Upstream Biosciences actively seeking licensors or acquirers for anti-parasitic drug discovery portfolio and cancer diagnostic platform

Aug 11 2009

Upstream Biosciences Inc. (OTCBB: UPBS) has announced that the company is actively seeking licensors or acquirers for its novel anti-parasitic drug discovery portfolio and cancer diagnostic platform.

Mr. Joel Bellenson Co-founder, Chairman, CEO stated, “On July 27 2009, Upstream announced the formation of an independent committee of the board to evaluate and assess the strategic direction of the company. The independent committee has recommended that the company undertake an aggressive strategy to seek licensors or acquirers. Management and the board are in full support of these actions.”

Upstream’s drug discovery portfolio is based around a unique, small molecule scaffold that was discovered using an artificial intelligence/combinatorial chemistry diversity strategy by leveraging historical anti-leishmaniasis screening data from the literature. The Company has filed provisional patent applications claiming the composition of matter, synthesis and use of its compounds.

A pipeline of more than 100 anti-protozoan compounds has been synthesized to date. Several Upstream compounds have demonstrated in vitro efficacy at µM concentrations against leishmaniasis, trypanosomiasis, and/or malaria in vitro.

In vitro safety testing of Upstream lead compounds human THP-1 cells has been demonstrated at 10µM concentration. In vivo LD50 data in mice demonstrated tolerance of several of Upstream’s anti-protozoan compounds at 5mg/kg and some were tolerated at even higher concentrations. In vivo efficacy studies have been limited to date as current compounds are not easily water soluble and Upstream lacks the necessary financial resources to develop an appropriate formulation.

Upstream’s cancer diagnostic platform is based on unique genetic markers that may be linked to a patient’s susceptibility to developing certain cancers including liver, prostate, ovarian and thyroid cancer. The Company has filed provisional patent applications claiming the genetic variations and their use in determining susceptibility and potential therapeutic outcomes.

Further information on this opportunity is available on the Company’s website at www.upstreambio.com. Upstream Biosciences has also prepared a technical package, which will be made available for review by interested parties under a nondisclosure agreement.