Rafarma Signs Trilateral Investment Agreement Officially Launching Tashkent Pharmaceutical Plant Build

Rhea-AI Summary

Rafarma Pharmaceuticals (OTC: RAFA) received recognition for its Tashkent plant project from Uzbekistan's pharmaceutical development agency, marking it as the largest innovative project in the Tashkent Pharma Park. Planned for completion by the end of 2026, the project will include the production of cancer drugs and blood plasma-based medications. The $85 million investment will also establish GMP-standard laboratories for blood plasma collection. Work is set to commence this year, highlighting Rafarma's commitment to advancing pharmaceutical capabilities in the region.

Positive

• Recognition of Tashkent plant project as largest innovative initiative.
• Investment of $85 million indicates significant financial backing.
• Plans to produce critical cancer medications align with market needs.

Negative

• None.

Nicosia, Cyprus, July 30, 2021 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. OTC:(RAFA) The scientific and technical council of the Agency for the Development of the Pharmaceutical Industry of Uzbekistan recognized the Rafarma Pharmaceuticals’ project for the construction of the Tashkent plant as the largest innovative project of the industrial zone of the Tashkent Pharma Park pharmaceutical cluster.

Rafarma Pharmaceuticals previously announced its plans to build a scientific and pharmaceutical complex on the territory of Tashkent Pharma Park by the end of 2026. At the first stage, it is planned to organize the production of cancer drugs and drugs from human donor blood plasma, at the second stage, a complex will be built for the production of drugs based on antibodies (-MABs) and radiopharmaceuticals used for the diagnosis and treatment of various types of cancer. In addition to modern high-tech production lines, on the territory of 10 hectares, which Rafarma Pharmaceuticals will receive as part of the project, it is planned to create a network of laboratories for blood plasma collection that meet the requirements of the international GMP standard.

The trilateral agreement was signed July 24, 2020 by representatives of Rafarma Pharmaceuticals, the Agency for the Development of the Pharmaceutical Industry of Uzbekistan and the Directorate for the Development of the Innovative Scientific and Production Pharmaceutical Cluster Tashkent Pharma Park. The total investment will amount to $85 million (US), work on the project commences this year.

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 the significance of Rafarma Pharmaceuticals' Tashkent plant project?

The Tashkent plant is recognized as the largest innovative project in the Tashkent Pharma Park, focusing on the production of cancer drugs.

How much is Rafarma Pharmaceuticals investing in the Tashkent plant?

Rafarma Pharmaceuticals is investing $85 million in the Tashkent plant project.

When is Rafarma Pharmaceuticals planning to complete the Tashkent plant?

The Tashkent plant is expected to be completed by the end of 2026.

What types of drugs will be produced at the Tashkent plant?

The plant will produce cancer drugs and medications from human donor blood plasma.

What is the timeline for the Tashkent plant project?

Work on the Tashkent plant project is set to commence in 2021.