TORONTO, ONTARIO--(Marketwire - December 07, 2010) - Arch Biopartners Inc ("Arch" or the "Company")(CNSX: ACH)(OTC: FOIFF) announced today that it has obtained an exclusive license for a patent pending in the area of peptides and solid surfaces owned by the University of Colorado ("CU") and emanating from the Program in Structural Biology and Biophysics, headed by Dr. Robert Hodges.
The Company has agreed to pay $36,000 USD as consideration for the license.
Additionally, the Company has agreed to issue 150,000 common shares to CU in the event the Company identifies a product covered by the patent that is ready to be advanced into formal clinical or commercial development. Future royalty payments by the Company to CU relating to the licensed patent will depend on future sales.
The Company's patent attorney is now responsible for completing the prosecution of the patent filing with the US Patent and Trademarks Office.
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 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.