Rafarma Secures Joint Venture Agreement with the Pharmaceutical Industry Development Agency of Uzbekistan

Rhea-AI Summary

Rafarma Pharmaceuticals, Inc. (OTC: RAFA) has announced a joint venture with the Pharmaceutical Industry Development Agency of Uzbekistan to produce medicines for public health institutions in Uzbekistan. The partnership involves acquiring 10 hectares in the Tashkent Pharma Park and constructing a facility, with projected costs of $82,000,000. The project is slated for completion between 2021 and 2025, with Rafarma providing expertise and equipment while the Agency handles registration and contracts.

Positive

• Joint venture with the Pharmaceutical Industry Development Agency of Uzbekistan.
• Focused on producing medicines for public health, enhancing market presence.
• Acquisition of land in the Innovative Scientific Production Pharmaceutical Cluster.
• Projected project cost of $82 million indicates significant investment.

Negative

• Forward-looking statements highlight risks and uncertainties that may affect future outcomes.

Nicosia, Cyprus, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. OTC:(RAFA) is pleased to announce its joint venture with the entity known as The Pharmaceutical Industry Development Agency of Uzbekistan which is essentially the Health Department of Uzbekistan. Together the two organizations will produce medicines for use by public health institutions in the Republic of Uzbekistan. This will entail the acquisition of real property (10 hectares in the established Innovative Scientific Production Pharmaceutical Cluster known as “Tashkent Pharma Park”) and construction of a physical plant on the premises. Projected costs are currently at $82,000,000.

Both parties will be tasked with developing a timetable for project completion and implementation (projected time table 2021-2025). Rafarma will supply experts in their respective fields, oversee construction, and supply necessary equipment.

The Pharmaceutical Industry Development Agency will be responsible for obtaining the necessary registration and certification of all future medicines produced by the partnership, and negotiating contracts with the health sector of the Republic of Uzbekistan.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

For more information contact:
RAFARMA
(307) 429-2029

FAQ

What is Rafarma Pharmaceuticals' joint venture in Uzbekistan?

Rafarma Pharmaceuticals has entered a joint venture with the Pharmaceutical Industry Development Agency of Uzbekistan to produce medicines for public health institutions.

What is the projected cost and timeline for the project?

The projected cost is $82 million, with completion expected between 2021 and 2025.

Where will the new facility be located?

The facility will be located on 10 hectares in the Tashkent Pharma Park.

What role will Rafarma play in this joint venture?

Rafarma will supply experts, oversee construction, and provide necessary equipment for the project.

What is the significance of this project for RAFA shareholders?

The project may enhance market presence and revenue potential by producing essential medicines in Uzbekistan.