Jan 24 2012
Amarantus BioSciences, Inc. (OTCBB: AMBS), a biotechnology company developing MANF, a first-in-class disease-modifying therapeutic protein being developed for the treatment of Parkinson's Disease, today announced an exclusive worldwide license agreement with Power3 Medical Products, Inc. (OTCBB: PWRM) for the NuroPro® Blood Test as it relates to Parkinson's disease diagnosis. Concurrent with the license, Amarantus has raised $100,000 from a private, foreign investor introduced to the Company by www.tomorrowsbluechips.com.
The NuroPro Blood Test is Power3's diagnostic platform for the early detection of neurodegenerative diseases. It is being developed as a tool to assist physicians to more accurately diagnose disease and monitor progression. The platform involves monitoring the concentration of 57 protein markers in blood serum identified to be linked to neurodegeneration in order to accurately detect and distinguish between Alzheimer's disease, ALS (Lou Gehrig's disease), and Parkinson's disease. Amarantus' license is focused on the further development of a subset of 21 of these protein markers specifically targeting early diagnosis and ongoing monitoring of Parkinson's disease.
The Parkinson's disease application of the NuroPro Blood Test has completed proof-of-concept and Phase 1 clinical validation studies. Amarantus plans to initiate a Phase 2 clinical validation study in the first half of 2012 that is expected to last approximately six months. Management of the trial will be partnered to Power3 as part of its ongoing strategy to build its Clinical Research Organization business unit.
"The in-license of the NuroPro Blood Test for Parkinson's disease expands our product offering as we strive to become the leader in the evaluation and treatment of Parkinson's disease," said Gerald Commissioning, President and CEO of Amarantus BioSciences. "Now that we will be able to tailor our therapeutic development pathway towards a companion diagnostic product that we control, Amarantus is positioned to build a strategic advantage over competitors as the execution of our clinical and regulatory strategy continues to advance MANF as a disease-modifying treatment for Parkinson's disease. The Company was also recently awarded the composition of matter patent for MANF by the US Patent & Trademark Office, further enhancing our position in the field."
Given the length of time it takes to accurately diagnose Parkinson's disease and the relatively high early misdiagnosis rates, the development of a blood-based biomarker test is likely to generate significant interest among neurologists and primary care physicians as it will allow them to intervene at an earlier stage in disease progression. In addition, the NuroPro Blood test for Parkinson's may generate partnering and revenue opportunities for Amarantus.
The terms of the agreement give Amarantus an exclusive license to develop, manufacture, have manufactured, use, market, sell and import medical devices and methods under the Power3 Parkinson's Disease Intellectual Property (IP). In addition, the license provides Amarantus an exclusive, royalty-free, fully paid-up worldwide license to Power3 know-how, patents and patent applications which relate to medical devices and methods for the treatment of neurodegenerative disease as it relates to Parkinson's disease.
Amarantus paid a $25,000 exclusivity fee in common stock on November 11, 2011 and will issue to Power3 $475,000 worth of common stock. In addition, Amarantus has an option to purchase all of the Parkinson's Disease IP owned by Power3 for $500,000 worth of common stock and maintains a Right of First Refusal to acquire the balance of the NuroPro platform for Alzheimer's, ALS and all other neurodegenerative diseases. The initial term of this License Agreement is for one year and is renewable upon mutual written agreement of the parties.
Source: Amarantus BioSciences, Inc.
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