New York, Sept. 15 /PRNewswire-FirstCall/ - - GENova Biotherapeutics Inc. ("GENova") today announced that it is forming strategic alliances with academic research institutions specializing in ground-breaking stem cell research.
Forming relationships with academia gives GENova a strategic advantage in its business of identifying and acquiring promising early-stage biotechnologies for treatment of oncological and infectious diseases. The company already has solid relationships in place with a number of leading universities, as well as with research labs, hospitals, biotechnology companies, and contract research organizations around the globe. It hopes to bolster its list of alliances in the coming weeks and months.
"By forming strategic partnerships with leading-edge academic institutions, we gain the inside track to accessing exciting new drug targets way ahead of the competition," says CEO for GENova Aaron Whiteman. "These relationships are key to maintaining the strength of our acquisition pipeline of potential blockbuster biotechnologies."
Early-stage partnerships with academic institutions underpin GENova's business strategy of acquiring, developing, and then out-liscencing promising new drug targets to major pharmaceutical companies. GENova is capitalizing on an important trend among pharmaceutical companies wherein almost half of their revenues are now generated from in-licensing early-stage products from companies like GENova. The market for effective cancer therapeutics is immense, with revenues projected to rise to US$60.6 billion by 2011.
About GENova Biotherapeutics Inc.
GENova is positioning itself as the world's leading bioscience company in the development and commercial licensing of novel therapeutic proteins that disrupt the advance of life-threatening cancers. The company leverages cutting-edge research collaborations to achieve breakthroughs in anti-cancer treatments, and then licenses these drug product candidates to Big Pharmaceutical and Biotechnology companies such as Pfizer, Amgen, Myriad Genetics, Medarex, and Biogen Idec. Visit GENova online at: www.genovabio.com.
Forward Looking Statements
This document includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are expected by the Company to be forward-looking statements. Although GENova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to the success of the owned intellectual property, the strength of the patents, continued availability of capital and financing, and general economic market or business conditions.
SOURCE GENova Biotherapeutics, Inc.
CONTACT: Investor Relations: Brian Cook, Windfall Communications LLC,