Shanghai, People’s Republic of China, October 10, 2011 – Phage Pharmaceuticals announced plans at the BIO China International Conference to establish a joint venture to utilize Phage’s “Intelligent Protein” platform as well as to develop and market cosmeceuticals in China with Viva Biotech, Zangjiang High-Tech Park, Shanghai, PRC. “This planned joint venture is only the first of several partnerships currently being discussed to introduce Phage’s technology platform and anti-aging cosmetic products into the European and Chinese markets,” said Dr. Jamie Oliver, President and CEO of Phage.
“The Chinese cosmetic and cosmeceutical market, with a size of $16.9 billion in sales in 2008, is characterized by low penetration and a large potential customer base,” said Fred Chanson, Chairman of the Board of Phage Pharmaceuticals. “Since the Chinese market is growing 50% faster than cosmetic markets in other countries, this joint development offers us a great opportunity to expand.”
Viva Biotech Ltd. is a drug discovery contract research organization. It currently employs close to 200 scientists in a 65,000 sq. ft. research center in Shanghai, China. Viva works with most of the top ten largest global pharmaceutical companies and dozens of small to medium sized U.S. and European-based businesses in studies of gene-to-structure, reagent provision, in vitro and in vivo assays, target ID, ADME, animal models, and more.
Phage Pharmaceuticals, Inc. is a private biopharmaceutical company based in San Diego, California. Phage has a proprietary E. coli bacterial expression system for non-glycosylated proteins which results in the production of properly folded therapeutic proteins, and has the capacity to produce biosimilar and novel proteins for R&D and clinical-scale lots. The Company’s proprietary manufacturing process results in lower production costs and is associated with fewer waste by-products and impurities compared with conventional methods used in the manufacture of similar therapeutics. The Company maintains open INDs with the U.S. FDA for clinical development of FGF-1 and human growth hormone (“hGH”), both of which have shown proof of clinical safety and demonstrated efficacy in humans.