NEW YORK, Sept. 15 /PRNewswire-FirstCall/ - - GENova Biotherapeutics Inc. ("GENova") today announced that it has signed a collaboration agreement with Prime BioResearch, Ltd. ("Prime BioResearch") the agreement is focused on how personalized medicine can be applied to cure cancer.
Prime BioResearch specializes in personalized medicines, which involve the use of targeted therapies based on a patient's genetics to cure underlying diseases; this market is undergoing a revolution at the moment and is expected to be a USD5bn+ industry within the next 5 years. The deal between GENova and Prime BioResearch will put GENova to the forefront on personalized cancer treatments and enable GENova to carve out a percentage of this market over the next coming years.
"Prime BioResearch knows that each patient is unique, and that not every person with the same disease responds to each drug in exactly the same way, "Says Aaron Whiteman, CEO for GENova. "They use biomarker information to determine a patient's potential responsivenes to each drug and to maximize treatment and eliminate possible adverse reactions."
The two companies are both in the business of acquiring early-stage developmental drugs, and out-licensing them for development and commercialization, and garnering royalty payments in the process. GENova's focus is oncology, while Prime BioResearch specializes in Obesity, Type 2 Diabetes and other metabolic disorders. They are confident that through scientific collaboration in the field of personalized medicines, they will expedite their drug development activities and subsequently add hundreds of millions of dollars to the bottom line by licensing the technology to companies like Pfizer, Merck, Eli Lilly, Sanofi, Roche, and GSK.
About Prime BioResearch
Prime BioResearch Ltd. is in the business of identifying, evaluating and acquiring potential blockbuster developmental drugs in medical markets with significant growth potential. Prime BioResearch currently has a proprietary portfolio of six worldwide patents in Obesity and Diabetes-II with of $2.9 billion, if successfully brought through development, clinical trials, and to market (Source: PriceWaterhouseCoopers). The Company's mission is to make safe and effective drugs available to the public, quickly and at affordable levels.
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,