Cavit Sciences to Wait Until Hyolim Bio Provides Scientific Data for the Advancement of Tubercin; Hyolim Bio Seeks Financing
DELRAY BEACH, FL -- Aug 23, 2007 -- Cavit Sciences, Inc. ("Cavit")Â today announced the status of the Company's advancement of Tubercin.
Tubercin is one of the substances listed in Cavit's various patent applications as a potential treatment of specific cancers, viral infections, opportunistic infections and various other indications. Cavit owns the rights to numerous indications relating to the use of Tubercin throughout 90% of the world.
Hyolim Bio Co., Ltd. ("Hyolim Bio") is the Korean company that owns the rights to Tubercin's composition. These rights were assigned to Hyolim Bio by the original patent holders, Dr. Tai-Ho Chung and Chong-Chan Chung ("Chungs").
Representatives of both Cavit and Hyolim Bio have held several meetings in the U.S. and Korea regarding the advancement of Tubercin. In January and February of 2007, Cavit's CEO, Colm King, and one of Cavit's medical doctors met with Hyolim Bio's team in Korea. Cavit's team held meetings with the Chungs, Hyolim Bio's president, Byung-Eon Chang, and doctors associated with Hyolim Bio. The purpose of the meetings was to review the available scientific data relating to Tubercin before entering into an agreement. Several types of agreements and terms were discussed by the parties.
Hyolim Bio is currently seeking financing in order to construct a manufacturing facility in Korea for Tubercin and its other products. In addition, Hyolim Bio is having additional testing performed in order to provide the scientific data required to substantiate Tubercin's claims.
Although Cavit has been prepared to advance Tubercin immediately, the Company has decided to wait until Hyolim Bio can provide the required scientific data before entering into an agreement for the advancement of Tubercin with them. In recent discussions with Hyolim Bio's representatives, they are confident that they will be able to provide the scientific data within the year. In addition, Hyolim Bio's management stated they have no agreements with any other individuals or entities regarding Tubercin.
Cavit Sciences, Inc. ("Cavit") is a biotechnology company engaged in developing treatments and prevention for cancer, viral infections and related diseases. Additional information regarding our drug development, supplement line and Company information is available on the Company's website at: www.cavitsciences.com
Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. Cavit's drugs have not been evaluated by the Food and Drug Administration and the efficacy of these drugs has not been confirmed by FDA-approved research. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by Cavit. These factors include, but are not limited to: (i) the ability of Cavit to successfully raise financing, (ii) the ability of Cavit to finalize its manufacturing and distribution facilities, and (iii) the ability of Cavit to successfully commercialize its products in certain markets. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Cavit's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" for Cavit on Form 10K-SB filed on April 12, 2007.