NEW YORK--(BUSINESS WIRE)-- MabCure, Inc. (OTCBB: MBCI), a leading developer of antibody-based diagnostics and treatments for ovarian and prostate cancer, today announced that it has signed a license agreement with Biotech Investment Corp. (“Biotech”), a Nevada-based biotechnology investment company. The agreement is an exclusive worldwide license to certain MabCure hybridoma clones producing antibodies against prostate cancer. In addition to the license fee paid to MabCure, Biotech will issue to MabCure 15% of its outstanding shares on a fully diluted basis and will pay a royalty of 12.5% on revenues.
The need for a new method for diagnosing prostate cancer has become evident recently due to the major controversy over the usefulness of PSA testing. PSA is a marker of inflammation of the prostate, not of prostate cancer, and, as such, it is not surprising that repeated clinical studies have shown that PSA testing fails to alter the survival rate of prostate cancer patients. MabCure’s antibodies are aimed at prostate cancer markers and as such may have the potential for yielding an accurate diagnosis of prostate cancer.
Dr. Amnon Gonenne, CEO of MabCure, commented: “This is a very exciting deal for MabCure and its shareholders. It demonstrates the confidence of our investors (Biotech) in our technology and the early proof of concept attained with our antibodies for the diagnosis of ovarian cancer. The license fee will mainly be used to further the development and testing of our hybridoma clones for the diagnosis of Ovarian Cancer. We look forward to working with Biotech on developing the prostate cancer diagnostic test and are excited about the parallel development and testing of our antibodies for the detection and treatment of two forms of cancer.”
MabCure is a U.S. biotechnology company whose mission is to change the perception of cancer as being a largely incurable disease. MabCure owns proprietary technology for the creation of unique and highly specific monoclonal antibodies (MAbs), which the company plans to develop as diagnostic tools, imaging agents and therapeutic drugs to treat lethal cancers. The company’s initial focus is on the development of novel diagnostic tests for the early detection of ovarian, prostate, and colorectal cancers, each with multi-billion dollar global market potential. The company is headquartered in Brooklyn, New York. For more information about MabCure and to sign up for e-mail updates, visit www.mabcure.com.
This news release contains “forward-looking statements.” Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the change of business focus of the management of the Company and the inability of the Company to pursue its current objectives. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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Stuart Fine, 908-469-1788
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INDUSTRY KEYWORDS: Health Biotechnology Medical Devices Oncology General Health