TNI BioTech, Inc. Announces Distribution Agreement Between AHAR Pharma for Lodonal(TM) and TNI BioTech International, LTD for Nigerian Market
BETHESDA, MD--(Marketwired - Oct 2, 2013) - TNI BioTech, Inc. (OTCQB: TNIB), today announced TNI BioTech International, Ltd., its wholly owned British Virgin Islands subsidiary, signed a distribution agreement with AHAR Pharma, a Nigerian Company, to market Lodonal™, in Nigeria for the treatment of autoimmune diseases and cancer.
Dr. Richard Afonja formed AHAR Pharma in 2013 for the sole purpose of marketing TNIB therapies. Dr. Afonja is a Hematologist/Oncologist and the Founder and CEO of a number of medical operations in both the United States and Nigeria for the treatment of cancer and blood disorders.
AHAR intends to distribute Lodonal™ through a local distributor network, an Internet client base and directly to hospitals, pharmacists and doctors in Nigeria. Lodonal™ (LDN) is an active immunotherapy with naltrexone provided in low doses as an oral medication. Lodonal™ has been shown in clinical trials to rebalance the immune system in patients with autoimmune diseases, leading to decreased tissue inflammation, repair of damaged tissue and decreased symptoms.
Lodonal™ can bind to opioid receptors on immune cells and also stimulate the production of both endogenous met-enkephalin and beta-endorphin, resulting in increased numbers of T cells and NK cells that destroy infectious organisms and cancer cells.
TNI is in the process of submitting Phase 3 protocols for certain autoimmune diseases for FDA approval with respect to the drug.
Under the agreement AHAR will generate just over $53,000,000 in gross revenue for TNIB in 2014 with approximate $21,000,000 in available cash flow to meet TNI BioTech financial clinical trial commitments. AHAR has pre-paid for the API necessary for the soft launch and has committed to purchase a minimum of $1,000,000 of capsules between now and January 2014.
"AHAR is a dynamic and innovative Nigerian company. Their exceptional management has marketing experience in the region. Based on the combination of AHAR's regional marketing knowledge and financial commitment to the project I believe AHAR will excel in marketing Lodonal™," said Noreen Griffin, CEO of TNI BioTech.
"We are excited to have the opportunity to work with TNI BioTech on developing this market and believe it has tremendous potential in the Nigerian market," said Richard Afonja of AHAR Pharma. "We believe this therapy is the foundation for creating an entirely new family of drugs that can treat a multitude of diseases and conditions safely and affordably. While not a cure, Lodonal™ can offer meaningful disease prevention, particularly for patients suffering from a compromised immune system, as a result of infections, viruses, malaria and other infections."
About TNI BioTech, Inc.
TNI BioTech, Inc. is a biotech company working to combat chronic, life-threatening diseases through the activation and modulation of the body's immune system using our patented immunotherapy. Our products and immunotherapy technologies are designed to harness the power of the immune system to improve the treatment of cancer, infections such as HIV/AIDS, chronic inflammatory diseases, and autoimmune diseases.
Our proprietary technology, therapies and patents include the treatment of a wide range of cancers. Our most advanced clinical program involves immunotherapy with met-enkephalin ("MENK") and/or opioid growth factor ("OGF"), which have been shown to stimulate the immune system even in patients with advanced cancer. Even though management considers any condition that results in altered-immune response a target for investigation, the company will most likely pursue additional investigations for low dose naltrexone and/or MENK as valuable candidates in the treatment of the following: autoimmune states such as rheumatoid arthritis and multiple sclerosis; as an adjunct in cancer patients undergoing chemotherapy, radiation treatments or surgery; and as an adjunct to antibiotics in the treatment of a variety of infectious diseases, including patients with AIDS, in combination with retroviral drug therapy.
About AHAR Pharma
AHAR Pharma is a newly formed company, for the sole purpose of marketing Lodonal in Nigeria. AHAR Pharma was formed by Dr. Afonja, a Hematologist / Oncologists living and working in New Jersey and Nigeria with over 26 years of experience. Dr. Afonja is the Founder and CEO of a number of Medical companies including Paterson Medical Services Corp, Colfax Oncology, Inc with three offices in NJ for the treatment of cancer and blood disorders, Princeton Health Care an HMO, located in Nigeria since 2000; and American Hospitals and Resorts Limited (AHR) a cancer and blood disorder treatment center (http://americanhospitalsandresorts.com) that has been delivering high quality healthcare since 2007 in Legos Nigeria. The formation of AHAR Pharma is a continuation of our ongoing commitment to provide the newest and highest quality care to the people of Nigeria.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "anticipates," "intends," or "expects," used in the Company's press releases and in Disclosure Statements and Reports filed with the Over The Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date hereof.
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