PharmStar Pharmaceuticals to Accelerate AQUAPRIN to Market With New Facility
ROCKY MOUNT, NC--(Marketwire - April 18, 2011) - PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR), a U.S. drug developer, manufacturer and marketer of the FDA-approved, Over-the-Counter (OTC) liquid pain reliever AQUAPRINTM, announced today that it has entered into negotiations to purchase an over three-acre site and 24,000 square foot building for production and research activities in Wilson, NC.
According to PharmStar CEO Howard Phykitt, moving PharmStar's production and R&D to a stand-alone facility can provide greater economic benefits as well as accelerate the commercialization process to bring AQUAPRIN to market.
The property is strategically located in a professional industrial park near a third-party pharmaceutical testing facility. In addition, it is close to many pharmaceutical companies such as Merck; Sandoz, a division of Novartis; Perdue Fredrick; Natures Bounty; and GlaxoSmithKline. Talented pharmaceutical production and research personnel are readily available for hire.
"To better meet FDA CGMP guidelines, it is prudent for AQUAPRIN be manufactured in a facility that has only one tenant," said Mr. Phykitt. "While our current location meets these FDA guidelines, it also would require that we continuously monitor and have knowledge of all materials that are located our building, even those unrelated to PharmStar. After carefully evaluating the economics of these FDA guidelines, it made more sense to move PharmStar into its own building, where we can have complete control and move quickly, while ensuring that the highest standards of the FDA are consistently met."
The Company has received an offer to purchase the building, and is currently assessing the offer. Mr. Phykitt concluded, "I made a commitment to shareholders when we restructured the capitalization table that the Company has no need to dilute its common stock for at least the next six months. This decision will not affect that commitment."
PharmStar Pharmaceuticals, Inc. is a U.S.-based drug development, manufacturing and marketing company and the innovator of AQUAPRINTM, an FDA-approved Over-the-Counter (OTC) liquid pain reliever. In development since 1993 with over $3 million invested to-date, AQUAPRINTM is a liquid derivative of aspirin based on a patent-pending formula. The product is designed to dissolve nearly instantly in just 1.5 ounces of water, which can be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset. PharmStar's headquarters are located in Rocky Mount, NC. More information on PharmStar is available by visiting www.pharmstarinc.com.
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.