Science and Biotechnology Business Management Veteran With Over Forty Years Experience
HOUSTON--(BUSINESS WIRE)--Power3 Medical Products, Inc. (OTCBB:PWRM), a leading proteomics company specializing in the development and commercialization of diagnostic blood tests for early detection of breast cancer and neurodegenerative diseases, has appointed Helen Park as the company’s interim Chief Executive Officer, effective September 7, 2008. Mr. Steven B. Rash resigned as Chief Executive Officer and Chairman of Power3. Mr. Rash’s employment ceased on September 3, 2008, as did his service as a director of the company.
Ms. Park has an M.S. in Biochemistry at Baylor College of Medicine with forty-plus years in Science and Biotechnology business management. In 2000, she and Dr. Goldknopf co-founded Advanced BioChem, where she served as CEO and Chairman of the Board of Directors. Ms. Park is founder and CEO of Bronco Technology Inc., a contracting and consulting firm for Bio-Technology Companies and Institutions, including: Bayer Services Technology, UTMD Anderson Cancer Center, Flow Genix, UT Health Science Center, Agennix, and Meta-Informatics. She currently serves as a consultant to biotechnology companies in the Houston, Texas area on issues concerning business management reorganization. Ms. Park is past President of the Houston chapter of the National Association of Women Business Owners (NAWBO) and sits on numerous other professional boards including: Clinical Ligand Assay Society, Women’s Chamber of Commerce of Texas, and Down’s syndrome Foundation of Houston. Ms. Park is author of over thirty publications, patent applications, articles, and presentations.
Dr. Ira Goldknopf, the sole remaining director, Chief Scientific Officer, and Director of Proteomics of the company, was appointed President and interim Board Chairman, and will remain Chief Scientific Officer. Dr. Goldknopf joined the company in May 2004 as Chief Scientific Officer and Director. From August 2000 until through May 2004, Dr. Goldknopf was Chief Scientific Officer of Advanced BioChem, which he co-founded with Ms. Park. Dr. Goldknopf has a B.A. in Chemistry from Hunter College and a Ph.D. in Biochemistry from Kansas State University. Dr. Goldknopf spent ten years on the faculty of Baylor College of Medicine, held several industrial positions in biotechnology and pharmaceutical chemicals. He is the author of over ninety publications and is senior inventor of Power3’s intellectual property. Dr. Goldknopf also serves on the company’s Scientific Advisory Board.
“Power3 is delighted to welcome Helen Park to lead our team,” said Dr. Ira Goldknopf, President and Chief Scientific Officer of Power3. “Helen brings a wealth of experience in science and biotechnology business management. We believe that, with her leadership, the company will continue to complete the development of our blood serum diagnostic tests for breast cancer and neurodegenerative diseases, BC SerPro™ and NuroPro™.”
“I look forward to leading the team at Power3 and driving the opportunities that exist for BC SeraPro and NuroPro,” said Ms. Park. With over seven years of development of their technology and intellectual property, and with commercialization in sight, Power3 is at a critical point in the company’s growth. I am pleased to be working with Dr. Goldknopf again and have full confidence that the experienced team that he has developed will enable our company to achieve our financial and product development objectives.”
About Power3 Medical Products
Power3 Medical Products, Inc. (OTCBB: PWRM, www.Power3Medical.com), is a leading Bio Medical company engaged in the commercialization of cancer and neurodegenerative disease biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3’s patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Diagnostic tests are targeted toward markets with critical unmet needs in areas such as breast cancer and neurodegenerative disease. Power3 expects to complete clinical validation trials of its blood serum diagnostics: for breast cancer, BC-SeraPro™ by the end of 2008; for Parkinson’s disease, PD-NuroPro™, in Q1 2009; and for Alzheimer’s disease, AD-NuroPro™, in Q3 of 2009. The company has signed a distribution agreement to provide the tests as a service, in twelve Middle Eastern countries. Power3 anticipates offering the BC-SeraPro™ test beginning in Jordan by the first quarter of 2009; the PD-NuroPro™ test beginning in Greece by the second quarter of 2009, and the AD-NuroPro test beginning in the US by the Q1 of 2010. Power3 operates a state-of-the-art CLIA certified laboratory in The Woodlands (Houston), Texas. The Company continues to evolve and enhance its IP portfolio, employing sensitive and specific combinations of biomarkers the Company has discovered from a broad range of diseases as the basis of highly selective blood-based tests for breast cancer, ALS, Alzheimer’s, and Parkinson’s Diseases.
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Contacts
Power3 Medical Products, Inc., Houston Helen R. Park, 281-466-1600
