PHOENIX PHARMALABS, INC. RECEIVES $200,000 GRANT

PHOENIX PHARMALABS, INC. (PPL) RECEIVES $200,000 GRANT FROM THE NATIONAL INSTITUTE ON DRUG ABUSE (NIDA) FOR CONTINUED DEVELOPMENT OF ITS FAMILY OF SAFE AND NON-ADDICTING ANALGESICS

August 18th: The National Institute of Health notified Phoenix PharmaLabs, Inc., a Utah-based pharmaceutical development company, that it has been awarded a $200,000 grant to continue the study of its unique analgesics without side-effects.

John Lawson, PhD, founder of Phoenix PharmaLabs, Inc., commented, “This vote of confidence from the National Institute On Drug Abuse (NIDA), in the form of a generous grant, will help Phoenix PharmaLabs to advance its ongoing pre-clinical work on its novel new painkillers. NIDA has supported the development of this family of analgesics since its discovery. PPL appreciates NIDA’s continued recognition of the importance of PPL’s science with this ongoing financial support.”

Dr. Lawson also remarked, “This funding comes at an important time. The company has just raised an initial $270,000 of a $1,000,000 angel round of financing earmarked to help complete development of its lead drugs, fund ongoing company operations, and achieve Investigational New Drug status (IND) to allow Human Testing. This $200,000 grant will significantly enhance the company’s ability to complete its 2011 drug development goals.”

William Crossman, President of Phoenix PharmaLabs, disclosed that Phoenix PharmaLabs has very recently begun discussions with major pharmaceutical companies about its lead drugs. Multiple large companies have shown an interest in technologies developed by Phoenix PharmaLabs. These companies include not only human life science companies, but animal health pharmaceutical companies as well. In 2010 PPL entered into a license agreement for China (the PRC, Hong Kong and Macau) with Aoxing Pharmaceutical Company (NYSE: AXN). Aoxing will conduct clinical trials in China using GLP (Good Laboratory Practices) protocols, and United States FDA-acceptable data will be provided to the FDA for approval in the US, as well as to the SFDA (the Chinese equivalent of the U.S. FDA) for approval in China. This work is being done in collaboration with the China National Institute on Drug Dependence (Beijing University). The Aoxing agreement applies to PPL’s lead drug only, but may be extended to include other analogs as well. PPL retains all rights to the drugs outside of China.

Phoenix PharmaLabs is a privately held, Utah-based, preclinical drug discovery company focusing on the development and commercialization of new non-addictive treatments for pain and new therapies for the treatment of opiate addiction. PPL was founded in 2002 with the mission of bringing its new class of opioid pain therapies and addiction treatment to market.

PPL has designed a novel family of ligands with high binding affinity at all three opiate receptors. These unique ligands, derived from opioid backbones using proprietary technology, have more balanced receptor activity than morphine and other opioids. This new class results in first-ever opiate analgesics that appear to be non-addicting and free of all significant dangerous side effects such as respiratory depression (the cause of death from opioid overdose), constipation and other GI-tract problems.

PPL’s objective is to enter into an alliance with an appropriate market leader that has the resources and motivation to further develop, commercialize, and maximize the market potential of, PPL’s family of drugs.

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