Rockville, MD - March 3, 2011-- BoneGrafix Inc., a privately-held medical device and biomaterials company, engaged in the development and commercialization of innovative technologies, for products that replace missing or diseased bone and effect rapid healing and remodeling of bone tissue; today announced that Global Biotech Corporation (OTCBB: GBIQ) (CNSX: GBQ) of Wilmington, Delaware signed a Letter of Intent to take a minority stake in BoneGrafix through an equity investment. Dr. George Steinfels, Chairman and CEO of BoneGrafix said “We are pleased with the support and recognition by Global Biotech and look forward to their continued support as BoneGrafix achieves a leadership role in regenerative medicine for bone replacement. BoneGrafix’s unique manufacturing process and proprietary technology for bone regeneration will provide custom solutions for bone replacement in patients and thus usher in an era of personalized medicine in the areas of spine and general orthopedics, cosmetic dentistry, and cosmetic facial reconstruction”.
The proceeds of the financing will be used to support the Company’s commercialization efforts for its portfolio of regenerative bone products.
About BoneGrafix Inc.
BoneGrafix’s is developing a product portfolio focused on purely synthetic bone products (i.e., implants) that possess the critical attributes for new bone formation and reduce the need for costly and invasive harvesting procedures of the patient’s bone that are currently used.
BoneGrafix will employ its proprietary manufacturing process that uses rapid prototyping technology in combination with its proprietary metal ion technology to create cost-effective synthetic bone for grafting that retain critical attributes required for bone growth. Moreover, BoneGrafix’s manufacturing process will be the only technology that can incorporate synthetic drugs or biologics into the matrix during the manufacturing process and thus provide unique treatment options for surgeons and dentists. In addition to the bone matrix being utilized as a drug delivery matrix to speed bone healing, an additional beneficial feature of BoneGrafix’s manufacturing process is the ability to incorporate the information provided by a patient’s CT scan into a synthetic bone implant and create a custom fit for the bone deficient region.
About Global Biotech Corp.
Global Biotech Corp. is a company specializing in the production of oxygenated beverages and fruit juices. The Company is currently focusing on its bottled oxygenated water product AquaboostTM, and on positioning it as a top quality oxygenated water product, due to its purity and long lasting high oxygenation level. The Company is dedicated to investigating and developing natural products for the neutraceutical, pharmaceutical and cosmeceutical industries. Forward-Looking Statements: This press release may contain forward-looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering into new business, anticipated sources of funds, including the proceeds from future operations, and plans, objectives, expectations and intentions contained in this Press Release that are not historical facts. When used in this Press Release, the words “expects,” “intends,” “projects,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risk and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in the SEC and OSC filings for Global Biotech Corp.
www.bonegrafix.com
