Business
Genix Pharmaceuticals Corporation Provides a Corporate Update to Shareholders
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Genix Pharmaceuticals Corporati...
About this update from Genix Pharmaceuticals Corporation
[{"type":"text","content":"Genix Pharmaceuticals Corporation Provides a Corporate Update to ShareholdersVancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Genix Pharmaceuticals Corporation (TSXV: GENX) (\"Genix\" or the \"Company\"). President, Mr. Mahmoud S. Aziz, provides corporate update.To the Shareholders of Genix:As the newly elected Director and President of Genix, I am pleased to provide you an update on our advancements and planned milestones. While I am certainly excited to update the important progress that Genix has made, I would first like to acknowledge the difficult circumstances that we are all collectively facing as the COVID-19 pandemic continues to affect millions of Canadians and people worldwide. I am grateful for our team's commitment to keeping our business moving forward while many areas of our industry slowed as the focus shifted to respond to COVID-19.For Genix, 2020 was a pivotal year in which we reorganized our management team, including the Board of Directors and Executives, and focused on key product acquisitions and research & development. During the past 15 months, we have acquired 31 prescription drugs and 3 novel nutraceuticals, to position ourselves as a leading generic ophthalmic drug company. It should be noted that prior to being able to market, sell and distribute the generic drugs in our portfolio, the Company is required to reformat the Product Dossiers and prepare and submit Abbreviated New Drug Submissions (\"ANDS\") to Health Canada for approval. The typical timeline to receive approval is between 6-9 months but with COVID-19 slowdown, the process has been extended. Upon approval and the issuance of Drug Identification Numbers (DINs) for each drug, and their listings in the Provincial Drug Formularies, Genix can commence sales across Canada and should be in a position to generate significant revenues and profits for the Company. In 2021, the Company is focused on registering all 31 prescription drugs with Health Canada and obtaining DINs for each drug. Our initial focus is on generic ophthalmic drugs, which is the fastest growing and highly profitable segment of the Canadian pharmaceutical industry. Genix should be in a position to generate substantial revenues in the medium and long term and secure the Company's future as Canada's leading generic ophthalmic drug company. To better understand whe...