Healthcare Industry News: Parkinson’s disease
News Release - March 18, 2009
Power3 Medical 'On-Track and On-Plan' to Commercialize Diagnostic Blood Tests
Dr. Katerina Markopoulou to Present to American Academy of Neurology in SeattleDr. Ira Goldknopf to Keynote International Congress of Molecular Diagnostics in Beijing
HOUSTON--(HSMN NewsFeed)--Power3 Medical Products, Inc. (OTC BB: PWRM), a leader in bio-medical research and the commercialization of neurodegenerative disease and cancer biomarkers and drug tests, said today that the Company is moving forward with its program to commercialize its diagnostic blood tests NuroPro(R) and BC-SeraPro(R).
“After successfully taking the necessary strategic steps to financially prepare for commercialization, I am happy to report that Power3 is on-track and on-plan for the intended launch of our diagnostic blood tests for Alzheimer’s and Parkinson’s diseases (NuroPro(R)) and for Breast Cancer (BC-SeraPro(TM)),” said Chairman and Chief Scientific Officer Dr. Ira Goldknopf.
Power3 took one of these “necessary strategic steps” earlier this month when it fulfilled its Letter of Intent with Transgenomic, which was initially signed in late 2008 (see “Transgenomic and Power3 Medical Complete Agreement for Exclusive License of Neurodegenerative Biomarker Test,” February 2, 2009). This agreement includes an up-front licensing fee, which Power3 has received, several milestone payments and financial assistance for laboratory operations already underway. The Collaboration and Licensing Agreement also calls for continuing collaboration with Transgenomic for clinical trials the Company is conducting for NuroPro, and exclusive licensing by Transgenomic of Power3’s NuroPro in the U.S. and key international markets.
As Power3 is moving toward commercializing and monetizing its research, intellectual property and tests, the Company is also:
- Continuing and expanding collaboration and clinical validation trials for NuroPro with physician scientists Dr. Marwan Sabbagh, Dr. Katarina Markopoulou, Dr. Bruce Chase, and Dr. Stanley H. Appel;
- Having Dr. Katerina Markopoulou, academic partner at the University of Thessaly in Greece present results of Power3’s Phase I Prospective Clinical Validation Trials for NuroPro conducted at the University at the annual meeting of the American Academy of Neurology (AAN) in Seattle in April 30th 2009;
- Submitting an abstract by Dr. Goldknopf and co-authors Dr. Markopoulou, Dr. Bruce Chase (The University of Nebraska at Omaha), Dr. Stanly H. Appel (Cornell Methodist Hospital, Houston), and Dr. Marwan Sabbagh (Sun Health Research Institute, Sun City, Arizona) of the overall results of NuroPro blood tests -- from discovery through clinical validation of blood protein biomarkers and tests for Parkinson’s disease, ALS, and Alzheimer’s disease –- for Dr. Goldknopf to present to the Alzheimer’s Association’s International Congress of Alzheimer’s Disease (ICAD) in Vienna, Austria in July;
- Having Dr. Goldknopf Keynote and serve as a member of the Scientific Advisory Board of BIT Life Sciences’ 2nd Annual International Congress and Expo of Molecular Diagnostics (ICEMD-2009) in Beijing in November. Along with his keynote address, “Principles of Omic Medicine Applied to Early Detection and Differential Diagnosis of Breast Cancer and Neurodegenerative Diseases,” Dr. Goldknopf will also chair a session on “Biomarkers and Diagnostics in Personalized Medicine;”
- Finalizing a research agreement for Clinical Validation of the Breast Cancer blood test (BC-SeraPro) in Greece;
- Continuing negotiations in Jordan to establish a Center of Proteomic Excellence to offer BC-SeraPro and NuroPro tests in the Middle East, and
- Signing a Letter of Intent to establish similar satellite labs in Asia.
“This continued progress on our plans for the business and on enhancing the credibility of its scientific basis, are indicative of the strong management and scientific know how that exist at Power3 Medical,” said Helen R. Park, Interim CEO. “We are on target with these plans and expect to finish this quarter with new revenue. Our main goals in 2009 are to progress the biomarkers and tests to commercialization, and greatly enhance PWRM’s shareholder value.”
About Power3 Medical Products, Inc.
Power3 Medical Products (www.power3medical.com) is a leading bio-medical company engaged in the commercialization of neurodegenerative disease and cancer biomarkers, pathways, and mechanisms of diseases, accomplished through the development of diagnostic tests and drug targets. Power3's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, as well as to identify protein biomarkers and drug targets. Power3 expects to complete phase II clinical validation trials of its blood serum diagnostics for Alzheimer's disease (AD-NuroPro) in 2009, which will be followed by a filing with the FDA. Power3 operates a state-of-the-art CLIA certified laboratory in The Woodlands (Houston), Texas. Power3 continues to evolve and enhance its IP portfolio, employing sensitive and specific combinations of biomarkers that it has discovered in a broad range of diseases. Power3 utilizes these biomarkers as the basis of highly selective blood-based tests for ALS, Alzheimer's and Parkinson's diseases, as well as breast cancer.
Safe Harbor 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 contained herein. Specific forward looking statements made in this news release include, but are not limited to, the statement that Power3 is ready to begin marketing, and the launch of its NuroPro and BC-SeraPro blood test kits to the health care industry.
Source: Power3 Medical Products
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