LAS VEGAS, May 22 CardioVascularBioTherapeutics, Inc. (OTC Bulletin Board: CVBT) has entered into an agreementwith Dr. H. Christopher Moore to be the sponsor and general partner of ProDermLimited Partnership (PDLP) which will fund a minimum of $1 million and up to$10 million of the clinical development for CVBT's wound healing drugcandidate.
"I am extremely impressed with CVBT's wound healing drug, which I believehas the potential to treat patients for diabetic ulcers and venous stasis legwounds better than any of the current products on the market. The activepharmaceutical ingredient (API) is truly remarkable," said Dr. Moore.
PDLP will engage CVBT in a development agreement to conduct wound healingclinical trials. CVBT will pay a royalty to PDLP of 10% of revenues or othermoneys received from the commercialization of the drug candidate up to amaximum of twenty times (20x) the funded amount of the development agreementin exchange for the intellectual property created. Daniel C. Montano, CVBT'sPresident and CEO, has agreed to personally provide the individual partners ofPDLP a "Put" to Mr. Montano for their interest in CDCP equal to 200% of theirinvestment in PDLP less distributions paid from PDLP commencing 36 months andending 60 months after their investment in PDLP.
"These clinical partnerships are very important to the timely developmentof CVBT's drug candidates. The ability to access the necessary funding forCVBT's FDA clinical trials through clinical partnerships during theseuncertain times for the capital markets gives us the ability to move forwardwith our planned clinical development schedule," said Mr. Montano.
"CVBT now has two clinical partnerships in place supporting its trialsthrough development agreements. The relative cost of capital and the minimaldilution to existing shareholders makes this financing vehicle an attractivealternative to selling equity and placing debt in the current capital marketsenvironment," said Mickael A. Flaa, CFO of CVBT.
About Dr. H. Christopher Moore
Dr. H. Christopher Moore, M.D., F.A.C.S., has both a B.S. and a Medicaldegree from the University of Southern California. He is a Diplomate of boththe American Board of Otolaryngology and the American board of Facial Plasticand Reconstructive Surgery. He has been a Professor of Surgery at theUniversity of California, Irvine, and has been a frequent lecturer on FacialPlastic and Reconstructive Surgery throughout the U.S. Currently, Dr. Moorepractices in Fullerton, CA.
Dr. Moore has independently owned and operated a successful outpatientsurgery center in Fullerton. At this time, he is invested as a limited partnerand serves on the Board of Directors of a large multi-specialty surgery centerin Fullerton. He was also a founding member of Cryoport, Inc., a company thatdeveloped, manufactures and markets an ultra low temperature shipping device.Dr. Moore remains involved as a major shareholder in this company.
About CardioVascular BioTherapeutics, Inc.
CVBT is a biopharmaceutical company developing drug candidates formulatedwith human FGF-1 for cardiovascular diseases characterized by inadequate bloodflow to a tissue or organ. In addition to the Phase II trial it is conductingin patients with severe coronary heart disease, the company has twoFDA-authorized clinical trials in the areas of impaired wound healing seen indiabetes and in patients suffering from peripheral artery disease of the legs.An additional proof-of-concept study is being conducted in patients withchronic back pain who may have perfusion defects to their spine. For moreinformation please visit http://www.cvbt.com.
This news release contains forward-looking statements that involve risksand uncertainties. Actual results and outcomes may differ materially fromthose discussed or anticipated. For example, statements regarding expectations