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$ 4.8 Million Funding For Proteo Inc. (PTEO.OB)’s Advanced Orphan Drug Development


5/20/2014 8:18:55 AM

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IRVINE, Calif.--(BUSINESS WIRE)--Proteo Inc. (OTCQB: PTEO) announced today that its German subsidiary, Proteo Biotech AG, has entered into an agreement with the US company Biotech Development Corp. (BDC). Proteo Biotech AG is developing the orphan medicinal product Tiprelestat (Elafin) for prophylactic treatment of acute postoperative inflammatory complications after resection of esophageal cancer in the European Union. In February 2014, Proteo received Protocol Assistance (scientific advice for orphan medicines) from the Committee for Medicinal Products for Human Use (CHMP) at the European Medicines Agency (EMA) with respect to the strategy for further clinical development and marketing authorization. Under the terms of the agreement, BDC will support the future development including a pivotal clinical study by providing Proteo with total funds of EURO 3.5 million (approx. US$ 4.8 million) in return for a share of future revenues for Elafin in this indication.

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