Altachem Pharma Ltd. has signed a contract to enter into a joint venture with Erdos Cashmere Group Corporation, based in Inner Mongolia.
The proposed joint venture, subject to all regulatory approvals and Altachem’s ability to fund its share of the registered capital, will be named Beijing Erdos Altachem Pharma Ltd. and will be located in Beijing.
This proposed joint venture is designed to speed the development of Altachem’s blood technologies while allowing Altachem to focus on the development of its two core technologies: HIP for HIV/AIDS and HB for cancer, said Dr. Madi Madiyalakan, executive vice-president of drug development.
The focus of the venture will be to complete the necessary pre-clinical work, conduct human clinical trials and, if successful, manufacture, market and distribute for the global market.
The joint venture will consist of three investment phases of registered capital for drug development.
Altachem Pharma will control 51 per cent of the venture and Erdos Cashmere Group will control 49 per cent. Altachem said it is actively exploring all options available to raise its portion of the registered capital required.
“We are very happy to attract such an elite partner,” said Warren Jackson, Altachem Pharma’s president and CEO.
Erdos Cashmere Group Corporation, based in Inner Mongolia, has international sales offices in more than 30 countries.
Altachem Pharma Ltd. (AAF-CDNX) is an Edmon-ton-based pharmaceutical company which develops and commercializes new pharmaceutical products.
