NEW YORK, Sept. 10 /PRNewswire-FirstCall/ - (OTCBB: GVBP.OB) - GENova Biotherapeutics, Inc., ("GENova"), a biotechnology company that develops novel therapeutic proteins that disrupt the advance of life-threatening diseases, is pleased to announce that it is in the process of acquiring three promising new drug target patents that could generate over a billion dollar in royalty fees in the mid to long term.
Aaron Whiteman, CEO for GENova says, "Following a rigorous evaluation phase, we have selected three potential blockbuster drug target patents for acquisition, and we look forward to integrating them into our IP portfolio." The acquisition targets still subject to due diligence and contract would include both preclinical and clinical drugs that show promising potential in the major markets of anti-cancer and anti-infective drugs.
GENova will announce details of these new biological products in the coming weeks.
GENova's Current IP Portfolio
The three new patents would join GENova's current proprietary IP products --tetanolic acid (for breast cancer) and prostaganin (for prostate cancer)-- in the company's growing IP portfolio.
Known as an alpha hydroxyoleic acid, tetanolic acid is a form of a lipid that has the demonstrated ability to affect the growth and proliferation of cells. Seeing that cancer is characterised as a normal proliferation of cells, these lipids can potentially prevent cancer spread. Preliminary tests in mice have shown that the protein can prevent the growth and spread of cancer in mice. GENova's Tetanolic acid is therefore a prime candidate for development of an anti-cancer medicament in humans. The breast cancer therapeutics market is expected to grow from its current level of US$5.9 billion (EUR5 million) to $11.5 billion by 2011, with a compound annual growth rate (CAGR) of 9.8 per cent (Frost Sullivan).
GENova's proprietary peptide for prostate cancer, Prostaganin, demonstrates an ability to completely inhibit the growth of prostate tumour xenografts. Furthermore, it can markedly reduce the secretion of the prostate-specific antigen (PSA), a biomarker widely known to be indicative of this malignancy. Therefore, GENova's Prostaganin is another candidate with blockbuster potential for development of an anti-cancer medicament for treatment of humans. The current market for prostate cancer therapies amounts to US$1.5 billion (Drugresearcher.com). But as newer and more innovative therapies are applied, the market is set to experience double digit growth.
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.