PRINCETON, N.J., Feb. 9, 2011 /PRNewswire/ -- Protect Pharmaceutical Corporation (OTC Bulletin Board: PRTT) announced today that it has completed the sale of two patents and patents-applications to Grunenthal GmbH, a German specialty pharmaceutical company that is a pioneer in pain drug discovery and research. The patent portfolio includes innovative pain drugs that address the large and underserved pain market.
Ram Sesha, Protect's Chief Operating Officer, said, "We are very happy to see Protect's programs are innovative and promising enough to attract someone like Grunenthal, a leader in pain drug discovery and research."
Protect still retains the patents related to abuse deterrent and once daily gastro-retentive drug delivery platforms and the corresponding three other ongoing projects. In the near term, Protect intends to proceed with a comprehensive program to develop and commercialize once-daily drugs for diabetic neuropathic pain, fibromyalgia, postherpetic neuralgia and epilepsy. Protect also plans to develop and commercialize once-daily opioid combinations as well as abuse-deterrent opioid combinations for moderate to severe pain.
About Protect Pharmaceuticals Corporation.
Based in Princeton, New Jersey, Protect (OTC Bulletin Board: PRTT) is a publicly held drug delivery and new product development company. Protect applies its proprietary drug delivery technologies to develop clinically effective drugs and is building a robust pipeline of product candidates based on its proprietary technologies, scientific knowledge and clinical expertise. For more information, visit www.protectpharm.com.
Safe Harbor Statement
This news release may contain certain forward-looking statements and information concerning Protect's business, operations, financial condition and prospects. These statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors. The information set forth herein should be read in light of such risks and uncertainties. The Company assumes no duty or obligation to update these statements at any future date.
|SOURCE Protect Pharmaceutical Corporation|
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