NEW YORK, Sept. 9 /PRNewswire-FirstCall/ - (OTCBB: GVBP.OB) - GENova Biotherapeutics, Inc., ("GENova"), today released important information about its anti-cancer drug development strategy and its unique niche in the drug development industry.
The Company is aggressively acquiring patents involving the latest generation of biotherapeutic technologies that can cure cancer without any side effects.
With a focus on prostate and breast cancers, GENova has acquired a unique class of drugs that utilize stem cell technology to identify, target, and destroy the very originator stem cells that give rise to cancers. These bio-engineered drugs can seek out cancers right at the source, and destroy them whilst leaving healthy tissues intact.
The Company has already filed patents for these drug targets, and has identified similar ones for acquisition. Researchers in academic labs have expressed confidence that this novel approach to treating cancer is the way of the future, and will render current painful treatments obsolete.
John Savin, VP for GENova, explained the Company's unique strategy for penetrating the lucrative drug development industry: "We occupy a strategic point in the drug development and supply chain, as the intermediary between research institutions and the Big Pharmaceutical companies. Our strategy is one of global outsourcing, international collaboration, using the FDA fast track to accelerate drug development, and then early exit to cash-rich and technology-hungry Big Pharma."
Savin said that if GENova's current IP is developed successfully, he estimates that the Company could expect up to $100 Million in milestone payments during clinical trials, and up to $400 Million per annum in the years following commercialization. His estimates are based on evaluations of other successful drug targets in the industry.
Big Pharma presently has $215 Billion to spend on licensing of new drugs, and is eager to feed the pipeline for new anti-cancer drugs, as cancer represents the largest disease market, and has an explosive growth rate of 20% per annum. Of the types of cancer, prostate cancer represents the largest market and breast cancer the second.
Savin expressed confidence that GENova's proprietary IP drug targets for breast and prostate cancer have blockbuster potential in this growing and important industry.
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 patented drug product candidates to Big Pharmaceutical and Biotechnology companies such as Pfizer, Amgen, Myriad Genetics, Medarex, and Biogen Idec. Visit GENova online at 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.
SOURCE GENova Biotherapeutics, Inc.