March 22 2012.
Australian drug delivery technology company Phosphagenics Limited (ASX: POH, OTCQX: PPGNY) is pleased to announce that they have signed an agreement with Korean Drug Company Ltd to supply BioElixia® exclusively to outlets in South Korea. The agreement is subject to minimum volumes. Their range of clients includes health and beauty salons, drugstores, and medical and dermatological clinics totalling over 9000 outlets throughout South Korea and South East Asia.
Korean Drug Company’s distribution and marketing includes all forms of retailing, including on-line, retail outlets and TV shopping/infomercials. In terms of population, South Korea is approximately twice the size of Australia, and as such represents a significant opportunity for expansion of the BioElixia® network, especially as the marketing processes will replicate those successfully undertaken in Australia.
The CEO of the Korean Drug Company, Dr Sanghun Park, said “We are delighted to be able to market and distribute such an innovative product range as BioElixia®. We would anticipate very strong consumer support for a cosmetic range based on a history of scientific supporting data. Considering the market growth rate for slimming products and the scarcity of high efficacy products in the Korean slimmer market, BioElixia® will be the huge potential product that customers have waited for. Our customers want products that work.”
Phosphagenics anticipates that the first sales under this agreement will be in the third quarter of 2012 and will initially be for the company’s lead product, BodyShaper®.
Dr Esra Ogru David Segal
Chief Executive Officer Investor Relations Manager
Phosphagenics Limited Phosphagenics Limited
+61 3 9565 1119 +61 3 9565 1103
+61 3 9620 3333
Phosphagenics is commercialising drug delivery applications based on its novel transdermal (drugs administered via skin) TPM® - Targeted Penetration Matrix technology. TPM® is a patient friendly and cost effective system used to deliver proven pharmaceutical and nutraceutical products.
The lead product advancing through clinical trials is an oxycodone matrix system for the relief of chronic pain.
Phosphagenics’ shares are listed on the Australian Securities Exchange (POH) and its ADR – Level 1 program in the US is with The Bank of New York Mellon (PPGNY).
About Korean Drug Company
Korean Drug Company (014570: KOSDAQ) develops, manufactures and distributes products to thousands of outlets in South Korea. It offers over the counter medicines, health food and cosmeceuticals. It has experienced strong growth in revenue and profits in the last few years and is listed on the KOSDAQ index in South Korea.