NEW YORK, NY, Sept. 16 /PRNewswire-FirstCall/ -- (OTCBB: GVBP.OB) - GENova Biotherapeutics Inc. ("GENova"), a biotechnology company that develops novel therapeutic proteins that disrupt the advance of life-threatening cancers, today announced it is in final negotiations with Beckpharma Ltd. ("Beckpharma") -a pharmaceutical development company also involved in cancer treatments for an extensive collaboration agreement.
The two companies are presently preparing the contractual details of their collaboration, with the mutual goal of bringing their respective drug patents to market as expeditiously as possible.
"Beckpharma''s strength lies in identifying and acquiring promising cancer treatments through the relationships it has built with academic research institutions around the world," said Aaron Whiteman, CEO for GENova. "Their expertise and experience in that area would be a welcome enhancement to GENova''s current sourcing efforts."
Both parties have also expressed interest in examining their current IP portfolios to gain insight into possible synergies between their drug targets, and the possibility of making a stronger, better, combined product by coordinating their biotechnologies and enable each company to save millions in R D cost.
Whiteman states that, "The ultimate goal of this collaboration deal is to determine how both companies can help each other to find new promising drug targets for acquisition, and to market our proprietary developmental drugs to Big Pharma such as Biogen, Elan, Merck''s and Genentech for clinical studies and further development. The faster we usher our drug targets through the pipelines, the sooner we can start reaping financial rewards from our potential blockbuster drugs over entire length of the patents of 15 - 20 years."
About Beckpharma
Beckpharma is a pharmaceutical development company whose mission is to take marketed products, as well as products at all stages of clinical development, from targeted academic institutes and other sources, add value to those products, and then commercialise them through its own resources or through industry partners in Europe, North America and other suitable territories.
About GENova Biotherapeutics Inc.
GENova is positioning itself as the world''s leading bioscience company in the development and commercial licensing of novel therapeutic proteins that disrupt the advance of life-threatening cancers. The company leverages cutting-edge research collaborations to achieve breakthroughs in anti-cancer treatments, and then licenses these drug product candidates to Big Pharmaceutical and Biotechnology companies such as Pfizer, Amgen, Myriad Genetics, Medarex, and Biogen Idec. Visit GENova online at: http://www.genovabio.com/
Forward Looking Statements
This document includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are expected by the Company to be forward-looking statements. Although GENova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to the success of the owned intellectual property, the strength of the patents, continued availability of capital and financing, and general economic market or business conditions.
GENova Biotherapeutics, Inc.
CONTACT: about Genova Biotherapeutics: Investor Relations: Brian Cook,
Windfall Communications LLC, 1-866-797-8703, info@windfallcommunications.com