NES-ZIONA, Israel, March 14, 2011 /PRNewswire/ -- PROLOR Biotech, Inc., (NYSE Amex: PBTH), today announced that it is relocating its corporate office and R&D facility to a new, significantly larger building located a short distance from its current site in the Weizmann Science Park in Nes Ziona, Israel. The move is expected to be completed by April 15.
The new headquarters and upgraded R&D facility, which comprise approximately 10,000 square feet of leased space, will allow for growth in all areas of the company, including new drug research and clinical development. The expanded R&D facility includes clean rooms for GMP-grade production of therapeutic drug candidates, allowing PROLOR to produce a variety of therapeutic proteins for research and development applications with better control, lower costs and faster production cycles.
"We are excited that this move gives us the opportunity to upgrade our R&D facility, allowing for the planned expansion in R&D headcount and activity needed to accomplish the ambitious goals we have set for our clinical development and research programs in 2011 and 2012," said Shai Novik, President of PROLOR. "This new facility makes it possible for us to strengthen our capabilities across the board, and we intend to leverage it fully to help accomplish our stated milestones."
The new offices are at 7 Golda Meir Street, Weizmann Science Park, Nes Ziona, Israel.
ABOUT PROLOR BIOTECH
PROLOR Biotech, Inc. is a clinical stage biopharmaceutical company applying unique technologies, including its patented CTP technology, primarily to develop longer-acting, proprietary versions of already approved therapeutic proteins that currently generate billions of dollars in annual global sales. The CTP technology is applicable to virtually all proteins, and PROLOR is currently developing long-acting versions of human growth hormone, which is in Phase II clinical development, and Factor IX, Factor VII, interferon beta and erythropoietin, which are in preclinical development, as well as an anti-obesity peptide and agents for atherosclerosis and rheumatoid arthritis. For more information, visit www.prolor-biotech.com
Safe Harbor Statement: This press release contains forward-looking statements, which may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "would", "intends," "estimates," "suggests," "has the potential to" and other words of similar meaning, including statements regarding the results of current clinical studies and preclinical experiments and the effectiveness of PROLOR's long-acting protein programs, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect PROLOR's business and prospects, including the risks that PROLOR may not succeed in generating any revenues or developing any commercial products, including any long-acting versions of human growth hormone, erythropoietin, interferon beta, GLP-1 and other products; that the long-acting products in development may fail, may not achieve the expected results or effectiveness and/or may not generate data that would support the approval or marketing of these products for the indications being studied or for other indications; that ongoing studies may not continue to show substantial or any activity; that the actual dollar amount of any grants from Israel's Office of the Chief Scientist is uncertain and is subject to policy changes of the Israeli government, and that such grants may be insufficient to assist with product development; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. The results of clinical trials in humans may produce results that differ significantly from the results of clinical and other trials in animals. The results of early-stage trials may differ significantly from the results of more developed, later-stage trials. The development of any products using the CTP platform technology could also be affected by a number of other factors, including unexpected safety, efficacy or manufacturing issues, additional time requirements for data analyses and decision making, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing and the impact of patents and other proprietary rights held by competitors and other third parties. In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in PROLOR's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.
SOURCE PROLOR Biotech, Inc.