Amarantus BioSciences Licenses Parkinson's Disease Diagnostic Biomarker Test from Power3 Medical Products
January 23, 2012
SUNNYVALE, Calif. & THE WOODLANDS, Texas--(BUSINESS WIRE)--Amarantus BioSciences, Inc. (OTCBB: AMBS), a biotechnology company developing MANF, a first-in-class disease-modifying therapeutic protein being developed for the treatment of Parkinson's Disease, today announced an exclusive worldwide license agreement with Power3 Medical Products, Inc. (OTCBB: PWRM) for the NuroPro® Blood Test as it relates to Parkinson's disease diagnosis. Concurrent with the license, Amarantus has raised $100,000 from a private, foreign investor introduced to the Company by www.tomorrowsbluechips.com.
The NuroPro Blood Test is Power3's diagnostic platform for the early detection of neurodegenerative diseases. It is being developed as a tool to assist physicians to more accurately diagnose disease and monitor progression. The platform involves monitoring the concentration of 57 protein markers in blood serum identified to be linked to neurodegeneration in order to accurately detect and distinguish between Alzheimer's disease, ALS (Lou Gehrig's disease), and Parkinson's disease. Amarantus' license is focused on the further development of a subset of 21 of these protein markers specifically targeting early diagnosis and ongoing monitoring of Parkinson's disease.
The Parkinson's disease application of the NuroPro Blood Test has completed proof-of-concept and Phase 1 clinical validation studies. Amarantus plans to initiate a Phase 2 clinical validation study in the first half of 2012 that is expected to last approximately six months. Management of the trial will be partnered to Power3 as part of its ongoing strategy to build its Clinical Research Organization business unit.
"The in-license of the NuroPro Blood Test for Parkinson's disease expands our product offering as we strive to become the leader in the evaluation and treatment of Parkinson's disease," said Gerald Commissioning, President and CEO of Amarantus BioSciences. "Now that we will be able to tailor our therapeutic development pathway towards a companion diagnostic product that we control, Amarantus is positioned to build a strategic advantage over competitors as the execution of our clinical and regulatory strategy continues to advance MANF as a disease-modifying treatment for Parkinson's disease. The Company was also recently awarded the composition of matter patent for MANF by the US Patent & Trademark Office, further enhancing our position in the field."
Given the length of time it takes to accurately diagnose Parkinson's disease and the relatively high early misdiagnosis rates, the development of a blood-based biomarker test is likely to generate significant interest among neurologists and primary care physicians as it will allow them to intervene at an earlier stage in disease progression. In addition, the NuroPro Blood test for Parkinson's may generate partnering and revenue opportunities for Amarantus.
The terms of the agreement give Amarantus an exclusive license to develop, manufacture, have manufactured, use, market, sell and import medical devices and methods under the Power3 Parkinson's Disease Intellectual Property (IP). In addition, the license provides Amarantus an exclusive, royalty-free, fully paid-up worldwide license to Power3 know-how, patents and patent applications which relate to medical devices and methods for the treatment of neurodegenerative disease as it relates to Parkinson's disease.
Amarantus paid a $25,000 exclusivity fee in common stock on November 11, 2011 and will issue to Power3 $475,000 worth of common stock. In addition, Amarantus has an option to purchase all of the Parkinson's Disease IP owned by Power3 for $500,000 worth of common stock and maintains a Right of First Refusal to acquire the balance of the NuroPro platform for Alzheimer's, ALS and all other neurodegenerative diseases. The initial term of this License Agreement is for one year and is renewable upon mutual written agreement of the parties.
About MANF (Mesencephalic-Astrocyte-derived Neurotrophic Factor)
MANF (Mesencephalic-Astrocyte-derived Neurotrophic Factor) is a protein that corrects protein misfolding, one of the major causes of apoptosis (cell death). This property provides a compelling rationale for the research and development of MANF-based products as therapeutics for human disease. The lead MANF product development effort is centered on a therapy for Parkinson's disease, currently funded by a research grant from the Michael J. Fox Foundation for Parkinson's Research. The Company also owns an inventory of 88 cell lines referred to as "PhenoGuard Cell Lines." MANF was the first therapeutic protein discovered from a PhenoGuard Cell Line. It is anticipated that additional therapeutic proteins useful for various therapeutic approaches to the Central Nervous System will be identified from the Company's inventory of PhenoGuard Cell Lines.
About Amarantus BioSciences, Inc.
Amarantus BioSciences, Inc. is a California-based development-stage biotechnology company founded in January 2008. The Company has a focus on developing certain biologics surrounding the intellectual property and proprietary technologies it owns to treat Parkinson's disease and other human diseases. The Company owns the intellectual property rights to a therapeutic protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF"). For further information please visit www.amarantus.com.
About Power3 Medical Products, Inc.
Power3 Medical Products, Inc. (OTCBB:PWRM) is primarily engaged in commercializing its intellectual properties in the area of diagnosis and treatment of breast cancer, Amyotrophic Lateral Sclerosis (ALS), Alzheimer's disease and Parkinson's disease.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the possible benefits of MANF therapeutic applications and/or advantages presented by Amarantus' PhenoGuard technology, as well as statements about expectations, plans and prospects of the development of Amarantus' new product candidates. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the risks that the anticipated benefits of the therapeutic drug candidates or discovery platforms, as well as the risks, uncertainties and assumptions relating to the development of Amarantus' new product candidates, including those identified under "Risk Factors" in Amarantus' most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Amarantus periodically makes with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements Amarantus does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation.
Remy Bernarda, 415-203-6386