LAS VEGAS, May 22 /PRNewswire-FirstCall/ -- CardioVascular BioTherapeutics, Inc. (OTC Bulletin Board: CVBT) has entered into an agreement with Dr. H. Christopher Moore to be the sponsor and general partner of ProDerm Limited Partnership (PDLP) which will fund a minimum of $1 million and up to $10 million of the clinical development for CVBT's wound healing drug candidate.
"I am extremely impressed with CVBT's wound healing drug, which I believe has the potential to treat patients for diabetic ulcers and venous stasis leg wounds better than any of the current products on the market. The active pharmaceutical ingredient (API) is truly remarkable," said Dr. Moore.
PDLP will engage CVBT in a development agreement to conduct wound healing clinical trials. CVBT will pay a royalty to PDLP of 10% of revenues or other moneys received from the commercialization of the drug candidate up to a maximum of twenty times (20x) the funded amount of the development agreement in exchange for the intellectual property created. Daniel C. Montano, CVBT's President and CEO, has agreed to personally provide the individual partners of PDLP a "Put" to Mr. Montano for their interest in CDCP equal to 200% of their investment in PDLP less distributions paid from PDLP commencing 36 months and ending 60 months after their investment in PDLP.
"These clinical partnerships are very important to the timely development of CVBT's drug candidates. The ability to access the necessary funding for CVBT's FDA clinical trials through clinical partnerships during these uncertain times for the capital markets gives us the ability to move forward with our planned clinical development schedule," said Mr. Montano.
"CVBT now has two clinical partnerships in place supporting its trials through development agreements. The relative cost of capital and the minimal dilution to existing shareholders makes this financing vehicle an attractive alternative to selling equity and placing debt in the current capital markets environment," said Mickael A. Flaa, CFO of CVBT.
About Dr. H. Christopher Moore
Dr. H. Christopher Moore, M.D., F.A.C.S., has both a B.S. and a Medical degree from the University of Southern California. He is a Diplomate of both the American Board of Otolaryngology and the American board of Facial Plastic and Reconstructive Surgery. He has been a Professor of Surgery at the University of California, Irvine, and has been a frequent lecturer on Facial Plastic and Reconstructive Surgery throughout the U.S. Currently, Dr. Moore practices in Fullerton, CA.
Dr. Moore has independently owned and operated a successful outpatient surgery center in Fullerton. At this time, he is invested as a limited partner and serves on the Board of Directors of a large multi-specialty surgery center in Fullerton. He was also a founding member of Cryoport, Inc., a company that developed, manufactures and markets an ultra low temperature shipping device. Dr. Moore remains involved as a major shareholder in this company.
About CardioVascular BioTherapeutics, Inc.
CVBT is a biopharmaceutical company developing drug candidates formulated with human FGF-1 for cardiovascular diseases characterized by inadequate blood flow to a tissue or organ. In addition to the Phase II trial it is conducting in patients with severe coronary heart disease, the company has two FDA-authorized clinical trials in the areas of impaired wound healing seen in diabetes and in patients suffering from peripheral artery disease of the legs. An additional proof-of-concept study is being conducted in patients with chronic back pain who may have perfusion defects to their spine. For more information please visit http://www.cvbt.com.
This news release contains forward-looking statements that involve
risks and uncertainties. Actual results and outcomes may differ materially
from those discussed or anticipated. For example, statements regarding
expectations for new research, progress with clinical trials or future
business initiatives are forward-looking statements. Factors that might
affect actual outcomes include, but are not limited to, FDA approval of
CVBT drug candidates, market acceptance of CVBT products by customers, new
developments in the industry, future revenues, future expenses, future
margins, cash usage and financial performance. For a more detailed
discussion of these and associated risks, see the company's most recent
documents filed with the Securities and Exchange Commission.
CardioVascular BioTherapeutics, Inc.
|SOURCE CardioVascular BioTherapeutics, Inc.|
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