Sep 16 2009
GENova Biotherapeutics Inc. ("GENova") is pleased to announce that it is in advanced negotiations to acquire a number of patents from TheraGlass Ltd., a company that produces a ground-breaking regenerative bioactive material with exciting potential applications.
TheraGlass, classified as a medical device, interacts with the body's tissues to stimulate cell growth and provide vital anti-bacterial, structural, and regenerative proteins. It is entirely non-toxic and is reabsorbed and excreted through the body's natural metabolic processes.
The two companies are already actively exploring the possibilities and opportunities of combining TheraGlass IP with GENova's drug targets; which will create a brand new class of blockbuster therapeutic drugs for the treatment of cancer. This advancement is potentially worth significant amounts in royalty payments should GENova be successful in creating this new class of drug treatment.
The two companies have entered into an LOI for GENova to acquire a number of TheraGlass Ltd's patents, the deal is expected to close in Q4 and will see GENova significantly increase its overall value of its IP portfolio and thereby move closer to position itself as a possible takeover target for a major pharmaceutical company.
"The potential for augmenting cancer treatments with a regenerative product like TheraGlass is tremendous," says GENova CEO Aaron Whiteman. "While GENova's treatments destroy cancerous cells, TheraGlass can stimulate healthy cells to regenerate, thus expediting the healing process."
The two companies are mapping out the deal and plan on making the details of that deal public in the coming weeks.
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