Pulmo BioTech Announces Cash Details of its Previously Announced Letter of Intent Intended to Bring its Pulmonary Vascular Diagnostic Product Candidate PulmoBind(TM) to the European Market
NEW YORK, Oct. 23 /PRNewswire-FirstCall/ -- Pulmo BioTech Inc. has announced that it will ultimately receive at least $3.3 million pursuant to the license agreement contemplated by the previously announced non-binding letter of intent with Biotechnology Consulting Poland Sp. z.o.o. with respect to its Pulmonary Vascular Diagnostic Product Candidate PulmoBind(TM) development work, clinical trials and ultimately, commercialization in the European market.
"We are pleased that the relationship with Biotechnology Consulting Poland to be finalized in a license agreement expected before the end of 2009 will allow Pulmo BioTech to bring PulmoBind(TM) to the whole of the European Union and European Economic Area. Under the contemplated license agreement, Pulmo BioTech will be providing all of the technical resources to enable this to happen, and in return Biotechnology Consulting Poland will be providing a substantial cash element to Pulmo BioTech. Biotechnology Consulting Poland will license the technology to enable them to carry out all of the trials necessary to gain European Approval for PulmoBind(TM) with the intention that they will then commercialize PulmoBind across Europe. By following this parallel approach with Pulmo BioTech concentrating on the North American market and Biotechnology Consulting Poland having responsibility for Europe, we expect to minimize the time required to complete trials and, provided that regulatory approval is ultimately obtained, to gain maximum sales for PulmoBind(TM) across both these major markets to the benefit of our shareholders and the medical community." - Garry McCann, CEO Pulmo BioTech Inc.
About Pulmo BioTech Inc.
Pulmo BioTech Inc. specializes in the development and marketing of medical technology and research. Our proven strengths combine extensive commercial experience and academic credentials. The principal staff members are acknowledged experts in their specialized fields, and work with a broad range of investment institutions. Our mission is to utilize scientific imagination and drive, together with managerial and financial acumen, to bring innovative and profitable products to the marketplace to the benefit of all stockholders.
About PulmoScience Inc.
PulmoScience Inc. was established in 2006, and is currently developing a non-invasive Molecular Imaging technique for the diagnosis of Pulmonary Embolism, Pulmonary Hypertension and Lung Inflammatory diseases under the trade name PulmoBind(TM).
PulmoScience was conceived within the Montreal Heart Institute "MHI" (a world renowned hospital and educational facility). Jointly owned by MHI subsidiary Innovacor as the technical and operational partner, Dr. Jocelyn Dupuis (the scientific director and originator of the PulmoBind(TM) Molecular Imaging technology), and by Pulmo BioTech Inc. as the funding partner, PulmoScience Inc. aims to develop this unique and exciting technology, to fund necessary trials, and to bring the products to market.
PulmoScience believes that the market for its product candidates is worth in excess of $500 million per annum and that, provided Regulatory Approval is achieved, the safety and efficacy of its products could allow it to dominate that market.
About PulmoBind(TM)
PulmoBind(TM) uses an intravenously delivered radionuclide tagged molecule which specifically bonds to the inner walls of the circulatory system in the lungs, and by the use of an external Gamma Camera allows an image of the integrity of the blood vessels throughout the lungs to be seen by a diagnostic clinician. PulmoScience is currently undertaking Regulatory Approval for Phase I Human Trials, and while subsequent results from additional tests might not corroborate the current results, PulmoScience believes that PulmoBind(TM) has the potential to dominate the market for the diagnosis of Pulmonary Embolism. In particular, this belief is driven by PulmoScience's expectations of the improved safety and efficacy that PulmoBind(TM) will offer when compared to the current incumbent nuclear medicine based technology for the diagnosis of Pulmonary Embolism. In addition, early indications are that PulmoBind(TM) could be highly effective in the early stage diagnosis of Pulmonary Hypertension, a condition for which there is no current front line diagnostic test. The addressable market for the product candidates being developed by PulmoScience is believed by the company to be worth in excess of $500 million per annum.
About BioTechnology Consulting Poland Sp. z.o.o.
BioTechnology Consulting Poland Sp. z.o.o. is a Polish based company which has been set up to enable the rapid approval of products developed outside the Euro Zone in the European market.
Pursuant to the License Agreement contemplated by the LOI, BioTechnology Consulting Poland will license IP from Pulmo BioTech to enable it to rapidly carry out Phase Trials and ultimately commercialize PulmoBind(TM) across the whole of the European Union and European Economic Area.
BioTechnology Consulting Poland counts amongst its key staff, professionals in the areas of medical project management, new business start-up and growth, and medical Phase Trials. BioTechnolgy Consulting Poland has links with key Polish medical facilities, CROs and Pharmaceutical companies.
Further Information
For further information regarding Pulmo BioTech Inc. or PulmoScience, please visit www.pulmobiotech.com
Forward-Looking Statements
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, regulatory approval, events or developments are forward-looking statements. It is possible that the future performance of the company may differ materially from current expectations, depending on economic conditions and the uncertainty of regulatory approval. A change in economic conditions may have a particularly volatile effect on results. Among the other factors which may affect future performance are: competitive market conditions and resulting effects on sales and pricing; increases in raw-material costs that cannot be recovered in product pricing; and global economic factors, including difficulties entering new markets and general economic conditions such as inflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.