Edgeline Holdings, Inc. (OTCBB:ELHI) announced today it has made a strategic business change to focus exclusively on its biotech business and is changing its name to Oncolin Therapeutics, Inc. This decision comes after its recent acquisition of Intertech Bio which has propelled the company into the multi-billion dollar biotechnology industry through the addition of significant partnerships and the hiring of key personnel. The Company will immediately suspend its other business that is not associated with biotechnology.
The Company has recently announced it has obtained an exclusive option agreement with The University of Texas M.D. Anderson Cancer Center which provides the Company the right to negotiate a license for five technologies relating to the treatment of various cancers over a nine month period.
The lead programs address a wide range of tumor types including the major solid tumors such as breast, lung, colon and prostate and other important tumors such as pancreatic and brain tumors. Any success in the major tumor types would provide a blockbuster drug with yearly sales in the billion dollars per year range and approval of even a smaller population, such as pancreatic and brain cancer therapies, have the potential of sales of hundreds of millions yearly.
In addition, the Company has recently announced a Joint Development Agreement with Houston Pharmaceuticals to assist the Company in obtaining a license for certain patents, several of which are from the University of Mississippi and the University of Louisiana. Houston Pharmaceutical will continue collaborations with both universities and assist the in securing grants on behalf of the company.
The Company has also recently added to its management including the announcement of Dr Donald Picker joining the Company. Dr. Picker has extensive hands on experience in bringing drugs from concept to the market through all phases of research, preclinical and clinical development in a small company environment. Most recently Dr Picker was President of Tapestry Pharmaceuticals where he built the clinical development group and brought its lead cancer drug into several Phase II clinical trials. Previously he was the Ex VP of R&D at Callisto Pharmaceuticals where he was responsible for in licensing their two lead cancer programs and oncology preclinical programs and bringing these cancer drugs into Phase I and Phase II development. Dr Picker in his career has also held senior executive positions at other companies where he was responsible for bringing numerous drug candidates into clinical development. He and his group were responsible for the development of Carboplatin, one of the world's leading cancer drugs currently in use with sales of over $500 million yearly. He was also responsible for Satraplatin and Picoplatin, third generation platinum drugs which are currently in late stage clinical development. Although most of his experience has been in oncology drug development he has also been involved in the areas of infectious disease, cardiovascular, dermatological and gastrointestinal pharmaceutical discovery and development.
About Edgeline Holdings, Inc.
Headquartered in Houston, Texas, Edgeline Holdings, Inc. is a publicly traded biopharmaceutical company that engages in the discovery, development and commercialization of novel selective anticancer therapies.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company's ability to successfully acquire and develop technologies that are and may be acquired. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Edgeline's future business and financial results, refer to Edgeline's Quarterly Report on Form 10-QSB for the quarter ended September 30, 2007 and Annual Report on Form 10-KSB for the year ended March 31, 2007. Edgeline Holdings undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
