Business
OncBioMune Acquires Vitel Laboratorios, Gains Two Revenue Generating Drugs, Robust Pipeline and Extensive Distribution Network
OncBioMune Acquires Vitel Laboratorios, Gains Two Revenue Generating Drugs, Robust Pipeline and Extensive Distribution Network.
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[{"type":"text","content":"\nOncBioMune Acquires Vitel Laboratorios, Gains Two Revenue Generating Drugs, Robust Pipeline and Extensive Distribution Network\n\nOncBioMune Acquires Vitel Laboratorios, Gains Two Revenue Generating Drugs, Robust Pipeline and Extensive Distribution Network\n\nBATON ROUGE, LA--(Marketwired - March 13, 2017) - OncBioMune Pharmaceuticals, Inc. (OTCQB: OBMP) (\"OncBioMune\" or the \"Company\"), a clinical stage biopharmaceutical company engaged in the development of novel cancer products and a proprietary vaccine technology, is pleased to announce the completion of its previously announced plans to acquire Vitel Laboratorios, S.A. de C.V. (\"Vitel\") on March 10, 2017. The acquisition of Vitel is expected to transform OncBioMune into a revenue-generating international pharmaceutical company with a more diverse product line with a particularly deep reach throughout Mexico, Central and Latin America, and relationships across Europe and Asia. The acquisition of Vitel includes two drugs it licenses and sells in Mexico, Bekunis® for constipation and Cirkused® for stress. Approved for sale in the fourth quarter of 2016, the two over-the-counter products have generate significant sales that have exceeded Vitel's early projections. Vitel has a total of seven other products that are either already in the registration stage or planned for launch later in 2017.The acquisition of Vitel includes its 50% ownership interest in Oncbiomune México, S.A. De C.V., a Mexican company (\"Oncbiomune Mexico\"), an entity we jointly launched with Vitel in August 2016. Oncbiomune Mexico was launched for the purposes of developing and commercializing our PROSCAVAX vaccine technology and cancer technologies in México, Central and Latin America (\"MALA\") for the treatment of prostate, ovarian and various other types of cancer and includes a portfolio of owned products and licenses with OncBioMune. Vitel founder Manuel Cosme Odabachian, an expert in drug licensing, development and marketing, will join OncBioMune as General Manager of Global Operations and take over Mr. Kucharchuk' s role as a member of our Board of Directors. In addition to overseeing Vitel's Mexican operations, including the upcoming Phase 2/3 trial of ProscaVax for prostate cancer already in motion through our Oncbiomune Mexico joint venture with Vitel, Mr. Odabachian wil...