A New Jersey pharmaceutical firm is joining with a conglomerate from India to fight the scourge of diabetes which is ravaging the world, particularly South East Asia, where authorities estimate 82 million adults aged were living with diabetes in 2017, nearly half these cases undiagnosed.
EastGate Biotech Corp. (OTC:ETBI) focuses on innovative technological developments specifically in insulin drug delivery for the treatment of Type 2 diabetes. On Tuesday, EastGate forged a long-term strategic alliance with MJ Biopharm for the supply of human recombinant insulin.
One of the key objective of this hookup is to provide EastGate with human insulin active pharmaceutical ingredient for clinical trial purposes at no cost in order to formulate its liquid insulin mouth rinse in South East Asia, including Pakistan, Bangladesh, Malaysia, Philippines, India, Vietnam, Indonesia, Thailand, Singapore, Cambodia, Laos, Myanmar, Brunei, Sri Lanka and Nepal.
MJ Biopharm also agrees to provide all regulatory support required to achieve regulatory approval in each country.
As for EastGate, its stock soared 6.4% noon EDT Tuesday to half a cent, on volume of 364,000 shares.
