BOSTON, July 1 China PharmaHub Corp. ("PharmaHub"), announced today that it has entered into a definitive agreement with Dr. David Weaver and Dr. Michael Rynkiewicz. In addition, PharmaHub contemplates merging with World Wide Relics, Inc. (OTC Bulletin Board: WRLC) of which it recently purchased a 77% interest.
The management of World Wide Relics ("WWR") and PharmaHub are looking forward to the potential merger and are working diligently towards it. PharmaHub is engaged in the business of licensing, development and commercialization of pharmaceutical and healthcare products and technologies between Chinese pharmaceutical companies and other pharmaceutical companies located worldwide, with initial emphasis in the United States and Europe. For existing WWR shareholders, the merger could add substantial value due to PharmaHub's existing business relationships and agreements.
Pursuant to PharmaHub's agreement with Dr. Weaver and Dr. Rynkiewicz, a joint venture has been created and will be known as Akanas Therapeutics, Inc. ("Akanas"), of which PharmaHub owns a 35% interest. The joint venture will have the exclusive rights to the intellectual property, which includes patents on a proprietary technology using atomic structure for antibody humanization to rapidly and cost-effectively create humanized antibodies which retain high affinity and avoid immunogenicity. Dr. Weaver and Dr. Rynkiewicz invented the core Akanas platform technology in 2005. Dr. Weaver has over 15 years of experience in the research and development of cancer biology and immunology. He received postgraduate training at MIT and the Whitehead Institute, and a Ph.D. in Biological Chemistry from Harvard. Dr. Rynkiewicz is an experienced protein crystallographer with training from Boston University and University of Pennsylvania. He received a Ph.D. in Chemistry from Boston University and a B.S. in Chemistry at MIT. PharmaHub will work with Akanas to expand its existing research, development, commercialization and marketing on a worldwide basis.
"We're excited to enter into this agreement," stated Richard Lui, Chief Executive Officer of PharmaHub. "This marks another of PharmaHub's endeavors where we will be utilizing our resources both in the U.S. and in China to strive to bring these innovative technologies to patients around the world. Akanas' humanized therapeutic antibodies technology has already produced several compositions which Management believes showed superiority in preclinical trials over existing antibodies on the market. We look to provide a meaningful impact to the disease markets by having improved activity and reduced side effects as we continue to carry out preclinical and clinical trials in China. This agreement demonstrates the collaborative effort that PharmaHub is striving for with each scientist or company with whom we work."
Lui continued, "Akanas' humanized antibody can potentially be used to treat such diseases as cancer and rheumatoid arthritis. With the market for disease treatment in China and the U.S. booming, and the global antibody drug market expected to generate $30 billion in worldwide sales in 2009, with an annual growth rate of 14 percent through 2012, according to Datamonitor, Management believes that the potential for China PharmaHub is enormous."
China PharmaHub Corp. is engaged in the business of licensing, developing and the commercialization of pharmaceutical and healthcare products and technologies between Chinese pharmaceutical companies and other pharmaceutical companies located worldwide, with initial emphasis in the United States and Europe. Management believes that PharmaHub brings a unique wealth of resources to assist scientists and companies in bringing their ideas to reality. PharmaHub's corporate headquarters are located in California, with offices in Boston and China.
About World Wide Relics:
World Wide Relics, Inc. produces and markets historical costumes and reenactment clothing lines. The company sells its products to the enthusiasts and collectors on e-stores, such as Ebay.com. World Wide Relics, Inc. was founded in 2005 and is based in New York, New York.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein.
SOURCE China PharmaHub Corp.