Business
TNI BioTech, Inc. Subsidiary Granted Certificate of Free Sale by Nicaraguan Minister of Health for Low Dose Naltrexone
TNI BioTech, Inc. Subsidiary Granted Certificate of Free Sale by Nicaraguan Minister of Health for Low Dose Naltrexone.
About this update from Biostax Corp.
[{"type":"text","content":"\n \n \n TNI BioTech, Inc. Subsidiary Granted Certificate of Free Sale by Nicaraguan Minister of Health for Low Dose Naltrexone\n \n \nTNI BioTech, Inc. Subsidiary Granted Certificate of Free Sale by Nicaraguan Minister of Health for Low Dose Naltrexone\n\nCertificate Allows for Product to Be Exported by TNI BioTech's Nicaraguan Manufacturing Facility\n\n \n WHITE PLAINS, NY--(Marketwired - Dec 3, 2013) - TNI BioTech Inc (OTCQB: TNIB) today announced that the Nicaraguan Ministry of Health has granted a certificate of free sale to the company's wholly-owned subsidiary, TNI BioTech International Ltd., for TNI BioTech's Low Dose Naltrexone product (LDN) for the treatment of patients with autoimmune diseases HIV/AIDS, Crohn's Disease, Multiple Sclerosis and certain cancers. \n TNI BioTech's LDN product is manufactured for the company by Laboratorios Ramos in Managua, Nicaragua. The issuance of the certificate of free sale allows LDN to be exported from the Managua facility to other jurisdictions where the company is approved to market and sell LDN in satisfaction of the import requirements of such jurisdictions. The free sale certificate is not a license for export, which is issued separately for a specific product in both the country of export as well as the country of import.\n At this time, TNI BioTech also has received the Certificate of Free Sale and export licenses for the following countries: Republic of Nigeria, Republic of Equatorial Guinea, Republic of Malawi and the Republic of Gabon. TNI BioTech has been in discussion with a number of other emerging countries concerning the approval of LDN and hopes to receive approvals in these countries over the next year. \n TNI BioTech expects to generate over $50 million in gross revenue in 2014 from the sale of LDN based solely on the company's existing distributor agreement in Nigeria with AHAR Pharma which was signed in October 2013. In Nigeria, LDN will be marketed under the name Lodonal™.\n Noreen Griffin, chief executive officer of TNI BioTech, stated, \"This is a great accomplishment for our company. This certificate of free sale from Nicaragua, coupled with our growing distributor base and enhanced management team, including Julian Casciano from eMax Health Systems Inc, Larry Martin and Gary Gemignani, shows TNI BioTech's commitme...