Biotech Values

[DewDiligence]

CPBM looks like another scam company from Alberta—caveat emptor!
Perhaps I should start a compilation called, “HCV: Most Likely to Fail!”
(See this Nov 2009 PR for background:
http://finance.yahoo.com/news/Cyplasin-Biomedical-Ltd-and-cnw-3014032687.html?x=0&.v=1 .)

http://finance.yahoo.com/news/Cyplasin-Announces-Hepatitis-cnw-1440474406.html?x=0&.v=1

›Cyplasin Announces Hepatitis C License Assignment from Virionics Corporation

Source: Cyplasin Biomedical Ltd.
January 13, 2010, 2:00 pm EST

EDMONTON, Jan. 13 /CNW/ - Cyplasin Biomedical (CPBM: OTCBB), a specialty pharmaceutical company focused on hepatitis prevention and anti-viral therapies, has signed an agreement effective December 29, 2009 which transfers an exclusive worldwide license for a patented hepatitis C viral vaccine and other technology/know-how to Cyplasin. The technology had originally been licensed from the National Institutes of Health (NIH) by Virionics Corporation, a Scottsdale, Arizona-based biotech company.

Cyplasin will now be responsible to the NIH for the license obligations granted at the same terms as the original Virionics exclusive worldwide license. The vaccine license will become the core technology for the Company and is entitled "Synthesis and Purification of Hepatitis C Virus-Like Particles" (US patent number 6,387,662) which was invented by Dr. Jake Liang and Dr. Thomas Baumert at the NIH. The US patent issued May 14, 2002 and the European patent issued in 2008.

As Cyplasin began the transformation into a hepatitis-focused company, Cyplasin entered into a sub-license agreement with Virionics for the hepatitis C vaccine technology. "However, as further due diligence was undertaken, it became obvious Virionics offered more product opportunities than just the vaccine project and we agreed to enter into merger discussions," [LMAO] stated Garth Likes, President and CEO of Cyplasin. Dr. Joseph Sinkule, Founder and CEO of Virionics stated, "It made sense for us to assign the technology to Cyplasin and proceed with the development of the hepatitis C vaccine there in" [sic]. The license assignment also gives Cyplasin access to other multiple patents and the previously announced sub-license and RTO/merger discussions are cancelled effective as of December 29, 2009 [whatever that means].

Moving Forward - Next Steps

Mr. Likes said, "Now that we have secured the license we will move forward with our business plan which is based on a two prong strategy; 1) to generate a revenue stream from the regulatory approvals and sales of the main standard of care hepatitis C therapies (Ribavirin and pegylated alpha-interferon), and 2) to develop and find strategic partners to help in the commercialization of the vaccine which uses the virus-like particle (VLP) technology from the NIH license." Cyplasin will change its name to "C-Pharma, Inc." in 2010 and will we begin the process of regulatory submissions of a novel Ribavirin formulation. It is anticipated Ribavirin revenues from countries outside of North America, the EU and other main markets can be obtained in 2011, whereby market authorizations to sell the product in the U.S., Canada, and the EU should be granted in 2012. The timeline for development and market launch of the pegylated alpha-interferon will subsequently follow dependent upon Corporate resources and commercialization activities.

To date, there has been over $10 million spent on the development of the hepatitis C vaccine and the submission of an IND for a Phase I clinical trial is planned for 2011. Cyplasin will enlist the services of Dr. Sinkule to oversee product development of the antiviral drugs and the vaccine, as well as Dr. Jake Liang, a renowned hepatitis clinician and researcher from NIH to serve as Chairman of the Scientific Advisory Board. Dr. Sinkule stated, "The opportunity presented in working with Dr. Liang and the Cyplasin management team is truly unique, and we are all very excited to be bringing these important products to the global marketplace."‹