NEW YORK, NY, Sept. 15 /PRNewswire-FirstCall/ - (OTCBB: GVBP.OB) - GENova Biotherapeutics Inc. ("GENova"), a cancer drug acquisition and development company, is pleased to announce it has gained access to distribution channels for its promising drug targets through a recently-signed deal with Bridge BioResearch Plc. ("Bridge BioResearch"). GENova expects to generate licensing fees and royalties from the out-licensed manufacturing and marketing rights to leading pharmaceutical companies to exceed more than 5% in a market currently valued at $3billion+ a year over the following 15-20 years which is the duration of the patents.
Bridge BioResearch is an international drug discovery company that focuses on metabolic disorders, and has well-established distribution channels and relationships with leading pharmaceutical companies.
Through a recent collaboration deal, the two companies are working together to leverage their respective Research and Development partners and distribution channels worldwide, with the mutual goal of developing their proprietary drug targets with the utmost cost and time efficiency.
The two companies are both in the business of acquiring early-stage developmental drugs, out-licensing them for development and commercialization, and garnering royalty payments in the process. GENova's focus is oncology, while Bridge BioResearch specializes in Obesity and Type 2 Diabetes drugs. Both companies share a mutual goal of fast-tracking their target drugs through development, clinical studies, licensing to Big Pharma such as Biogen, Elan, Merck's and Genentech.
"This reciprocal arrangement is a huge benefit to both companies," says Aaron Whiteman, CEO for GENova. "I am confident that with our new access to Big Pharma distribution channels we can usher our promising patents through the development process as expeditiously as possible, and ultimately start reaping royalty payments sooner than ever foreseen."
About Bridge BioResearch
Bridge BioResearch is a drug discovery company with the sole corporate focus on Obesity, Type 2 Diabetes and related metabolic disorders. It has research cooperation agreements with leading Research and Development Services providers and bioscience research institutions and universities throughout Asia and Europe. The company uses a cost-efficient technology and patent acquisition strategy for proprietary intellectual property from identified companies, government institutions and universities, paid via milestone-dependent research collaborations and grants. To learn more about Bridge BioResearch, visit www.bridgebioresearch.com.
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.