Proteonomix Licenses Exclusive Worldwide Rights to Novel Anti-Tumor Technology
PARAMUS, N.J.-Proteonomix, Inc. (OTCBB: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, today announced that it has entered into an exclusive worldwide license agreement for a novel source of primary human cells that secrete a factor capable of inhibiting tumor cell growth and causing tumor cell death. The technology was developed by Ian McNiece, Ph.D., Chief Scientific Officer of the Company.
"This technology has the potential to identify molecules that can kill tumor cells and provides insights into the potential delivery of these inhibitory factors in vivo."
The technology consists of methods for isolation and propagation of the primary human cells, gene profiles obtained from the cells identifying candidate micro RNAs and growth factor genes, and methods for generating culture media conditioned by these cells for isolation of the inhibitory factor or factors.
"Recent experiments demonstrated the ability of these novel human cells and even the culture media conditioned by these cells to inhibit the proliferation of tumor cells, ultimately leading to their death," said Proteonomix Chief Technology Officer Steven Byle. "This technology has the potential to identify molecules that can kill tumor cells and provides insights into the potential delivery of these inhibitory factors in vivo."
Terms of the license included an upfront license fee, an agreement with a related party and payments due upon achieving clinical and regulatory milestones based on success in developing products, as well as a royalty on sales of products resulting from this technology.
About Proteonomix, Inc.
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. The Proteonomix family of companies includes Proteoderm, StromaCel, PRTMI and THOR Biopharma. Proteoderm is a wholly owned subsidiary that has developed an anti-aging line of skin care products. StromaCel develops therapeutic modalities for the treatment of cardiovascular disease and plans to file an IND application for treatment of patients who have suffered post-myocardial infarction. Proteonomix Regenerative Translational Medicine Institute, Inc. (PRTMI) intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Additional information is available at www.proteonomix.com and www.proteoderm.com.
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Proteonomix, Inc. cautions that statements made in this press release constitute forward-looking statements and makes no guarantee of future performance. Actual results or developments may differ materially from projections. Forward-looking statements are based on estimates and opinions of management at the time statements are made.