NEW YORK, Sept. 17 /PRNewswire-FirstCall/ - - GENova Biotherapeutics Inc. ("GENova") today announced that it has signed a LOI for a strategic partnership agreement with the Hospital Medical Information Department of Suncheon Cheongam University in Seoul, South Korea to gain access to its ground-breaking cancer stem cell research information.
University Department Head Sung-hong Kim recently formalized his intent to collaborate with GENova in an official Letter of Intent for Cooperation last month. The two organizations are negotiating the final terms and conditions of a partnership arrangement that would give GENova access to the university's exclusive IP information on cancer stem cell research in exchange for yet to be disclosed amount into the University's research projects.
This partnership with Suncheon Cheongam will be the latest addition to GENova's estimable list of global strategic alliances which include arrangements with universities, research labs, hospitals, biotechnology companies, and contract research organizations around the globe. This latest partnership will represent's GENova's first relationship with a Korean-based organization and become the spring board for GENova to seek further collaborations agreements with Asian medical Universities.
The timing of this pending partnership with a Korean university is particularly opportune in light of a recent proposal that could place Korea among the top five countries in stem cell research by 2015. In August 2009 Korea's government announced its intent to boost its investment in stem cell research by US$33 million a year, reaching $98 million by 2015. Korea's current total investment in the biotechnology sector amounts to $980 million. This increase in funding will only serve to stimulate the quality already high quality of stem cell research coming out of Korea.
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.
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