, the company anticipates it will capture this exclusive market for several years. VRGI has prepared for rapid expansion into this worldwide market of approximately 45 billion birds annually (85% of the world market) by establishing a distributor network prior to licensing. With a growth rate of 30% per year and growing, one can anticipate the revenue opportunity for this vaccine is in the tens of millions."
The Company
Virogen is a Minnesota-based Corporation formed solely to conduct research, and develop vaccines for the veterinary industry worldwide. The company's flagship product is its Innovo Newcastle Vaccine.
Forward-Looking Statements:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Virogen, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Investors and potential investors are invited to call either Guy Vinci, VUI Consulting at (386) 218-5929 or Paul Hogan, CEO Virogen, Inc. at (415) 367-4058 to request a copy of the company's complete business plan.
VUI Consulting
(386) 218-5929
Paul Hogan
CEO
Virogen, Inc.
(415) 367-4058
