NEW YORK, Sept. 16 /PRNewswire-FirstCall/ - - GENova Biotherapeutics Inc. ("GENova") is pleased to announce that it is in advanced negotiations to acquire a number of patents from TheraGlass Ltd., a company that produces a ground-breaking regenerative bioactive material with exciting potential applications.
TheraGlass, classified as a medical device, interacts with the body's tissues to stimulate cell growth and provide vital anti-bacterial, structural, and regenerative proteins. It is entirely non-toxic and is reabsorbed and excreted through the body's natural metabolic processes.
The two companies are already actively exploring the possibilities and opportunities of combining TheraGlass IP with GENova's drug targets; which will create a brand new class of blockbuster therapeutic drugs for the treatment of cancer. This advancement is potentially worth significant amounts in royalty payments should GENova be successful in creating this new class of drug treatment.
The two companies have entered into an LOI for GENova to acquire a number of TheraGlass Ltd's patents, the deal is expected to close in Q4 and will see GENova significantly increase its overall value of its IP portfolio and thereby move closer to position itself as a possible takeover target for a major pharmaceutical company.
"The potential for augmenting cancer treatments with a regenerative product like TheraGlass is tremendous," says GENova CEO Aaron Whiteman. "While GENova's treatments destroy cancerous cells, TheraGlass can stimulate healthy cells to regenerate, thus expediting the healing process."
The two companies are mapping out the deal and plan on making the details of that deal public in the coming weeks.
About TheraGlass Ltd.
TheraGlass Ltd. has an exclusive international position for the commercialisation of sol-gel derived bioactive glass under the trade name TheraGlass. Discovered by Professor Larry Hench and developed at Imperial College London, TheraGlass is the next generation of bioactive glass, a medical device material that can interact with the body's hard and soft tissues to stimulate cell growth, accelerating the body's self healing properties. TheraGlass has potential uses in diverse fields including as a replacement for autologous (i.e. self donor) bone grafts, 3D craniofacial reconstruction, the replacement of collagen sponges, as a tissue engineering scaffold (seeded with stem cells), in wound treatments from battlefield dressings and bedsore to domestic first aid kits, in drug delivery, dental fillers, toothpaste to heal sensitive teeth, and even cosmetic applications.
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.
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