NEW YORK, NY--(Marketwire - May 08, 2012) -
Novo Energies Corporation ("Novo") (OTCBB: NVNC
) today announced that its name has been changed to Immunovative, Inc., and that its new stock trading symbol is now (OTCBB: IMUN
) effective immediately. This name and symbol change was made to better reflect the new business operations of the Company.
On December 15, 2011, Novo signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. Under the terms of the License Agreement, Novo has been granted an exclusive, worldwide license to commercialize any products covered under Immunovative's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products in clinical development including AlloStim™ and AlloVax™. AlloStim™ has completed a Phase I/II clinical study and is currently awaiting regulatory clearance to begin a potentially pivotal Phase II/III randomized, controlled clinical study in women with refractory metastatic breast cancer. AlloVax™ has completed pre-clinical and Phase I safety studies and is currently awaiting regulatory clearance to initiate a randomized, controlled Phase I/II clinical study in refractory head and neck cancer.
Mr. Antonio Treminio, Chief Executive Officer of Immunovative, Inc., stated: "We are very pleased to report that the new name and trading symbol clearly reflect the direction of the company as a cancer therapy company. We intend to release our new website www.immunovativeinc.com in the near term, which will be updated frequently to discuss our progress and achievements." We also encourage our shareholders to visit us on Facebook.com/Immunovative and on Youtube.com/Immunovativenews.
About Immunovative Therapies, Ltd.: Immunovative Therapies, Ltd. ("Immunovative Therapies") is an Israeli biopharmaceutical company that was founded in May 2004 with financial support from the Israel Office of the Chief Scientist. Immunovative Therapies is a graduate of the Misgav Venture Accelerator, a member of the world-renowned Israel technological incubator program. Immunovative Therapies was the Misgav Venture Accelerator's candidate for the prize for the outstanding incubator project of 2006, awarded by the Office of the Chief Scientist. Immunovative Therapies specializes in the development of novel immunotherapy drug products that incorporate living immune cells as the active ingredients for treatment of cancer and infectious diseases. Immunovative Therapies is developing a new class of immunotherapy drugs designed to harness the power of the immune system to treat cancer. Immunovative Therapies has two experimental immunotherapy products for the treatment of cancer in clinical development: AlloStim™ and AlloVax™ covered by Immunovative's 10 U.S. patents granted, 15 U.S. patents pending and 26 corresponding applications pending internationally. Please visit Immunovative's website at: www.immunovative.co.il
DISCLAIMER Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Novo's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which Novo has little or no control. Such forward-looking statements are made only as of the date of this release, and Novo assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Novo's Form 10-K for its fiscal year ended March 31, 2011, and other documents filed from time to time by Novo with the Securities and Exchange Commission.