Alterola Biotech Inc. Announces Memorandum of Understanding with Averix Bio LLC.

Rhea-AI Summary

Alterola Biotech Inc. (OTC PINK:ABTI) has signed a Memorandum of Understanding with Averix Bio LLC for a Good Manufacturing Practice (GMP) supply agreement. This collaboration aims to secure GMP-grade cannabinoids for Alterola’s research and development. Averix Bio operates a facility compliant with cGMP regulations, ensuring quality in manufacturing processes. The GMP-grade Active Pharmaceutical Ingredients (APIs) will support Alterola's existing cannabinoid development projects. Company executives express optimism about this partnership's potential in enhancing pharmaceutical development capabilities.

Positive

• Execution of a Memorandum of Understanding with Averix Bio to ensure GMP-grade cannabinoid supply.
• Averix Bio's facility is cGMP compliant, ensuring high-quality standards for manufacturing.
• Partnership enhances Alterola's research and development capabilities for cannabinoid products.

Negative

• None.

BIRKENHEAD, UK / ACCESSWIRE / December 24, 2021 / Alterola Biotech Inc. (OTC PINK:ABTI) today announces the execution of a Memorandum of Understanding (MoU) to enter into a Good Manufacturing Practice (GMP) supply agreement with Averix Bio LLC ("AverixBio"), a North Carolina registered company whose registered office is at 3040 Black Creek Road South, Wilson, North Carolina 27893, USA. Averix Bio is a large-scale producer of cannabinoid-derived products.

Averix Bio's food and pharmaceutical grade manufacturing facility follows all current good manufacturing practices (cGMP). cGMP refers to the Current Good Manufacturing Practice regulations enforced by the FDA. Adhering to cGMPs ensures that manufacturing processes and facilities use proper design, monitoring, and control protocols, and safeguards the identity, strength, quality, and purity of drug products. A manufacturer that is cGMP compliant will have strong quality management systems, rigorous operational testing, high quality raw materials, and reliable testing laboratories. All Averix Bio's ingredients are derived from locally grown industrial hemp plants in the USA.

The executed MoU covers the supply of GMP-grade cannabinoids from Averix Bio to Alterola for potential use in Alterola's research and development programs.

Tim Rogers, Executive Chairman of Alterola Biotech Inc. said, "We are excited at the opportunity for Averix Bio to supply Alterola with GMP-compliant Active Pharmaceutical Ingredients (APIs) for our existing portfolio of cannabinoid development candidates."

Miles Wright, Chief Executive Officer (CEO) of Averix Bio LLC. said, "We are grateful to the Alterola team for the opportunity for Averix Bio to supply Alterola with quality, GMP-grade API for their pharmaceutical development programs."

About Alterola Biotech Inc.

Alterola Biotech Inc. is a UK based pharmaceutical company developing cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs) and targeting European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products. If you would like more information about Alterola Biotech Inc., please visit our website https://alterola-abti.com/ or contact our Investor Relations Department at +353 86 838 9812 or ir@alterolabio.com.

Notice Regarding Forward Looking Statements

This news release contains forward-looking statements that reflect Alterola's current expectations regarding future events, including statements regarding financial performance, the timing of preclinical studies and clinical trials, the timing, and outcomes of regulatory or intellectual property decisions, the relevance of Alterola's product candidates currently in development. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors, including (inter alia), the success of Alterola's research and development strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, and the potential acceptance of any future product that may (if ever) be approved by the appropriate regulatory authorities by consumer and medical professionals. A further list and description of risks and uncertainties associated with an investment in Alterola can be found in Alterola's filings with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Alterola undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

SOURCE: Alterola Biotech Inc.

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https://www.accesswire.com/679509/Alterola-Biotech-Inc-Announces-Memorandum-of-Understanding-with-Averix-Bio-LLC

FAQ

What is the significance of the MoU between Alterola Biotech Inc. and Averix Bio LLC?

The MoU signifies a partnership for securing GMP-grade cannabinoids for Alterola's research and development, enhancing their pharmaceutical capabilities.

When was the MoU between Alterola Biotech Inc. and Averix Bio LLC announced?

The MoU was announced on December 24, 2021.

What does GMP compliance mean for Alterola Biotech Inc.?

GMP compliance ensures that the cannabinoids supplied to Alterola from Averix meet strict quality and safety standards as regulated by the FDA.

How will the MoU impact the stock symbol ABTI?

The MoU could positively impact ABTI by potentially improving the company's research and development output and, subsequently, its market position.