NEW YORK, Oct. 23 /PRNewswire-FirstCall/ -- Pulmo BioTech Inc. (OTC Bulletin Board: PLMO; Frankfort Borse: PBO) has announced that it will ultimately receive at least $3.3 million pursuant to the license agreement contemplated by the previously announced non-binding letter of intent with Biotechnology Consulting Poland Sp. z.o.o. with respect to its Pulmonary Vascular Diagnostic Product Candidate PulmoBind(TM) development work, clinical trials and ultimately, commercialization in the European market.
"We are pleased that the relationship with Biotechnology Consulting Poland to be finalized in a license agreement expected before the end of 2009 will allow Pulmo BioTech to bring PulmoBind(TM) to the whole of the European Union and European Economic Area. Under the contemplated license agreement, Pulmo BioTech will be providing all of the technical resources to enable this to happen, and in return Biotechnology Consulting Poland will be providing a substantial cash element to Pulmo BioTech. Biotechnology Consulting Poland will license the technology to enable them to carry out all of the trials necessary to gain European Approval for PulmoBind(TM) with the intention that they will then commercialize PulmoBind across Europe. By following this parallel approach with Pulmo BioTech concentrating on the North American market and Biotechnology Consulting Poland having responsibility for Europe, we expect to minimize the time required to complete trials and, provided that regulatory approval is ultimately obtained, to gain maximum sales for PulmoBind(TM) across both these major markets to the benefit of our shareholders and the medical community." - Garry McCann, CEO Pulmo BioTech Inc.
About Pulmo BioTech Inc.
Pulmo BioTech Inc. specializes in the development and marketing of medical technology and research. Our proven strengths combine extensive commercial experience and academic credentials. The principal staff members are acknowl
|SOURCE Pulmo BioTech Inc.|
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