MOUNTAINSIDE, NJ--(Marketwire - August 06, 2010) - PROTEONOMIX, INC.
a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it has formed a new subsidiary called X Gen Medical LLC, a Nevis Virgin Island entity. X Gen Medical has been established with the intention of conducting business in the global medical marketplace. Proteonomix plans on utilizing X Gen Medical to serve as a platform for joint ventures with medical facilities worldwide. It is anticipated that new relationships formed with X Gen Medical will create medical facilities capable of not just attracting treatments locally, but also acting as hubs for medical tourism. Medical tourism is constantly on the rise and anticipated to continue to grow substantially due to current high costs of health care for certain procedures and improvements in both technology and standards of care in many countries.
Mr. Michael Cohen, Chairman and CEO of Proteonomix, stated, "We have been in negotiations with several groups, specifically in the Middle East and Europe, to establish Proteonomix Regenerative Translational Medicine Institute ("PRTMI") medical facilities in those regions. The negotiations have reached the level whereby the establishment of a separate subsidiary, X Gen Medical LLC., was essential in order to allow Proteonomix to properly enter these global markets with the intention of soliciting business through our proprietary PRTMI model. We anticipate closing on some of these negotiations in the near future, which we anticipate will include the necessary funding required to firmly establish X Gen Medical as a PRTMI provider."
About Proteonomix, Inc.:
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. Proteoderm, Inc. a wholly owned subsidiary of Proteonomix that has recently opened its retail web site, Proteoderm.com, and begun accepting pre-orders for its anti-aging skin care products. StromaCel, Inc.'s goal is the development therapeutic modalities for the treatment of Cardiovascular Disease (CVD). StromaCel, Inc. is pursuing the licensing of other technologies for therapeutic use. National Stem Cell, Inc. is Proteonomix's operating subsidiary. The Sperm Bank of New York, Inc. is a fully operational tissue bank. Proteonomix Regenerative Translational Medicine Institute, Inc. ("PRTMI") intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies. Please also visit http://www.proteonomix.com/, http://www.proteoderm.com/, http://www.otcqb.com/ and http://www.sec.gov/.
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Proteonomix, Inc. cautions that statements made in this press release constitute forward-looking statements and makes no guarantee of future performance. Actual results or developments may differ materially from projections. Forward-looking statements are based on estimates and opinions of management at the time statements are made.