Healthcare Industry News: Parkinson’s disease
News Release - April 21, 2008
Power3 Medical Products Issues Letter to Shareholders
HOUSTON--(HSMN NewsFeed)--Power3 Medical Products, Inc. (OTCBB: PWRM, https://www.power3medical.com), a leading proteomics company specializing in the development and commercialization of diagnostic tests for the early detection of breast cancer and neurodegenerative diseases, is pleased to issue a letter to its shareholders, providing an overview of recent developments, from Steve Rash, Chief Executive Officer of Power3.As CEO of your company, I would like to take this opportunity to report to you, our shareholders, on the immense progress we have made over the past several months.
This is a very exciting time for Power3 Medical Products. We have achieved many milestones and have identified several others that we are on target to achieve throughout 2008. Power3 has remained focused on breast cancer and neurodegenerative diseases (Alzheimer’s, Parkinson’s and ALS) and is working in collaboration with world-renowned institutions and industry leaders to find solutions for early and more accurate detection of these devastating conditions. We have a strong team supporting the company including: Dr. Ira L. Goldknopf, Director of Proteomics; Dr. Essam Sheta, Director of Biochemistry; and a world class Scientific Advisory Board.
In our journey transitioning from an R & D company to the commercialization of our technology and products, we have already completed a number of validation studies with several more currently underway. During the past year we received our Clinical Laboratory Improvement Amendment (CLIA), a certification that ensures that we meet quality laboratory testing guidelines. This month we received CLIA compliance recertification following a CLIA regulatory inspection. This is a great achievement for Power3: with the CLIA certification, our laboratory is approved for testing to ensure accuracy, reliability, and timeliness of patient test results regardless of where the test was performed. Our branding is also a very important step in moving towards commercialization of the BC-SeraPro and NuroPro tests, and our trademarks for each of our early detection blood serum diagnostic tests were approved.
In August 2007 we announced the conclusion of a sixty patient blinded validation study of our BC-SeraPro™ early detection blood serum breast cancer test. We used twenty-two biomarkers to obtain the results from this study, which yielded 97% sensitivity and 93% specificity using decision tree analysis, and 80% sensitivity and 87% specificity using Linear Discriminant Analysis. These results were a major step forward in commercializing the BC-SeraPro test and are essential to moving forward with our strategy of providing an accurate and inexpensive blood serum diagnostic test for breast cancer. In addition to the completion of this validation study, additional validation studies are ongoing in the United States and international locations that will provide additional patient samples to Power3.
Power3 accomplished another significant milestone in October 2007 when we signed a distribution agreement to launch our BC-SeraPro blood serum diagnostic test in twelve Middle Eastern countries with Financial Advisory House’s Medical Equipment Suppliers division (FAH), a Bahrain-based medical instrument distribution company. The agreement allows for the distribution of the BC-SeraPro test in: Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Saudi Arabia, Oman, Qatar, Syria, the United Arab Emirates, and Yemen. We plan to launch the BC-SeraPro test in the Middle East upon completion of a Middle East Validation Study.
Concerning this initiative, I recently returned from a trip to the Middle East where I met with government officials, health, and medical representatives in several different countries. With the high rate of breast cancer in the Middle East, there is an overwhelming need and demand for alternative and accurate early detection methods. The governments of these countries are eager to provide to their citizens a low cost alternative early detection method that will save lives and ultimately lower health care spending. We feel the Middle East is an ideal place for the launch of our BC-SeraPro test as evidenced by the United Arab Emirates recent decision to grant free breast cancer screening for all women in the UAE over the age of thirty-five.
In addition to our progress in clinical validation studies of our BC-SeraPro test, Power3 is also advancing in its clinical validation studies for Parkinson’s and Alzheimer’s disease. We recently began a three hundred patient clinical validation study of our NuroPro diagnostic test for Alzheimer’s and Parkinson’s disease. This clinical validation study is a blinded study led by Dr. Marwan Sabbagh as the Principle Investigator at the Sun Health Research Institute. Additionally, we are currently evaluating our NuroPro test in a one hundred fifty patient validation study with the University of Thessaly Medical School in Greece with Dr. Katerina Markopoulou as the principal investigator. Throughout our clinical validation studies, we continue to add to our existing database of patient samples, which now number over 2,200.
Our scientific team is responsible for the identification and collection of the 543 biomarkers we have successfully identified. The patent protection of our discoveries and the processes by which we use these protein biomarkers in our blood serum diagnostic tests is very valuable to us. Since January 2007 we have filed six new patents, we currently have eighteen patents.
In alignment with our scientific achievements, Power3 has recently published several noteworthy scientific papers. Dr. Goldknopf had an invited editorial published in Expert Review of Proteomics, providing further recognition of Power3’s leadership position in the proteomics field. Dr. Essam Sheta, Director of Biochemistry and Dr. Goldknopf, collaborated with Dr. Wael El-Rifai, Professor of Surgery, Medicine and Cancer Biology and Director of Surgical Oncology Research at Vanderbilt University Medical Center, Nashville, TN, to publish the discovery of protein biomarkers for esophageal malignancies in the International Journal of Cancer. Another noteworthy accomplishment for Power3 came with the publication of a whitepaper written by Dr. Hollingsworth titled “The Rationale for a Blood Test to Detect Early Breast Cancer.” In addition, Power3 was invited to deliver a poster presentation at the prestigious San Antonio Breast Cancer Symposium, a division of the Cancer Therapy & Research Center in December 2007. It was a great honor and achievement to be invited to present at the symposium, which aims to provide state-of-the-art information on breast cancer research.
It is our primary priority to remain dedicated to our work of developing early detection blood serum diagnostic tests. Over the past year we have been recognized for our work in a number of media pieces. Among the coverage Power3 has received, the company was highlighted in Popular Science, in December 2007, and Women’s Day Magazine in January 2008. In April 2008, Power3 was highlighted in The Drudge Report, The Daily Mail, Chemical & Industry Magazine, Genome Technology and BBC News. Additionally, Power3 was featured on Fox26 News in Houston in January 2008, ISTOE (Brazil) and iHNed (Czech Republic) in April 2008. I also recently had the pleasure of contributing articles to two magazines, IVD Technology and Pharmaceutical Formulation & Quality. These media pieces have continued to bring attention to our story and have gone on to reach the international market.
The company continues to seek synergistic strategic partners to license and develop its growing portfolio of protein biomarkers and tests. We are currently working on revising our agreement with Neogenomics.
Although at times the road to success may seem a bit bumpy, we are dedicated to our goal of developing and commercializing blood serum diagnostic tests for the early detection of disease. We believe we have created truly unique tests that are different from anything currently offered on the market. Our method of testing and ability to duplicate results differentiates us from any other company operating in our field.
I am confident that Power3 is on the path to successful commercialization of our blood serum diagnostic tests for the early detection of disease. I appreciate the support and loyalty of our shareholders and I remain dedicated to taking necessary steps in building and maintaining shareholder value. I am excited about our potential for great progress in the coming months and look forward to communicating all of Power3’s developments to the investment community and the general public.
Sincerely,
Steven B. Rash
Chief Executive Officer
About Power3 Medical Products
Power3 Medical Products, Inc. (OTCBB: PWRM, www.Power3Medical.com), is a leading proteomics company engaged in the commercialization of protein biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets for cancer and neurodegenerative diseases. Power3’s patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Diagnostic tests are targeted toward markets with critical unmet needs in areas such as breast cancer and neurodegenerative disease. Power3 has signed its first distribution agreement to provide its blood serum diagnostic for breast cancer, BC-SeraPro™, in twelve Middle Eastern countries before the end of 2007. Power3 operates a state-of-the-art CLIA certified proteomics laboratory in The Woodlands (Houston), Texas. The Company is preparing to commercialize its IP portfolio, centering on the 543 biomarkers the Company has discovered from a broad range of diseases as the basis of blood-based tests for breast cancer, ALS, Alzheimer’s, and Parkinson’s diseases.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Source: Power3 Medical Products
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