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GENova Biotherapeutics and Prime BioResearch signs LOI on diabetes and cancer cure
Date:9/15/2009

NEW YORK, NY, Sept. 15 /PRNewswire-FirstCall/ - (OTCBB: GVBP.OB) - GENova Biotherapeutics Inc. ("GENova") today announced it has signed an LOI with Prime BioResearch, Ltd. ("Prime BioResearch"), another drug acquisition company in the areas of drug development and distribution a business case that will save GENova millions every year in drug development and at the same time more than double GENova's distribution network enabling GENova to potentially exceed its own expectations of reaching 100m+ in revenue in year 3

GENova and Prime BioResearch will collaborate to share best practices, scientific expertise and to leverage their mutual networks of global bioscience Research and Development organizations and drug distribution channels.

The two companies are both in the business of acquiring early-stage developmental drugs, and out-licensing them for development and commercialization, and garnering royalty payments in the process. GENova's focus is oncology, while Prime BioResearch specializes in Obesity, Type 2 Diabetes and other metabolic disorders.

"While Prime BioResearch aims to cure metabolic disorders, and GENova seeks cancer cures, our two companies have much in common, and we can learn a lot from each other and help each other towards success," says Aaron Whiteman, CEO for GENova.

Both companies share a mutual goal of fast-tracking their target drugs through development, clinical studies, licensing to Large Pharma Companies, and finally to market. Navigating the myriad of channels to do so can be complex, and so by sharing strategies in efficiency, both GENova and Prime BioResearch will mutually benefit. The ultimate goal is to get their promising anti-cancer and anti-obesity drugs to market as soon as possible.

About Prime BioResearch

Prime BioResearch Ltd. is in the business of identifying, evaluating and acquiring potential blockbuster developmental drugs in medical markets with signif
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SOURCE GENova Biotherapeutics, Inc.
Copyright©2009 PR Newswire.
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