TORONTO, ONTARIO--(Marketwire - September 21, 2010) - Arch Biopartners Inc ("Arch" or the "Company")(CNSX: ACH)(OTC: FOIFF) announces it has formed a new American subsidiary, Colorado Cancer Therapeutics Inc ("CCT") with leading University of Colorado ("CU") chemists Dr. Lajos Gera and Dr. Robert Hodges. Additionally, CCT has acquired an option to enter into an exclusive license to commercialize specific pre-clinical, anti-cancer compounds invented at the University of Colorado and Emory University by Drs. Lajos Gera, Robert Hodges, Paul Bunn, John Stewart, Dan Chan, Leland Chung and Daqing Wu.
In pre-clinical studies involving mice, these compounds have shown efficacy in slowing the progression of pancreatic cancer, non small cell lung cancer, and prostate cancer.
As consideration for the option, Arch will pay approximately $12,000 USD to CU and will pay for patent costs incurred during the period of the option. As pre-conditions to exercising the option, Arch will perform further pre-clinical validation studies and assess the commercial viability of the technology. Arch will have up to January 1, 2012 to complete this assessment and exercise the option.
Arch has recently engaged the chemistry services of Dr. Hodges and Dr. Gera as ongoing support for its three existing research platforms.
Colorado Cancer Therapeutics was formed to acquire and develop anti-cancer compounds. CCT joins Arch Inflammation, Arch Biophysics and Arch Cancer Therapeutics as the fourth platform in Arch Biopartners' portfolio. Currently, Arch owns two thirds of the equity of CCT, with the remainder owned by Dr. Gera and Dr. Hodges.
Dr. Lajos Gera is Assistant Research Professor of Biochemistry and Molecular Genetics and Director of the Core Facility in Peptide/Protein Chemistry within the Program in Structural Biology and Biophysics at the University of Colorado School of Medicine, Anschutz Medical Campus.
Dr. Bob Hodges is Professor of Biochemistry and Molecular Genetics at the University of Colorado where he is also the Director of the Program in Structural Biology and Biophysics and holds the John Stewart Endowed Chair in Peptide Chemistry. In 2002, Dr. Hodges received the Vincent du Vigneaud Award from the American Peptide Society for outstanding achievements in peptide/protein research. In 2009, he received the Inventor of the Year Award at the University of Colorado Denver.
About the Technology Transfer Office and the University of Colorado
The CU Technology Transfer Office (TTO) pursues, protects, packages, and licenses to business the intellectual property generated from research at CU. The TTO provides assistance to faculty, staff, and students, as well as to businesses looking to license or invest in CU technology. For more information about technology transfer at CU, visit www.cu.edu/techtransfer.
The University of Colorado is a premier teaching and research university with four campuses: the University of Colorado at Boulder, the University of Colorado at Colorado Springs, the University of Colorado Denver and the University of Colorado Anschutz Medical Campus. More than 55,000 undergraduate and graduate students are pursuing academic degrees on CU campuses. CU is ranked seventh among public institutions in federal research expenditures in engineering and science by the National Science Foundation. Academic prestige is marked by the university's four Nobel laureates, seven MacArthur "genius" Fellows, 18 alumni astronauts and 19 Rhodes Scholars. For more information, go to www.cu.edu.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for sale to pharmaceutical and industrial companies.
For more information on the Company, please consult the other public documents including all press releases, management information circulars, financial statements and management discussion and analysis filed on SEDAR at www.sedar.com. The company's website address is www.archbiopartners.com.
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.