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GENova Biotherapeutics, Inc. and Prime BioResearch Signs LOI on Diabetes and Cancer Cure


9/15/2009 9:37:22 AM

NEW YORK, NY, Sept. 15 /PRNewswire-FirstCall/ - - GENova Biotherapeutics Inc. ("GENova") today announced it has signed an LOI with Prime BioResearch, Ltd. ("Prime BioResearch"), another drug acquisition company in the areas of drug development and distribution a business case that will save GENova millions every year in drug development and at the same time more than double GENova's distribution network enabling GENova to potentially exceed its own expectations of reaching 100m+ in revenue in year 3

GENova and Prime BioResearch will collaborate to share best practices, scientific expertise and to leverage their mutual networks of global bioscience Research and Development organizations and drug distribution channels.

The two companies are both in the business of acquiring early-stage developmental drugs, and out-licensing them for development and commercialization, and garnering royalty payments in the process. GENova's focus is oncology, while Prime BioResearch specializes in Obesity, Type 2 Diabetes and other metabolic disorders.

"While Prime BioResearch aims to cure metabolic disorders, and GENova seeks cancer cures, our two companies have much in common, and we can learn a lot from each other and help each other towards success," says Aaron Whiteman, CEO for GENova.

Both companies share a mutual goal of fast-tracking their target drugs through development, clinical studies, licensing to Large Pharma Companies, and finally to market. Navigating the myriad of channels to do so can be complex, and so by sharing strategies in efficiency, both GENova and Prime BioResearch will mutually benefit. The ultimate goal is to get their promising anti-cancer and anti-obesity drugs to market as soon as possible.

About Prime BioResearch

Prime BioResearch Ltd. is in the business of identifying, evaluating and acquiring potential blockbuster developmental drugs in medical markets with significant growth potential. Prime BioResearch currently has a proprietary portfolio of six worldwide patents in Obesity and Diabetes-II worth $2.9 billion, if successfully brought through development, clinical trials, and to market (Source: PriceWaterhouseCoopers). The Company's mission is to make safe and effective drugs available to the public, quickly and at affordable levels.

About GENova Biotherapeutics Inc.

GENova is positioning itself as the world's leading bioscience company in the development and commercial licensing of novel therapeutic proteins that disrupt the advance of life-threatening cancers. The company leverages cutting-edge research collaborations to achieve breakthroughs in anti-cancer treatments, and then licenses these drug product candidates to Big Pharmaceutical and Biotechnology companies such as Pfizer, Amgen, Myriad Genetics, Medarex, and Biogen Idec. Visit GENova online at: www.genovabio.com

Forward Looking Statements

This document includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are expected by the Company to be forward-looking statements. Although GENova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to the success of the owned intellectual property, the strength of the patents, continued availability of capital and financing, and general economic market or business conditions.

SOURCE GENova Biotherapeutics, Inc.

CONTACT: Investor Relations: Brian Cook, Windfall Communications LLC,
1-866-797-8703, info@windfallcommunications.com



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