Bank of America, JPMorgan, other major US banks reportedly planning to join forces for digital wallet
Metaverse: Seoul government becomes the first city in the world to offer administrative services via metaverse platform
Cryptocurrency: OneCoin’s Ruja Ignatova reportedly found after five years in hiding for massive $4B fraud
Ambrosus, Trek Therapeutics partner to develop blockchain solution for pharmaceutical manufacturing
Ambrosus , a blockchain-based ecosystem for the supply chain, has partnered with pharmaceutical pioneer Trek Therapeutics, PBC (Trek) to apply integrated sensors coupled with blockchain-based technology to pharmaceutical drug manufacturing in Trek’s clinical development program.
Trek Therapeutics is a privately-held, public-benefit corporation that aims to provide cost-effective, affordable, and accessible medicines to treat patients that suffer from infectious diseases and commercialize them for global populations. Under this partnership, Ambrosus will conduct pilot projects with Trek to monitor the quality, safety, and integrity of all stages of the pharmaceutical manufacturing process.
“Currently the pharmaceutical manufacturing process is highly regulated by pharmaceutical manufacturers and by regulatory authorities in an extremely labor-intensive and expensive manner. We hope to partner with Ambrosus to create a continuous monitoring and tracking system that will be less labor intensive, less expensive, and more transparent to all parties with a stake in quality pharmaceutical manufacturing. Our goal is to develop a system that is robust enough that Trek can submit data to support our manufacturing application for regulatory approval of our drugs from the FDA and EMA authorities,” Trek Co-founder and CEO Dr. Ann Kwong said. “Additionally, patients currently have no way to ascertain the quality of the medicines they ingest. Trek believes it is important to be able to demonstrate to patients that while our drugs are affordable, they’re also of the highest quality.”
As part of the pilot projects, Ambrosus’s protocol will work to verify and track the entire manufacturing chain from the primary chemical starting materials through multiple steps of synthesis, purification, and verification of the active pharmaceutical ingredient (API). This will be followed by formulation of the API into drug product; packaging, labeling, storage, and shipping to clinical trial sites.
“Following the successful implementation of the Ambrosus protocol in global food supply chains, we are delighted to now apply our blockchain protocol to help ensure the quality, safety and integrity of another vitally important product – pharmaceuticals,” Ambrosus Co-Founder and CEO Angel Versetti said. “Trek is focused on developing safe, novel medicines for infectious diseases at affordable and accessible prices. The pharmaceutical supply chain encompasses many phases and a multitude of stakeholders, requiring responsible parties to seek new methods of guaranteeing the quality and integrity of critical products. As Trek continues their mission to develop pharmaceuticals for budget-constrained patients across North America and Europe, our partnership will help to develop protocols to provide transparency and quality assurance during each phase of the process.”
This announcement comes as blockchain industry heavyweight Jaron Lukasiewicz joins Ambrosus as Strategic Advisor. Lukasiewicz founded and served as CEO of Coinsetter, a New York City-based bitcoin exchange, which was acquired by digital asset exchange Kraken, which marked the largest M&A deal in bitcoin history at that time. Lukasiewicz also served as CEO of Cavirtex, the oldest and largest Canadian bitcoin exchange, also acquired by Kraken in 2016. Since the acquisition, Lukasiewicz has served as an active advisor to several blockchain companies and blockchain investment funds in addition to his role as the CEO of WRKFLOW.
“I am excited about the future of the Ambrosus project and equally the team behind it, who together carries decades of experience in their target markets. Ambrosus can become a fundamental technology utilized in sectors ranging from food to pharma, stretching the boundaries of what blockchain technology can accomplish in real world applications," Lukasiewicz said.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest