MOV-FAS, TNI BioTech to build pharma plant in Nicaragua

TNIB, as part of its obligations under existing contracts as well as those under negotiation reached an agreement with MOV-FAS, will finance and construct a plant to produce Low-Dose Naltrexone (LDN) under the trade name of IRT-103.

The new IRT-103 facility will have a capacity of 1,400,000,000 capsules p/y.

LDN is an immune system modulator and is used to treat HIV/AIDS, cancer and other diseases.

The facility which is under construction, is expected to be on stream by the end of October 2012.

MOV-FAS managing member Frank Owens said the facility will be expanded from production for 100,000 capsules/day to Four Million (4,000,000) capsules/day as demand for the product increases.

”MOV FAS entered this venture because it believes the project will be a financial success, and simultaneously allow us to provide low cost effective treatments for HIV/AIDS and autoimmune diseases to millions of people in developing nations," Owens added.

TNI BioTech CFO Christopher Pearce said, "TNI BioTech looks forward to working with noted, successful and innovative businessmen such as Mr. Frank Owens and Robert E. Friedrich."

TNI BioTech CEO Noreen Griffin, said, "The opening of this facility is very important for TNIB, as it is a significant step in the company’s development of its licensed, patented, low cost effective treatment for a number of autoimmune diseases and will provide revenue for the company.”