FREEHOLD, NJ -- (MARKET WIRE) -- 05/25/2006 -- New Life Scientific, Inc. (OTCBB: NWLS) today announced that it has established BIORIGEN USA, Inc., a joint venture company with Biorigen Srl, (Genoa, Italy), a Biotech Company and Centro Biotecnologie Avanzate (Genoa, Italy) to pursue development of a series of research projects, the first one being the project of "Bone Repair by Tissue Engineering" that is using novel biotechnology. Under the agreement, BIORIGEN USA, Inc. obtains global rights with Biorigen Srl retaining rights for the European Union and countries of the Mediterranean Basin and Middle East countries.
Current estimates are that "Bone Repair by Tissue Engineering" is $4 to $6 Billion Industry worldwide.
The parties will collaborate in the development of the product, with Biorigen Srl and plan to have a pre IND meeting with FDA later this year.
The development of this innovative and novel proprietary technology is applicable to long bone grafting and other orthopedic bone reconstruction, neurosurgery, maxillo-facial and dental surgery and plastic surgery applications. The technology involves a novel method of presentation of pluripotent mesenchymal stem cells derived from either bone marrow aspirate or small biopsies of periosteum and expanded in culture. This new method of presentation of mesenchymal stem cells extends their viability and activity of mesenchymal stem cells and willto result in a more efficient and reproducible bone healing. This novel technology will be used to explore its potential in soft tissue applications that will be protected by intellectual property rights.
About New Life Scientific, Inc. (OTCBB: NWLS): New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products including vaccines and stem cell based treatment modalities and to expand through our own research, collaborations, acquisitions and in-licensing. NWLS utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and under-valued biotechnologies in the countries of Eastern Europe, with the further intent of their commercialization. NWLS has two divisions: PharmaTrials International (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical, biotech and medical device companies worldwide and Invamed Pharma, with expertise in development and commercialization of pharmaceutical/biotech products coming from its own pipeline of in-licensed and new therapeutic classes as well as reformulation of existing products using InvaPharm proprietary technology to improve therapeutic potential of drugs.
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