Genesis Pharmaceuticals Enterprises, Inc., a US pharmaceutical company with its principal operations in the People's Republic of China, today announced that it signed a cooperation agreement with The Institute of Microbiology, Chinese Academy of Sciences (IMCAS), a research institution in China that performs a wide spectrum of basic and applied research in the field of microbiology.
According to the cooperation agreement, Genesis and IMCAS will build a "Genesis Pharmaceuticals Industrialization Model" to do joint research with the goal of commercializing pharmaceutical discoveries. This Industrialization Model is IMCAS' first cooperative arrangement with a pharmaceuticals manufacturing company.
Genesis will fund the Industrialization Model's daily operations and research and development activities. Once new drugs have completed a first stage of experiments in the Industrialization Model, they will be delivered to Genesis's factory for further testing to determine the viability of commercial wide-scale production. Genesis' research and development staff will work with researchers from IMCAS to resolve issues that arise during the process of designing the manufacturing process for new drugs. Genesis will have the first right to purchase patents for any products developed by the Industrialization Model and IMCAS.
"Because IMCAS is the national leading research institution in the field of microbiology, we believe collaboration will bring valuable research and develop expertise to Genesis and strengthen our own R&D force. This will extend our company's use of cutting edge technologies as well as solidify our leading position in the Chinese pharmaceutical market," said Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc.