HOUSTON, TX--(Marketwire - December 23, 2010) - Power3 Medical Products, Inc. (OTCBB: PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, today announced that company management believes it is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer's and Parkinson's, to name a few.
In addition, Power3 is a party to several litigation matters, most of which relate to various toxic debt instruments that were entered into by Power3 several years ago when it operated under the tenure of Chairman and CEO, Steven B. Rash. Because current management believes these toxic debt instruments are responsible for Power3's depressed stock price and have distracted the company from its mission, Power3 plans to settle as many of these nagging lawsuits as possible prior to the completion of its merger with Rozetta-Cell Life Sciences, Inc. As for those lawsuits that cannot be speedily resolved, Power3 will continue to rigorously defend its position. For example, one such lawsuit involves Neogenomics, Inc., which was recently granted a motion for summary judgment with respect to an amount due under a convertible debenture. Power3 intends to appeal this decision.
"We are very excited to be finally ridding ourselves of litigation that has plagued us for several years now," stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. "We have big plans for the future beginning with our upcoming acquisition of Rozetta-Cell and are about to enter a long and substantial growth phase marked by advances in our science and intellectual property. Given the imminent nature of many of these transactions and breakthroughs, we have decided, in consultation with the financiers of Rozetta-Cell, that the best course of action for Power3 is to settle many of these lawsuits so that we can focus our attention exclusively on the acquisition of Rozetta-Cell and the development of our combined businesses after the merger."
Rozetta-Cell Life Sciences, Inc. is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. Power3 plans to effect the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
Power3 Medical Products
Power3 Medical Products, Inc. is a leading bio-technology company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease and amyotrophic lateral sclerosis (commonly known as ALS or Lou Gehrig's disease). Power3 applies proprietary methodologies to discover and identify protein biomarkers associated with diseases. Through these processes, Power3 has developed a portfolio of products including BC-SeraPro™, a proteomic blood serum test for the early detection of breast cancer for which it has completed Phase I clinical trials, and NuroPro®, a proteomic blood serum test for the detection of neurodegenerative diseases, including Alzheimer's, Parkinson's, and ALS diseases, for which it is currently engaged in Phase II clinical trials. These tests are designed to analyze an individual's proteins to detect the presence of disease, a patient's disease progression, a patient's response to a particular drug, and the mechanisms of disease present in the patient for optimal targeted therapy.
For more information, please visit http://www.power3medical.com.
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