NEW YORK, January 11 /PRNewswire-FirstCall/ -- Safetek International, Inc. announced today that it has entered into a licensing option agreement with Matrix Pharma Inc. for the development of a novel oral Direct Thrombin Inhibitor (DTI). The Company can exercise the option at any time until March 31, 2006 in accordance with the terms of the option agreement. Under the agreement, Safetek is granted exclusive inhibition compounds, world-wide licensing rights for all of Matrix’s intellectual property relating to its thrombin including the full scope of potential indications. Current indications address prevention of strokes in patients with atrial fibrillation and prevention and treatment of venous thromboembolism (VTE). The compounds are currently in their final stage of lead optimization before pre-clinical studies.
As per the agreement, Matrix Pharma Inc. shall be paid specified amounts, either by cash or by the issuance of shares of common stock of the Company, if the Company successfully achieves certain specified milestones with respect to the development and sale of products.
Safetek estimates that it will have to invest approximately $3.5M to complete five stages of development. Safetek does not currently have sufficient funds and is continuing its efforts to raise additional capital as well as seeking strategic arrangements with third parties.
“This transaction is the first step in our strategy to build a robust pipeline of externally sourced drug candidates and technologies,” said Amnon Presler, Safetek’s CEO. “We are excited about Matrix’s unique approach to drug discovery and their DTI candidate. We strongly believe that this drug is a breakthrough treatment both for patients and physicians in treating a range of thrombotic diseases as it does not exhibit the significant drawbacks of currently available drugs.”
Sion Balass, CEO of Matrix, stated: “Our research in the area of thrombin inhibition has the potential to generate multiple products in a variety of major indications, and the DTI is our leading and most promising candidate. It is ideally positioned to maximize the value to patients of our technology. We look forward to working with Safetek to realize the full potential of our first internally developed drug candidate.”
See 8-k filed on January 5, 2006 for outline of option agreement terms.
About Safetek
Safetek International Inc. is a U.S. biopharmaceutical company dedicated to the development of novel healthcare products in areas of critical need. Safetek is led by a strong management team that combines solid entrepreneurial skills with a global business vision keenly focused on exploiting opportunities in an evolving and competitive market. The management team is supported by expert scientific and business advisors from leading research and academic institutions in Israel and around the world.
See www.oriensls.com for more information about Safetek
About Matrix-Pharma
Matrix-Pharma Inc. is a biotechnology company that has developed a proprietary platform for drug discovery which can be applied to a broad range of therapy areas. The Matrix system uses specialized algorithms for molecular research in conjunction with laboratory experiments to identify drug candidates which are optimized for multiple pharmacological criteria simultaneously The multi-parameter approach at the core of the system results in drug candidates with a high likelihood of success in clinical trials.
Certain information contained in this Press Release is considered forward looking statements. Investors and prospective investors are cautioned about significant factors which have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. This Press Release contains forward-looking statements relating to future operational and business prospects. The Company’s results may be affected by, among other factors, the inability to raise sufficient funding, ,lack of capital to exercise the option and commence research and development, inadequate results of the r&d, lack of marketability, operating costs, advertising and promotional efforts, the existence or absence of adverse publicity, changes in business strategy or development plans, the ability to retain management, availability, terms and deployment of capital; business abilities and judgment of personnel, availability of qualified personnel, changes in, or failure to comply with various government regulations and slower than anticipated completion of research and development project. Actual results may also differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company’s activities.
Contact: Dr. Shay Goldstein Telephone: +1-877-818-0919 Fax: +972-3-5613465 Email: info@oriensls.com
Safetek International Inc
CONTACT: Contact: Dr. Shay Goldstein, Telephone: +1-877-818-0919, Fax:+972-3-5613465, Email: info@oriensls.com
