HENDERSON, Nev., May 10, 2024 (GLOBE NEWSWIRE) -- Nika Pharmaceuticals, Inc. (OTCMKTS: NIKA) announces that it is the beneficial owner of a production building and land valued at $2,045,209, located in Sofia Province, Bulgaria.
On May 9, 2024, NIKA acquired Nika Pharmaceuticals, Ltd.; as a result, the company became 99.99% owner of Nika Europe, Ltd, in whose capital the production building and land were previously contributed in-kind on April 29 after an extensive valuation by three independent experts appointed by the Bulgarian Registry Agency. The production building and land were originally purchased in June 2023 by CEO and director Dimitar Savov, who also carried out extensive renovations at his own personal expense. The production building has a 18,669 square feet built-up area consisting of several manufacturing halls and an office section. Situated on a 1.1-acre plot of land in a fast-growing industrial zone 30 minutes away from the center of Sofia, it has its own 400kW electrical substation, underground septic system, and solid fence.
The large building area will allow NIKA to construct scientific, microbiological and chemical laboratories in addition to the planned manufacturing facility for its drugs in injection form. The manufacturing facility will be constructed via antibacterial wall panels and homogenic PVC flooring, accompanied by a specialized ventilation system to ensure sterile production environment according to the strict GMP standards. With the architectural layout of the facility complete, Nika Europe is currently working with experts to finish the technical projects for the ventilation and injection water systems in order to begin construction.
On April 23, Nika Europe signed a Supply Agreement with an established manufacturer for the production, supply, and installation of a complete vial production line consisting of washing, sterilization, filling, stoppering, capping, light inspection, and labelling machines. The line will be tailored to the production specifications of NIKA’s drugs in injection form and will have a maximum production capacity of 18,000 vials/h, i.e. a maximum yearly capacity of 3,500,000 sets of ITV-1 or TNG. With the down payment of 191,534$ paid by Savov, the production equipment is expected to be produced, delivered, and installed according to GMP by the end of 2024, allowing NIKA to begin production in January 2025.
“The most important component to sustainable growth is for a company to have its own production in order to reliably satisfy demand,” stated Dimitar Savov, CEO of Nika Pharmaceuticals, Inc. “For this reason, I have purchased and provided NIKA with this asset, which not only has a tangible value of its own, but will also generate the company significant profits to the benefit of its shareholders. We intend to soon publish a business strategy overview where we will discuss market demand, distribution plans, and expected profits,” continued Savov.
Find more via NIKA’s disclosures on www.sec.gov or https://www.otcmarkets.com/stock/NIKA.
About Nika Pharmaceuticals, Inc.
Nika Pharmaceuticals, Inc. (NIKA) is a pharmaceutical company, specializing in the treatment of HIV/AIDS, Hepatitis B and C, Rheumatoid Arthritis, Cancer, Diabetes, and all diseases, for which strengthened cell immunity is of vital importance. NIKA's intellectual property includes six drugs in injection form – two of which have successfully undergone clinical trials with good treatment results – three drugs in tablet form, and nine dietary supplements. NIKA’s goal is to not only achieve corporate profits, but to provide better and easier access to life-saving medicinal drugs and useful dietary supplements. Find more on www.nikapharmaceuticals.com.
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