PROTEONOMIX, INC. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, has executed a joint venture agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates (U.A.E.). The Investor Group has committed to invest $5 million on or before September 10, 2010. The Joint Venture company, XGen Medical LLC (“XGen”), a Nevis Island limited liability company, will be owned 51% by Proteonomix and 49% by the Investor Group. Due to confidentiality and competitive reasons, the Investor Group has requested to remain anonymous for the present. The Investor Group is not related directly and/or indirectly to the Company, its management, its board of directors and/or its current shareholders.
The Investor Group assumes a variety of operational duties under the agreement, including some regulatory responsibility in the U.A.E., physician recruitment and cooperative management of the local entity. The Investor Group $5 million cash investment includes the purchase of $1 million of cellular material from Proteonomix.
Additionally, as part of the agreement Proteonomix will license to XGen (the joint venture), both a use and treatment license in the UAE, as well as a license to manufacture the cellular material. The agreement also anticipates the formation of treatment facilities in other locations to be jointly agreed upon between the Company and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5 million.
Additionally, the agreement calls for XGen, the joint venture, to market and distribute Proteoderm, including the Matrix NC-138 anti-aging products.
XGen will purchase Proteoderm at a wholesale price of 50% of the Manufacturer’s Suggested Retail Price (MSRP).
XGen will maintain exclusive distribution rights in the U.A.E., provided the Joint Venture purchases a minimum order of 5,000 units the first year, and increases purchases at a rate of 20% per annum until reaching 10,000 units per year.
Generex Biotechnology Corporation (Nasdaq:GNBT) has named Craig Eagle, M.D. to its scientific advisory board. Dr. Eagle brings a wealth of oncology experience to help the Company’s wholly-owned subsidiary, Antigen Express, Inc., dba “Generex Oncology”, further its synthetic cancer and influenza vaccine development efforts. Dr. Eagle currently serves as Vice President of Strategic Alliances and Partnerships for the Oncology business unit at Pfizer Inc.
Dr. Eagle attended medical school at the University of New South Wales, Sydney, Australia and received his general internist training at Royal North Shore Hospital in Sydney. He completed his hemato-oncology and laboratory hematology training at Royal Prince Alfred Hospital in Sydney. He was granted Fellowship in the Royal Australasian College of Physicians (FRACP) and the Royal College of Pathologists Australasia (FRCPA). After his training he performed basic research at the Royal Prince of Wales hospital to develop a new monoclonal antibody to inhibit platelets. He joined Pfizer Australia in 2001 as part of the medical group. In Australia, his role involved leading and participating in scientific research, regulatory and pricing & re-imbursement negotiations for compounds in therapeutic areas including oncology, anti-infectives, respiratory, arthritis and pain management.
Generex is engaged in the research, development and commercialization of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company’s proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company’s proprietary RapidMist device.
Marina Biotech, Inc. (NASDAQ:MRNAD) has acquired the intellectual property of Novosom AG of Halle, Germany for its SMARTICLES liposomal-based delivery system in an all-stock transaction. The transaction further expands Marina’s RNA delivery platform IP estate, which now includes DiLA2 delivery platform, tkRNAi (bacterial delivery platform), peptide nanoparticle delivery platform, and the SMARTICLES liposomal delivery platform. This acquisition significantly broadens the number of approaches Marina may take for systemic and local delivery of its proprietary UsiRNA therapeutics. The assets were acquired by Marina for approximately $5 million in unregistered Marina common stock. Additional terms of the agreement were not disclosed.
Novosom’s SMARTICLES define a novel class of liposomes: fully charge-reversible particles. Novosom’s liposomal vectors allow delivery of active substance (siRNA, antisense, decoy, etc.) inside the cell either by local or systemic administration. SMARTICLES are designed to ensure stable passage through the bloodstream and release of the nucleic acid payload within the target cell where it can engage the RNA interference pathway and exert its therapeutic effect.
Marina Biotech (formerly known as MDRNA, Inc.) is a biotechnology company, focused on the development and commercialization of therapeutic products based on RNA interference (RNAi). Marina’s pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and two preclinical programs — in hepatocellular carcinoma and bladder cancer. Marina’s goal is to improve human health through the development of RNAi-based compounds and drug delivery technologies that together provide superior therapeutic options for patients.
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