Navigation Links
GENova to acquire three new drug target patents worth in excess of $1 billion in royalty fees
Date:9/10/2009

NEW YORK, Sept. 10 /PRNewswire-FirstCall/ - (OTCBB: GVBP.OB) - GENova Biotherapeutics, Inc., ("GENova"), a biotechnology company that develops novel therapeutic proteins that disrupt the advance of life-threatening diseases, is pleased to announce that it is in the process of acquiring three promising new drug target patents that could generate over a billion dollar in royalty fees in the mid to long term.

Aaron Whiteman, CEO for GENova says, "Following a rigorous evaluation phase, we have selected three potential blockbuster drug target patents for acquisition, and we look forward to integrating them into our IP portfolio." The acquisition targets still subject to due diligence and contract would include both preclinical and clinical drugs that show promising potential in the major markets of anti-cancer and anti-infective drugs.

GENova will announce details of these new biological products in the coming weeks.

GENova's Current IP Portfolio

The three new patents would join GENova's current proprietary IP products --tetanolic acid (for breast cancer) and prostaganin (for prostate cancer)-- in the company's growing IP portfolio.

Known as an alpha hydroxyoleic acid, tetanolic acid is a form of a lipid that has the demonstrated ability to affect the growth and proliferation of cells. Seeing that cancer is characterised as a normal proliferation of cells, these lipids can potentially prevent cancer spread. Preliminary tests in mice have shown that the protein can prevent the growth and spread of cancer in mice. GENova's Tetanolic acid is therefore a prime candidate for development of an anti-cancer medicament in humans. The breast cancer therapeutics market is expected to grow from its current level of US$5.9 billion (EUR5 million) to $11.5 billion by 2011, with a compound annual growth rate (CAGR) of 9.8 per cent (Frost Sullivan).

GENova's proprietary peptide for prostate cancer, Prostaganin, demonstrates an ability to completely inhibit the growth of prostate tumour xenografts. Furthermore, it can markedly reduce the secretion of the prostate-specific antigen (PSA), a biomarker widely known to be indicative of this malignancy. Therefore, GENova's Prostaganin is another candidate with blockbuster potential for development of an anti-cancer medicament for treatment of humans. The current market for prostate cancer therapies amounts to US$1.5 billion (Drugresearcher.com). But as newer and more innovative therapies are applied, the market is set to experience double digit growth.

About GENova Biotherapeutics Inc.

GENova is positioning itself as the world's leading bioscience company in the development and commercial licensing of novel therapeutic proteins that disrupt the advance of life-threatening cancers. The company leverages cutting-edge research collaborations to achieve breakthroughs in anti-cancer treatments, and then licenses these patented drug product candidates to Big Pharmaceutical and Biotechnology companies such as Pfizer, Amgen, Myriad Genetics, Medarex, and Biogen Idec. Visit GENova online at www.genovabio.com

Forward Looking Statements

This document includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are expected by the Company to be forward-looking statements. Although GENova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to the success of the owned intellectual property, the strength of the patents, continued availability of capital and financing, and general economic market or business conditions.


'/>"/>
SOURCE GENova Biotherapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. GENova files patent for new breast cancer treatment
2. GENova appoints Director of Asian business development
3. GENova discusses development of new anti-cancer biotechs potentially worth $400 Million per annum
4. GENova appoints Dr. Anders Boegh Jensen to Scientific Advisory Board
5. Genova files patent for new prostate cancer treatment
6. GENova names Dr. John Savin as Vice President
7. GENova names Aaron Whiteman as CEO
8. Kapstone Medical Acquires Exclusive License to New Orthopedic Technology
9. The Jordanian Stem Cell Company Acquires Stem Cell Technology From Stemedica International S.A.
10. Abbott to Acquire Visiogen, Expanding Vision Care Portfolio
11. Danaher to Acquire Life Sciences Instrumentation Businesses From MDS Inc. and Life Technologies Corporation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/22/2017)... ... March 22, 2017 , ... College basketball surges to its peak during ... recruiting – that is, recruiting people to be foster parents. Through a televised spot, ... are in foster care due to abuse, neglect and other family challenges. People who ...
(Date:3/22/2017)... (PRWEB) , ... March 22, 2017 , ... HumanHaus is ... the Sweep&Stand. The conventional broom was great when it was invented, but our ... are the working parents, the social young couple, the empty nesters and retired that ...
(Date:3/22/2017)... ... 2017 , ... NYC Chiropractor Dr. Steven Shoshany recently helped host a seminar ... in the U.S. and focused on a new protocol for treating pain. Dr. Shoshany ... New York, and furthermore the first seminar in the country was hosted at his ...
(Date:3/22/2017)... ... March 22, 2017 , ... Sharon Kleyne is the founder ... two decades ago to research evaporation of earth’s and the body’s water vapor and ... Also the host of the nationally syndicated radio program, The Sharon Kleyne Hour Power ...
(Date:3/22/2017)... ... March 22, 2017 , ... ... standards for eating disorder specialists and other medical professionals caring for those suffering ... of its 31st annual iaedp Symposium at the Green Valley Resort in Las ...
Breaking Medicine News(10 mins):
(Date:3/22/2017)... 22, 2017  CANTEL MEDICAL CORP. (NYSE: CMD ... and CEO, will be presenting at the 16 th ... Central Hotel in New York . The ... 3:00 p.m. ET. In addition, management will be available for ... live audio webcast will be available via the investor relations ...
(Date:3/22/2017)... Research and Markets has announced the addition of the ... 2025" report to their offering. ... The Global Pharmaceutical Packaging Market is poised ... decade to reach approximately $129.81 billion by 2025. This ... given segments on global as well as regional levels presented in ...
(Date:3/22/2017)... 2017 EarlySense , the market ... Hospital, a nationally recognized medical center and a member of ... following continued implementation of its Early Detection of Deterioration Project. ... median nurse response time to alarms. ... According to the peer-reviewed ...
Breaking Medicine Technology: