Proteonomix, Inc. (PROT) Announces Restructuring
Published: Jan 08, 2013
PARAMUS, N.J., Jan. 8, 2013 /PRNewswire/ -- Proteonomix, Inc. (the "Company") (SYMBOL: PROT), a biotechnology company (the "Company") focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it has caused the formation of a BVI corporation that will receive sublicenses and assignments of technology previously licensed to the Company so as to facilitate future financing and operations.
Michael Cohen, President and CEO of the Company, stated, "We formed a BVI corporation, Proteonomix, Ltd., that will issue to all shareholders of record at the close of business on January 11, 2013, the same number of shares that they own at the close on that date, without further payment of any sort whatsoever." "We have decided to do this to assure shareholders that the new sublicenses and assignments of licenses to the BVI corporation will not impact such shareholders' participation in the successes, or failures, of the Company's present clinical trial or our planned future activities." "We plan to leave the StromaCel technology in the Company and change the name of the Company to StromaCel, Inc. The diabetes technology present in the licensed technology left behind is what started me on the quest that became our Company. We intend to continue this work, which will hopefully culminate with a solution to Type I diabetes that has my wife among its victims. This Company began many years ago with the intent to cure her and my commitment to continue that work is still resolute."
Mr. Roger Fidler, General Counsel and Treasurer of the Company, stated: "We undertake this restructuring and will establish a trading market outside of the United States on the GXG, to seek financing outside of the United States. At this point we have cash on hand sufficient to seek additional offshore financing in order to advance the current and future IP that the company has licensed."
About Proteonomix, Inc.
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. The Proteonomix family of companies includes Proteoderm, StromaCel, PRTMI and THOR Biopharma. Proteoderm is a wholly owned subsidiary that has developed an anti-aging line of skin care products. StromaCel develops therapeutic modalities for the treatment of cardiovascular disease and for treatment of patients who have suffered post-myocardial infarction. Proteonomix Regenerative Translational Medicine Institute, Inc. (PRTMI) intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Additional information is available at www.proteonomix.com and www.proteoderm.com.
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Proteonomix, Inc. cautions that statements made in this press release constitute forward-looking statements and makes no guarantee of future performance. Actual results or developments may differ materially from projections. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
SOURCE Proteonomix, Inc.