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Amarillo, TX, July 29, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amarillo Biosciences, Inc. (“ABI” or the “Company”), (AMAR), a diversified healthcare company, today announced that it has entered into a Term Sheet outlining a licensing and royalty agreement with Xiamen Weiyang Pharmaceutical Co., Ltd., a company organized under the laws of the People’s Republic of China (“Xiamen Weiyang”), setting forth the proposed terms for a cooperative development and licensing venture in China. The consummation of the proposed transaction is contingent on a mutually agreeable definitive agreement.

Dr. Stephen T. Chen, ABI’s CEO, stated, “We are pleased to announce this proposed venture with Xiamen Weiyang. This project in China presents an exciting opportunity for us to expand the commercial potential of low-dose oral interferon alpha ("IFNa") therapies conceived by ABI, and our planned partnership with Xiamen Weiyang will provide us with key assets to accelerate development of treatments for diseases with a high unmet medical need in China. As we work together to advance through the next stages of development, we expect to further demonstrate the important role that our low-dose IFNa delivery system plays in combating various disease indications."

Under the Term Sheet, ABI proposes to license to Xiamen Weiyang the right and responsibility to develop, manufacture and commercialize an IFNa related therapy (based on ABI's proprietary technology) for the China market for the treatment of a yet to be determined medical indication. In exchange, ABI would receive an upfront license fee and cash or equity payments based on the achievement of specific development milestones. ABI would also receive a royalty based on a percentage of gross revenues from the sale of products developed under the license for the sale of developed products in the China market. Furthermore, Xiamen Weiyang is to cross-license to ABI future product(s), know-how, and technologies resulting from the venture for ABI’s own products and worldwide distribution outside of China.

About Amarillo Biosciences, Inc.

Amarillo Biosciences, Inc. (ABI) is a diversified healthcare company engaged in the discovery and development of pharmaceutical and biotech products. Our goal is to introduce novel products that actively stimulate and rejuvenate the human body to combat disease and enhance the ability to heal. We are an industry leader in the advancement of low-dose oral interferon as a therapeutic treatment for numerous indications such as Thrombocytopenia, Sjögren's syndrome,

Hepatitis C virus (HCV) and influenza, a potential multi-billion dollar market opportunity. ABI primarily operates through three divisions: Pharmaceutical, Medical and Consumer. The Pharmaceutical division leverages a proprietary library of over a hundred scientific and clinical data studies on various human and animal applications of low dose oral interferon, for patent licensing and commercialization opportunities with global partners. The Medical division is focused on developing an innovative, state-of-the-art technology to treat metabolism related diseases such as Type 1 and Type 2 diabetes in Asia, in addition to licensed distribution of surgical wound care products. The Consumer division includes a range of nutraceutical and food supplement products that utilize our unique liposomal delivery systems. ABI currently has offices in the United States and Taiwan.

About Xiamen Weiyang Pharmaceutical Co., Ltd.

Xiamen Weiyang Pharmaceutical Co., Ltd is a private company led by a group of scientists and business professionals with extensive experience in the US and Chinese pharmaceutical industry. We are absorbed in R&D, synthesis process development, manufacturing, and deliver superior sourcing solutions in the pharmaceutical sector. We aim to achieve a strong presence in the synthesis process and manufacturing in the field of active pharmaceutical Ingredients (APIs) and formulation, especially in anti-viral areas, and attaining strong recognition both domestically and internationally. We pay close attention to the latest medical technology and worldwide chemical synthesis processes. As a result of our unremitting efforts, we have successfully developed newer synthesis process for API and its intermediates for new drugs of anti-HBV/HCV/HIV. Our synthesis laboratory and ton-scale raw material factory are also built for providing the best service to customers.

FORWARD-LOOKING STATEMENTS:

CERTAIN STATEMENTS MADE THROUGHOUT THIS DOCUMENT ARE "FORWARD- LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 (THE "ACT"). FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, ANY STATEMENT THAT MAY PREDICT, FORECAST, INDICATE OR IMPLY FUTURE RESULTS, PERFORMANCE, ACHIEVEMENTS, COSTS OR EXPENSES AND MAY CONTAIN WORDS SUCH AS "BELIEVE," "ANTICIPATE," "EXPECT," "ESTIMATE," "PROJECT," "BUDGET," “POTENTIAL,” OR WORDS OR PHRASES OF SIMILAR MEANING. FORWARD- LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.

EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES. THE FOLLOWING IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENT, INCLUDING, BUT NOT LIMITED TO, THE TERMS, CONDITIONS, AND CONSUMMATION OF A DEFINITIVE AGREEMENT BETWEEN ABI AND XIAMEN WEIYANG, ANTICIPATED

AVAILABILITY AND POTENTIAL BENEFITS ASSOCIATED WITH THE USE OF THE PROPOSED TREATMENTS, PRODUCT QUALITY, MANUFACTURING OR SUPPLY, OR PATIENT SAFETY ISSUES, UNCERTAINTIES RELATED TO PRODUCT DEVELOPMENT, REGULATORY AND OTHER GOVERNMENT APPROVALS UNDER CHINESE AND U.S. LAWS, THE EFFICACY OF PROPOSED TREATMENTS AND THE OUTCOME OF CLINICAL TRIALS, DEPENDENCE ON THIRD-PARTY PROPRIETARY TECHNOLOGY, INGREDIENTS, AND MATERIALS, MARKET DEMAND AND ACCEPTANCE OF ORAL INTERFERON OR THE COMPANY’S OTHER PRODUCT CANDIDATES, COMPETITIVE PRODUCTS AND TREATMENTS THAT CURRENTLY EXIST OR THAT ARE IN DEVELOPMENT, AND OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. ABI DOES NOT UNDERTAKE TO UPDATE ITS FORWARD-LOOKING STATEMENTS.

For more information contact ABI’s Investor Relations: Bernard Cohen, Amarillo Biosciences, Inc., bcohen@amarbio.com, (806) 376-1741 ext. 16