Amarantus BioSciences Acquires Option to License LymPro Alzheimer's Diagnostic Blood Test
PR Newswire
SUNNYVALE, Calif., Oct. 11, 2012
SUNNYVALE, Calif., Oct. 11, 2012 /PRNewswire/ -- Amarantus BioSciences, Inc. (OTCQB: AMBS), a biotechnology company developing new treatments and diagnostics for Parkinson's disease and Traumatic Brain Injury centred on its proprietary anti-apoptotis therapeutic protein MANF
, today announced that it has acquired an exclusive option to license the LymPro Alzheimer's Diagnostic Blood Test from Memory Dx, LLC (MDx), formerly known as Provista Life Sciences, LLC. Under the terms of the agreement, Amarantus agreed to pay 500,000 restricted shares of its common stock to MDx for exclusive negotiating rights through December 31st, 2012 to the LymPro blood test.
"Coming off our recent success in securing the license for the NuroPro Parkinson's Diagnostic Blood Test, the LymPro Alzheimer's Diagnostic Blood Test option agreement will give Amarantus additional leverage over the next few months in negotiations as we look to partner our diagnostic assets," said Gerald E. Commissiong, President & CEO of Amarantus. "The market opportunity for a minimally-invasive Alzheimer's blood test capable of detecting the disease early on is tremendous given recent Phase III clinical data produced by Pfizer, Johnson & Johnson and Eli Lilly all suggesting that patients with mild cases of Alzheimer's disease are the best sub-population of clinical candidates for beta-amyloid targeting disease-modifying treatments, a potential blockbuster target for each of these companies. We expect that NuroPro and LymPro will create a compelling investment package for potential partners."
The LymPro Alzheimer's diagnostic blood test works by identifying immune-based biomarkers in the blood of Alzheimer's patients. It allows physicians to differentiate Alzheimer's disease from other forms of dementia based upon these biomarkers; potentially making it an invaluable tool in patient recruitment for Alzheimer's disease therapeutic clinical trials where there has been a well-documented history of patient recruitment miscues.
LymPro originates with the University of Leipzig in Germany and has been funded primarily through private investors and research grants from the National Institutes of Health ("NIH"). LymPro has completed two human clinical studies to date, and is set to move immediately into the Phase 2 validation study required to begin generating revenue as a laboratory developed test ("LDT") at an already-selected Certified Laboratory Improvement Amendments ("CLIA") certified laboratory. Thereafter, we anticipate LymPro will begin its regulatory process with the Food and Drug Administration towards approval.
About Amarantus BioSciences, Inc.
Amarantus BioSciences, Inc. is a development-stage biotechnology company founded in January 2008. The Company has a focus on developing certain biologics surrounding the intellectual property and proprietary technologies it owns to treat and/or diagnose Parkinson's disease, Traumatic Brain Injury and other human diseases. The Company owns the intellectual property rights to a therapeutic protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF") and is developing MANF-based products as treatments for brain disorders. The Company also is a Founding Member of the Coalition for Concussion Treatment (#C4CT), a movement initiated in collaboration with Brewer Sports International seeking to raise awareness of new treatments in development for concussions and nervous-system disorders. For further information please visit www.Amarantus.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the possible benefits of MANF therapeutic applications and/or advantages presented by Amarantus' PhenoGuard technology, as well as statements about expectations, plans and prospects of the development of Amarantus' new product candidates. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the risks that the anticipated benefits of the therapeutic drug candidates or discovery platforms, as well as the risks, uncertainties and assumptions relating to the development of Amarantus' new product candidates, including those identified under "Risk Factors" in Amarantus' most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Amarantus periodically makes with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements Amarantus does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation.
MEDIA CONTACTSAmarantus BioSciences, Inc.Gerald E. Commissiong408-737-2734pr@amarantus.com
SOURCE Amarantus BioSciences, Inc.
