Rainbow BioSciences, a subsidiary of Rainbow Coral Corp (OTCBB: RBCC) has executed a Letter Of Intent (“LOI”) to advance Amarantus BioSciences, Inc.’s (OTCBB: AMBS) Parkinson’s disease program, comprised of an early detection diagnostic blood test and a disease-modifying protein drug candidate.
Amarantus owns the rights to a potential cure for Parkinson’s—a promising therapeutic protein known as MANF that prevents a type of cell death called apoptosis. That program is currently funded by a research grant from the Michael J. Fox Foundation for Parkinson’s research, with final data generated from proceeds of that grant expected to be made public in Q2/2012.
Amarantus also owns the license to a groundbreaking diagnostic platform called NuroPro for Parkinson’s that allows neurologists to accurately diagnose and track the progression of Parkinson’s disease in patients. The Companies believe that Amarantus’ NuroPro test for Parkinson’s disease could be on market in certain regions as early as 2013.
Over $30 million has already been invested in the research and development of Amarantus’ product candidates from biopharmaceutical companies, non-profit organizations, academic researchers and government agencies, including the National Institutes of Health.
According to a 2011 report by Visiongain, the market for Parkinson's disease drugs could grow to a value of $3.75 billion by 2015; Amarantus is working on a candidate in the disease-modifying drug class which, if successful, could grab significant market share as well as substantially grow the overall Parkinson’s drug market. There are currently no diagnostic tests available for Parkinson’s disease, thus making Amarantus’ test a first of its kind product capable of gaining a market leading position. RBCC expects that the consummation of a transaction contemplated in this LOI would position RBCC to capitalize on that growth.
Under the terms of the LOI, Amarantus and RBCC have agreed to a 60-day option period whereby RBCC and Amarantus will negotiate for RBCC to provide funding and expertise toward the development and marketing of one or more of Amarantus’ projects.
For more information on Rainbow BioSciences, RBCC’s biotechnology division, please visit www.rainbowbiosciences.com/investors.
Rainbow BioSciences will develop new medical and research technology innovations to compete alongside companies such as Cell Therapeutics, Inc. (NASDAQ: CTIC), Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Elan Corp. (NYSE: ELN).
About Rainbow BioSciences
Rainbow BioSciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit our website at [www.RainbowBioSciences.com]. For investment information and performance data on the company, please visit www.RainbowBioSciences.com/investors.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Patrick Brown, 813-367-9511
President and CEO
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here