DENVER, CO--(Marketwire - February 22, 2010) - Ceragenix Pharmaceuticals, Inc. (“Ceragenix”) (OTCBB: CGXP), a medical device company focused on infectious disease and dermatology, today announced that it has entered into an exclusive distribution and supply agreement (the “Agreement”) with BexPharm Pharmaceuticals, Inc. (“BexPharm”), to commercialize EpiCeram®, a prescription topical cream for treating atopic dermatitis and other dry skin conditions, in South Korea (the “Territory”).
The Agreement grants BexPharm exclusivity in the Territory for the distribution and marketing of EpiCeram® while Ceragenix will be responsible for the manufacturing and supply of the product. BexPharm is also responsible for obtaining regulatory clearance to market EpiCeram® in the Territory. Financial terms were not disclosed.
Steven Porter, Chairman and Chief Executive Officer of Ceragenix, said, “We are very pleased to expand our Asian footprint for EpiCeram® by partnering with BexPharm. BexPharm’s management team and capabilities are impressive and we have a shared vision for the product. We expect South Korea to be a very strong market for EpiCeram® given the strength of our partner and the prevalence of eczema in the country.”
Mr. Gye-Bum Yoon, President & CEO of BexPharm, said, “EpiCeram® is the exact type of proprietary product which BexPharm is pursuing to make the best use of our existing network of specialists with major hospitals in Korea. We expect that EpiCeram® will be an excellent alternative to existing treatments as a non-steroidal atopic dermatitis (AD) treatment product for mild and moderate patients. We believe that EpiCeram® can take a significant market share in Korea, which is USD $50 million with 20% annual growth.”
About EpiCeram®
EpiCeram® is a topical cream that utilizes Ceragenix’s Barrier Repair Technology. In April 2006, the FDA provided clearance to market EpiCeram® to improve dry skin conditions and to relieve and manage the burning and itching associated with various dermatoses including atopic dermatitis (eczema), irritant contact dermatitis, radiation dermatitis, and other dry skin conditions by maintaining a moist wound and skin environment. All of these conditions are associated with a deficient skin barrier function.
About Ceragenix
Ceragenix Pharmaceuticals, Inc. is a medical device company focused on infectious disease and dermatology. The Company has two base technology platforms; Ceragenins™ or (“CSAs”) for treatment of infectious disease and Barrier Repair for the treatment of dermatological disorders including atopic dermatitis, neonatal skin disorders and others. Ceragenin™ compounds are active against a broad range of gram positive and negative bacteria. We have used our Ceragenin™ technology to formulate Cerashield™antimicrobial coatings for medical devices. All Ceragenin™ and Cerashield™ products are currently in the developmental stage. Ceragenix’s patented Barrier Repair technology, invented by Dr. Peter Elias, is the platform for the development of EpiCeram® which is currently being marketed by Promius Pharmaceuticals (a wholly owned subsidiary of Dr. Reddy’s Laboratories) in the United States, Pediapharm, Inc. in Canada and Hyphens Marketing, Ltd. in certain Southeast Asian countries under exclusive supply and distribution agreements. For additional information on Ceragenix, please visit www.ceragenix.com.
About BexPharm.
BexPharm Pharmaceuticals Inc. specializes in selling specialty products for dermatology, gastroenterology and interventional radiology in Korea. Unlike most Korean pharmaceutical companies, all of which are supplying and selling generic products, BexPharm is focused on selling only specialty products to its distinguished network of hospitals and clinicians.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the following: the ability of the Company to fund its operations beyond mid-March 2010, the ability of our distributor to obtain regulatory approval to market EpiCeram® in South Korea; the ability of the Company to raise sufficient capital to finance its planned activities including completing development of its Ceragenin technology; the ability of the Company to meet its obligations under the supply and distribution agreement with Dr. Reddy’s Laboratories; the ability of the Company to retain its intellectual property from Brigham Young University resulting from delinquent payments; the ability of the Company to satisfy its outstanding convertible debt obligations; receiving the necessary marketing clearance approvals from the FDA and international regulatory authorities; successful clinical trials of the Company’s planned products including, the ability to enroll the studies in a timely manner, patient compliance with the study protocol, and a sufficient number of patients completing the studies; the ability of the Company to commercialize its planned products; the ability of the Company to successfully manufacture its products in commercial quantities (through contract manufacturers); market acceptance of the Company’s planned products, the Company’s ability to successfully develop its licensed compounds, alone or in cooperation with others, into commercial products, the ability of the Company to successfully prosecute and protect its intellectual property, and the Company’s ability to hire, manage and retain qualified personnel. The aforementioned factors do represent an all inclusive list. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this press release. In particular important factors that could cause actual results to differ materially from our forward-looking statements including general economic factors, business strategies, the state of capital markets, regulatory conditions, and other factors not currently known to us, may be significant, now or in the future, and the factors set forth in this press release may affect us to a greater extent than indicated. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this press release and in other documents that we file from time to time with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2008, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K to be filed in 2010. Except as required by law, we do not undertake any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact:
Steven Porter
Chairman and CEO
(720) 946-6440
