Millenia Hope's Infectious Disease Program To Develop Malaria And HIV/AIDS Drug Discovery Targets
WILMINGTON, Del., March 30 /PRNewswire-FirstCall/ -- Millenia Hope Inc., a biopharma company in Montreal, Canada , has put in place a program to treat major infectious diseases that impact global health and is currently developing treatments for Malaria and HIV/AIDS, two major diseases that continue to be a global challenge as resistance to existing drugs mounts. Dr. Bahige Baroudy, President and Chief Science Officer of Millenia Hope, has set the targets needed for Millenia to become an active participant in this global endeavor.
Millenia Hope, through MH-B (its Canadian subsidiary), will utilize MH-B's newly acquired Phytomics platform to enhance the quality and quantity of production of Malarex/MMH(TM) 18, its flagship anti-malarial drug.
Millenia is also pursuing its patent application (pending) for inhibitors of HIV RNase H, as previously mentioned on Feb. 23, 2006. No RNase H inhibitors have ever advanced to clinical trials. Successful development of a drug that targets HIV RNase H will play an important role in the treatment of HIV/AIDS patients who have become resistant to current therapy. The revenue of a first-in-class, orally bio-available drug that targets HIV RNase H is estimated at US$350-$500 million per year. The current market for HIV drugs is about US$6 billion, estimated to reach US$10 billion by 2010. Professor Michael A. Parniak (University of Pittsburgh School of Medicine) presented some of Millenia Hope's results at the 12th conference on Retroviruses and Opportunistic Infections in Boston, Massachusetts (February 2005).
Dr. Jean Archambault, President and Chief Operating Officer of MH-B, has initiated on behalf of, and is currently negotiating contracts with, several cosmetic, pharmaceutical and nutraceutical companies for product development projects. These contracts will validate the Phytomics and Plant Product Discovery platform of MH-B.
In order to ensure a proper cash flow for the aforementioned products and drug discovery projects, on March 27, 2006, Millenia Hope finalized a financing agreement for $2,000,000 with private investors ("the Investors"). Under the terms of the agreement Millenia Hope received the initial amount of $700,000, the first of three installments of the funding which are expected to be completed over the course of the next several months. For this financing, the Investors received secured convertible notes totaling $2,000,000 with a six-percent interest rate and a maturity date of March 2009. The notes are convertible, as per their convertibility provisions, into shares of Millenia Hope's common stock at the average of the lowest three (3) trading prices for its shares of common stock during the twenty (20) trading day period ending on trading day prior to the date a conversion notice is sent to Millenia Hope.
Millenia Hope also issued to private investors seven (7) year warrants to purchase 3,000,000 shares of its common stock which are exercisable at an exercise price or $0.10 and another 3,000,000 shares of its common stock which are exercisable at an exercise price of $0.25.
Millenia Hope is committed to filing an SB-2 Registration Statement with the SEC by April 8, 2006. The company will receive the second installment of the funding when the SB-2 is filed with the SEC and the third and final installment of the funding when the SB-2 is declared effective by the SEC. There are agreed-upon provisions should the filing not become effective by July 6, 2006. The notes are secured by all of Millenia Hope's assets.
About Millenia Hope:
Millenia Hope develops innovative treatments and quality products that will increase the quality of life, has put in place a program to fight major infectious diseases, and promotes healthier lives. Its team is committed to research and development to deliver on global medical needs and to bring hope through healthcare solutions.
About MH-B:
MH-B is one of the world's leading bio-research firms in Phytomic Technology, the commercialization of plant cell cultures. MH-B (formerly Avance Pharma - http://www.avancepharma.com) has spent over $30 million in creating its unique technology, including the world's largest collection of highly purified phyto-chemical fractions to be utilized in the pharmaceutical, cosmetic and nutraceutical industry and is commencing the initial commercialization of several projects with leading multi-national corporations in the cosmetic, pharmaceutical and nutraceutical industries.
Safe Harbor Statement:
Certain statements made in this release may contain language describing the plans, goals, strategies, intentions, forecasts and expectations of Millenia Hope that may be referred to as "forward-looking statements." Several important factors could cause actual results to differ materially from those in such forward-looking statements, and Millenia Hope could encounter unanticipated obstacles and delays in developing products, services and markets.
For more information, please contact: Mr. Hugo Valente, CFO Tel.: 514-846-5757 or 514-288-8822 http://www.milleniahope.com and http://www.mh-b.comhugo@milleniahope.com
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Millenia Hope Inc.CONTACT: Mr. Hugo Valente, CFO, Millenia Hope Inc., +1-514-846-5757 or+1-514-288-8822, hugo@milleniahope.com