CMPN - Contemporary Solutions, Inc. Acquires 20% Interest in Shimoda Atlantic, Inc.
Monday , June 13, 2005 00:21 ET
LAS VEGAS, Jun 13, 2005 (BUSINESS WIRE) --Contemporary Solutions, Inc. (OTC:CMPN) announced today that LEC Technologies, Inc., a wholly owned subsidiary of Contemporary Solutions, Inc., has acquired a 20% interest in Shimoda Atlantic, Inc., the parent company of ShimodaAtlantic Oncology Biosciences. SA's principal activities are in development of niche oncology pharmaceuticals. The Company plans a Phase II clinical trial of its drug Xenavex(TM) later this year, in non-small cell lung cancer patients.
Xenavex(TM) is a liquid pharmaceutical similar to digoxin, and is designed for daily oral administration. The drug is currently available as a federally controlled prescription item for its labeled indication of vertigo. Xenavex(TM) is manufactured from the leaves of the oleander shrub. The main active ingredient in the drug, oleandrin, has demonstrated significant anti-tumor activity during in-vitro evaluations, according to a series of peer-reviewed papers published by University of Texas researchers since 1999. A recent study sponsored by the National Institutes of Health suggests that a small group of cardioglycosides including oleandrin, mimic "gene therapy" in cystic fibrosis cases. Xenavex has been approved by the FDA, in isolated cases, for "compassionate use" by cancer patients seeking access to it as a "drug of last resort."
In the agreement with LEC Technologies, Shimoda receives cash, stock options in LEC Technologies, Inc., and Contemporary Solutions agrees to commercialize and market ShimodaAtlantic's "C-Trial(TM)" clinical trials database solution. C-Trial(TM) is a scalable, menu driven database manager oriented toward all phases of FDA clinical trials. It features fillable "Case Report Forms (CRF's)" and allows study-site clinicians to quickly report and then locally assess their own patient data. The system also allows a study sponsor to remotely access the study-site database, and retrieve data in real-time, and merge it with the data from other study sites. That process allows study managers to make daily assessments of all aspects of the clinical trial process, and provides an extra margin of patient safety.
C-Trial and Xenavex(TM) are trademarks of Shimoda Atlantic, Inc.
This press release contains "forward-looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such statements can be identified by lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions.
SOURCE: Contemporary Solutions, Inc.
Princeton Research, Inc.
Mike King, 702-650-3000
or
Shimoda Atlantic, Inc.
310-401-6712, ext. 224
Copyright Business Wire 2005
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