IRVINE, Calif., Dec. 1, 2011 /PRNewswire/ -- AtheroNova Inc. (OTCBB: AHRO) ("AtheroNova"), a biotech company focused on the research and development of compounds to regress atherosclerotic plaque, today announced that its agreement with OOO CardioNova ("CardioNova"), a Russian subsidiary of Maxwell Biotech Group ("Maxwell"), to license territorial development and commercialization rights for AtheroNova's AHRO-001 lead compound has been ratified by both companies. In addition, under a separate securities purchase agreement, CardioNova will become an equity investor in AtheroNova with an initial stock purchase of up to $267,000.
Initial funding of $900,000 has been provided by Maxwell Biotech Venture Fund, Russia's premier biotech venture capital firm, to CardioNova with which to initiate Phase I human clinical studies in Russia. The license agreement provides for AtheroNova to issue up to $3.8 million in common stock to CardioNova for funding and performing Phase I and Phase II studies of AHRO-001, to be issued in tranches based on the progress of the studies. Successful development will enable CardioNova to realize the value of its exclusive licensing rights to develop and commercialize AHRO-001 in the territory encompassing the Russian Federation, Belarus, Ukraine, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Moldova, Azerbaijan and Armenia.
"We are pleased to have the enthusiastic support and confidence of such an internationally respected partner as Maxwell," said Thomas W. Gardner, CEO of AtheroNova. "This commitment of resources to move into Phases I and II human clinical studies in Russia signifies a great step in the progress of AHRO-001 as a potential treatment of atherosclerosis and could help millions of patients world-wide."
"Maxwell is delighted to be the first licensing partner for AtheroNova's AHRO-001," said Alexey Eliseev, Managing Director of Maxwell. "We anticipate strong deman
|SOURCE AtheroNova Inc.|
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