Premier Biomedical and Auramedi Farmacêutica to explore forming joint venture in Brazil

US biotech firm Premier Biomedical (OTCQB: BIEI) and Brazilian drugmaker Auramedi Farmacêutica have signed a non-binding Letter of Intent (LOI) to enter into discussions to explore forming a possible joint venture in Brazil to develop Premier’s various treatment technologies, and oversee the manufacture and distribution of the drugs and devices in the South American market initially.

The formation of this joint venture is expected to expedite the approval, manufacture, sales and distribution of Premier’s proprietary treatments. A third party has projected annual sales, in South America, for Premier’s treatments at $400 million by the year 2020, the US firm said.

William Hartman, president and chief executive of Premier Biomedical, stated: “We are very excited to embark on this relationship with such a dedicated pharmaceutical company as Auramedi. We expect that the resulting JV will be beneficial not only to Premier and Auramedi, but to the patients in Brazil and South America suffering from hard to cure or previously incurable diseases for which we are working very hard to bring effective treatments to market. The Joint Venture will have access to all of Premier’s currently available drugs and treatments, as well as those under development.”