NEW YORK, Sept. 17 /PRNewswire-FirstCall/ - GENova Biotherapeutics Inc. ("GENova"), a biotechnology company that develops novel therapeutic proteins that disrupt the advance of life-threatening cancers, today announced it has signed a collaboration deal with Beckpharma Ltd. ("Beckpharma") -a pharmaceutical development company also involved in cancer treatments.
The two companies are joining forces in their mutual mission to identify, acquire, and out-license promising cancer drugs in an effort that will not only save millions on GENova's R D budget, but at the same time will significant increase GENova's distribution, the deal with Beckpharma is the latest deal in a string of deals that GENova has recently done in a continued effort to increase its IP portfolio and increase its distribution network.
"By combining our efforts with Beckpharma's, we are casting a wider net when it comes to sourcing new cancer drug targets. Beckpharma has close relationships with academic research institutions around the world, and now, through this collaboration, their industry contacts become ours, and vice versa," says Aaron Whiteman, CEO for GENova.
This collaboration will bolster GENova's acquisition activities and funnel more promising drug targets into its drug development pipeline. GENova will also leverage the scientific expertise of Beckpharma's Research and Development Team, as well as its established distribution channels with Big Pharmaceutical companies.
Furthermore, scientists in both GENova and Beckpharma are examining their current IP portfolios to gain insight into possible synergies between their drug targets, and the possibility of making a stronger, better, combined product by coordinating their biotechnologies.
"This is a positive step for GENova," says Whiteman. "Through our collaboration with Beckpharma we are gaining access to their technologies and relationships, and we hope to leverage that to bring our patents to market faster, and thus start reaping payments on our potential blockbuster drug patents".
Beckpharma is a pharmaceutical development company whose mission is to take marketed products, as well as products at all stages of clinical development, from targeted academic institutes and other sources, add value to those products, and then commercialise them through its own resources or through industry partners in Europe, North America and other suitable territories.
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.