DNAPrint genomics Chairman Hector Gomez Tells Annual Meeting That Company Broadens Its Activities
Focusing on Three Business Segments: Pharmacogenomics, Forensics, Ancestry
Shareholders Approve Stock Combination That Allows Access to $40 Million of
Growth Capital, Re-Elect Board of Directors
SARASOTA, Fla., June 24 /PRNewswire-FirstCall/ -- DNAPrint genomics, Inc. (OTC Bulletin Board: DNAP) Chairman and Chief Medical Officer Hector J. Gomez, M.D., Ph.D., told shareholders attending the Annual Meeting yesterday that "the Company's science is the platform technology that will lead to customized medicine, which we believe is the next truly important step in identifying, treating and healing diseases. Great advances in medicine have been made by brilliant doctors and researchers at universities, hospitals and pharmaceutical companies. The mission of DNAPrint genomics and its scientist founders is to maximize these accomplishments by providing doctors a blueprint for the efficacy of various drug treatments, which may vary from person to person with the same disease because of differences in DNA.
"We have put a new face on DNAPrint," Dr. Gomez said. "DNAPrint has successfully leveraged its expertise in DNA technology into the development of pharmacogenomics, in particular, test/drug combinations called 'theranostics.' In addition, we will continue to expand our line of forensic products for the law enforcement market, as well as family ancestry products for individual consumers."
Shareholders attending the Annual Meeting and those voting by proxy approved an amendment to the Company's Articles of Incorporation to effect a stock combination of at least 1-for-10 but no more than 1-for-20 with the exact ratio to be established by the Board of Directors at the time it elects to effect the combination. The purpose for the stock combination is to be able to access up to $40 million in growth capital that has been committed to DNAPrint over the next two years so that the Company can implement its strategic plans for building both its pharmaceutical and forensics divisions. In its pharmaceutical division, DNAPrint will seek to accelerate the development of PT-401, a longer-acting and more potent compound for the anemia drug erythropoietin (EPO), to license new compounds to broaden its pharmaceutical product pipeline, and to accelerate development of its diagnostic testing products. The goal of the forensics division is to create a fully functional and certified forensics laboratory -- either through expansion of the Company's existing facilities or through acquisition.
Dr. Gomez, in an overview of the Company's activities, noted that DNAPrint already has a project under way to develop a new, more potent and long-acting form of the erythropoietin. Working in collaboration with Harvard Medical School's Beth Israel Deaconess Medical Center (BIDMC), DNAPrint has begun pre- clinical work on PT-401, a "Super EPO" that would be the Company's first Investigational New Drug (IND) once an application is filed with the U.S. Food and Drug Administration.
Dr. Gomez stated that drugs of the future will be comprised of test/drug combinations for ensuring efficacy with genetically compatible patients. "Theranostics have the potential to reduce adverse patient reactions to new drugs," he said. "Determining beforehand whether a patient will respond positively or negatively to a new drug could save them from undergoing treatments that might be ineffective, debilitating, or even life threatening."
DNAPrint Founder and Chief Scientific Officer Tony N. Frudakis, Ph.D., said that scientists and physicians have known for many years that there are inherited genetic differences across global populations and even between and among family members. "These differences are what we all celebrate as our cultural heritage," he said. "Unfortunately some of our genetic heritages often bring prevalence for disease and inabilities to metabolize medicines. Our goal is to develop a genetically based diagnostic assay protocol that enables physicians to prescribe drugs more effectively."
DNAPrint also has two other pharmacogenomic products under development. It is working with the H. Lee Moffitt Cancer Center on the development of OVANOME(TM), a test for predicting an ovarian cancer patient's response to TAXOL/Carboplatin treatment, and STATINOME(TM), a test for predicting adverse response to cholesterol lowering medicines known as Statins. "Our DNA technology is advancing into new areas while we continue to develop our core genealogy business," Dr. Frudakis said.
DNAPrint also has a growing product line for the forensics market and recently announced that it has begun research with Penn State University on developing 3D biometric applications for the Company's DNAWITNESS(TM) product for law enforcement. It also is completing beta trials on a DNAWITNESS test kit that enables forensics experts to conduct their own tests without sending recovered DNA back to the Company for analysis. In 2004, DNAPrint introduced RETINOME(TM), another valuable tool for forensics investigators which can determine human iris (eye) color from DNA samples.
Dr. Frudakis noted that in 2004 the Company added a new test, EURO-DNA(TM) 1.0, to complement its existing ANCESTRYbyDNA(TM) product targeting consumers who want to learn about their family heritage.
In other action, shareholders re-elected the three-member Board of Directors consisting of Dr. Gomez, Dr. Frudakis and Richard Gabriel, President and Chief Executive Officer.
Shareholders also ratified the selection of Pender, Newkirk and Company as the Company's independent auditors for the fiscal year ending Dec. 31, 2005.
About DNAPrint genomics, Inc.
DNAPrint genomics, Inc. ( http://www.dnaprint.com ) is a developer of genomics-based products and services focused on drug development, pharmacogenomic diagnostic tests, forensics technology and consumer genetic tests. The Company's first theranostic product (drug/test combination) is PT- 401, a "Super EPO" (erythropoietin) dimer protein drug for treatment of anemia in renal dialysis patients (end stage renal disease). Currently in pre- clinical development, PT-401 will be targeted to patients with a genetic profile indicating their propensity to have the best clinical response.
Forward-Looking Statements
All statements in this press release that are not historical are forward- looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of DNAPrint's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. DNAPrint genomics, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward- looking statements contained herein to reflect any change in DNAPrint's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
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