OTTAWA, Ontario, Oct. 24, 2016. VMS Rehab Systems, Inc. reported today that BioPharmcor Sp z o.o., the Poland based subsidiary of its generic drug company, BioPharmcor B.V., has signed a Memorandum of Understanding with a private investor to acquire up to 4.5 million PLN (USD 1.125) of the Polish company's 3 year 9% convertible corporate Bonds. The transaction is expected to close within 30 days.
To date, BioPharmcor's Polish unit has raised more than 8 million PLN (USD 2 million) in working capital to support the BioPharmcor drug development program. The pending inflow of new investment capital will assist BioPharmcor to complete human trials for its generic drug product, tadalafil, a first line treatment for Erectile Dysfunction (ED) and Benign Prostatic Hyperplasia (BPH). During the human trials, the BioPharmcor tadalafil generic drug will be benchmarked for bioequivalence against the branded reference product Cialis®, manufactured by Eli Lilly and Company.
In 2014, VMS Rehab Systems, Inc. made an investment in the generic pharmaceutical business with the acquisition of BioPharmcor Sp z o.o., Warsaw, Poland. The company's drug unit was subsequently reorganized under Dutch based BioPharmcor B.V., headquartered inAmsterdam, The Netherlands. A Canadian unit, BioPharmcor Inc., was established in 2016 to manage the Company's drug formulation program in conjunction with Kabs Laboratories, St. Hubert, Quebec.
Established in 1998, as a manufacturer and distributor of Home Healthcare products, VMS Rehab Systems, Inc. is headquartered inOttawa, Canada and maintains affiliate offices in Amsterdam, The Netherlands and Warsaw, Poland. The shares of VMS Rehab Systems, Inc. are listed on the US OTC Pink Current Market (Symbol: VRSYF).
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