ImagingX Pharmaceuticals Inc. formed by Voyageur Minerals and Chief Medical
CALGARY, Alberta, Jan. 09, 2019 (GLOBE NEWSWIRE) — Voyageur Minerals Ltd. (TSX.V:VM) (the “Company” or “Voyageur”) is pleased to announce that it has created its new radiological contrast pharmaceutical joint venture company.
The company, named ImagingX Pharmaceuticals Inc. (“ImagingX”), is owned by Voyageur and Chief Medical Supply Ltd (“Chief”) as to 50% each.
With a view to ultimately becoming the lowest cost producer of barium contrast suspension products in North America and Europe, ImagingX is taking the following steps to move into cash flow:
- 2,000,000 grams of USP Barium Sulfate has been sourced from third party sources to be used for initial product formulation and near term sales.
- ImagingX is preparing the application for its product registration number from Health Canada. The estimated time line for approval is 90 days. Upon receipt of this registration number, ImagingX can begin Canadian sales and distribution. Cash flow should be realized shortly thereafter.
- ImagingX is currently working on its formulation for its initial barium contrast product.
- ImagingX is assembling a marketing and sales team.
The joint venture plans on targeting markets with both government run health care systems and private clinics. The following markets will be pursued in the very near term after Canadian sales commence:
|North America, Europe, Brazil, Argentina, Costa Rica, Panama, Colombia, South Africa, Russia, Israel, Turkey, Jordan, Qatar, Kuwait, UAE, Malaysia, Singapore, Hong Kong, China, Japan, Philippines, Brunei, South Korea, Australia and New Zealand.|
Voyageur is responsible for providing USP barium sulfate to the joint venture. Voyageur has 100% ownership of two high grade barium sulfate deposits, allowing the joint venture to have the lowest cost barium sulfate in the current market place.
Barium sulfate makes up approximately 98% of the cost of the ingredients in barium contrast suspension products. Owning the only pharmaceutical grade barite project outside of China will allow the joint venture to become a very competitive pharmaceutical contrast company in the market.
ImagingX will be the only Canadian pharmaceutical barium producer since the closure of the Brookfield pharmaceutical barite mine in Nova Scotia. Until Voyageur is able to produce pharmaceutical grade barite from its own properties, the North American barium contrast market is 100% reliant upon imports of high end USP barite from China.
About Chief Medical Supply:
Chief provides high quality, competitively priced pharmaceuticals and hemodialysis products to pharmacies and hospitals across Canada. Operating from both its 33,000 square-foot plant in Calgary, Alberta and its 90,000 square-foot facility in Mississauga, Ontario, Chief is able to supply products coast-to-coast. Chief has both drug and medical device establishment licenses issued by Health Canada.
Chief has the ability to turnkey production of ImagingX barium contrast products in their Health Canada and FDA approved manufacturing facilities.
About Voyageur Minerals
Voyageur is a Calgary based company which owns 100% interest in three barium sulfate deposits including two properties suitable in grade for the industrial barite market place, and interests two high grade lithium brine project in Utah, USA.
Voyageur’s business plan is to develop its barite deposit at Frances Creek, BC, Canada, for near term cash flow, while it continues exploration for critical and strategic minerals. The Frances Creek project is moving forward to manufacture pharmaceutical grade barium sulfate and high purity Blanc fixe barium sulfate for the paint and plastic markets.
The Company’s qualified person as defined by NI 43-101, Mr. Brad Willis has reviewed this news release and approved it.
For further information, please contact:
|John Rucci, CEO
Cell (403) 383-8588
|Steven R. Livingston, VP Finance
Cell (403) 471-1659
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the Qualifying Transaction, including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Company’s assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, competition in the pharmaceutical space, the ability to create a saleable product, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.