Perth, Dec 12, 2007 (ABN Newswire) - Stirling Products (ASX: STI) advises that Stirling Products North America Incorporated (STI-NA) has completed discussions and signed a Material Transfer Agreement (MTA) with Pharmswell Co Ltd., based in Seoul, South Korea. The MTA covers the supply of the product ProVale(tm), from its Canadian facility.
The Agreement provides Pharmswell with enough raw material to initiate trials in Korea on cattle and swine and to start the regulatory assessment of the ProVale(tm) material. Pharmswell is recognised as one of the progressive developers of pharmaceutical raw materials and was an original investor in the previous company Progressive BioActives Inc. which Stirling acquired earlier this year.
"We are delighted that we have been able to reach an agreement with our Korean colleagues after several months of discussion as to what would be the best approach to commence studies to enter the Korean market," indicated CEO and Managing Director of Stirling Products, Dr Calvin London.
STI-NA already has an MTA in place for applications in aquaculture with one of the leading global animal health companies (name withheld due to confidentiality). That agreement will mature in the first quarter next year with the potential for a worldwide licence for sales and distribution. The MTA with Pharmswell will run until the second quarter next year, when a decision on the potential market size and distribution arrangements will be made. "The ability for potential partners to trial material, prior to signing a licence agreement for sales and distribution, is an important aspect of non-medicated growth agents," indicated Mr Shane Patelakis, President of STI-NA. "We have had a good relationship with Pharmswell over a number of years and now both companies feel confident in moving ahead with the required trials for registration on Korea."
About ProVale(tm):
ProVale(tm) is a highly purified, safe and natural immune-stimulating bioactive extract for use as a livestock or pet animal feed supplement. This unique "immunobiotic" has the benefit of boosting the immune system against various bacterial and viral diseases of animals. The product already has sales for poultry and swine in North America with further sales opportunities being pursued in South East Asia.
For more information visit PBI's website:
http://www.progressivebioactives.com
The Agreement provides Pharmswell with enough raw material to initiate trials in Korea on cattle and swine and to start the regulatory assessment of the ProVale(tm) material. Pharmswell is recognised as one of the progressive developers of pharmaceutical raw materials and was an original investor in the previous company Progressive BioActives Inc. which Stirling acquired earlier this year.
"We are delighted that we have been able to reach an agreement with our Korean colleagues after several months of discussion as to what would be the best approach to commence studies to enter the Korean market," indicated CEO and Managing Director of Stirling Products, Dr Calvin London.
STI-NA already has an MTA in place for applications in aquaculture with one of the leading global animal health companies (name withheld due to confidentiality). That agreement will mature in the first quarter next year with the potential for a worldwide licence for sales and distribution. The MTA with Pharmswell will run until the second quarter next year, when a decision on the potential market size and distribution arrangements will be made. "The ability for potential partners to trial material, prior to signing a licence agreement for sales and distribution, is an important aspect of non-medicated growth agents," indicated Mr Shane Patelakis, President of STI-NA. "We have had a good relationship with Pharmswell over a number of years and now both companies feel confident in moving ahead with the required trials for registration on Korea."
About ProVale(tm):
ProVale(tm) is a highly purified, safe and natural immune-stimulating bioactive extract for use as a livestock or pet animal feed supplement. This unique "immunobiotic" has the benefit of boosting the immune system against various bacterial and viral diseases of animals. The product already has sales for poultry and swine in North America with further sales opportunities being pursued in South East Asia.
For more information visit PBI's website:
http://www.progressivebioactives.com
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About Stirling Products Limited
Stirling Products is developing patented animal growth agents that increase meat production, therefore improving the production efficiency of livestock animals, while decreasing fat accumulation for the benefit of consumers. The Stirling growth agents are under development for swine, poultry, cattle and sheep for global markets and are being positioned to take a major role in reducing the global use of antibiotics and steroid hormones in livestock. Stirling is also developing veterinary medications for heaves in horses through its joint venture in Europe (Pulmovet ApS, www.pulmovet.com) and an obesity treatment in companion animals.
Stirling Products recently acquired a Canadian company Progressive BioActives Incorporated (PBI) under its North American subsidiary, Stirling Products NA Inc. PBI is part of the Bioscience cluster established on located Prince Edward Island, Canada. PBI's lead product ProVale, is the latest high purity beta glucan extract that has been designed as an alternative tool for sustainable livestock management in face of increasing viral disease challenges where antibiotics have no or limited application. ProVale is available for targeted applications in swine, poultry and farmed aquaculture with a future focus on further developing applications for companion animals (e.g. horses, dogs, cats and reptiles).
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