IRVINE, Calif., Dec. 1, 2011 /PRNewswire/ -- AtheroNova Inc.
(OTCBB: AHRO) ("AtheroNova"), a biotech company focused on the
research and development of compounds to regress atherosclerotic
plaque, today announced that its agreement with OOO CardioNova
("CardioNova"), a Russian subsidiary of Maxwell Biotech Group
("Maxwell"), to license territorial development and
commercialization rights for AtheroNova's AHRO-001 lead compound
has been ratified by both companies. In addition, under a
separate securities purchase agreement, CardioNova will become an
equity investor in AtheroNova with an initial stock purchase of up
to $267,000.
Initial funding of $900,000 has
been provided by Maxwell Biotech Venture Fund, Russia's premier biotech venture capital firm,
to CardioNova with which to initiate Phase I human clinical studies
in Russia. The license agreement provides for AtheroNova to
issue up to $3.8 million in common
stock to CardioNova for funding and performing Phase I and Phase II
studies of AHRO-001, to be issued in tranches based on the progress
of the studies. Successful development will enable CardioNova
to realize the value of its exclusive licensing rights to develop
and commercialize AHRO-001 in the territory encompassing the
Russian Federation, Belarus, Ukraine, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Moldova, Azerbaijan and Armenia.
"We are pleased to have the enthusiastic support and confidence
of such an internationally respected partner as Maxwell," said
Thomas W. Gardner, CEO of
AtheroNova. "This commitment of resources to move into Phases
I and II human clinical studies in Russia signifies a great step in the progress
of AHRO-001 as a potential treatment of atherosclerosis and could
help millions of patients world-wide."
"Maxwell is delighted to be the first licensing partner for
AtheroNova's AHRO-001," said Alexey
Eliseev, Managing Director of Maxwell. "We anticipate
strong demand for AtheroNova's atherosclerotic plaque regression
compound in the license region and await positive results for
AHRO-001 in its ability to prevent and regress atherosclerotic
plaque and reduce cholesterol."
About AtheroNova
AtheroNova, through its wholly-owned subsidiary, AtheroNova
Operations, Inc., is a development stage company currently
researching novel patents-pending applications of certain natural
compounds to regress atherosclerotic plaque deposits, a process
called delipidization. The Company plans to develop multiple
applications for its compounds, to be used in pharmaceutical grade
products for the treatment of atherosclerosis, obesity and
lipomas.
About Maxwell Biotech Group
Maxwell Biotech Group is a development partner and financial
resource for biotechnology companies. Maxwell provides
investment capital and access to an established infrastructure for
conducting high-quality clinical trials in Russia, and helps enable the rapid and
cost-effective achievement of clinical objectives. Maxwell's
unique business model can add value to its partners' pipelines and
provide a commercialization path to one of the most lucrative
emerging markets. Maxwell relies on an experienced
international team of managers and financial and industry experts,
with offices in Moscow,
Boston and San Diego.
About OOO CardioNova
OOO CardioNova is an operational company in the Russian Federation founded by Maxwell Biotech
Group to conduct clinical trials of AHRO-001, seek its approval,
and then commercialize it in the territories covered by the license
agreement.
Forward-Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are inherently
unreliable and actual results may differ materially. Examples of
forward-looking statements in this news release include statements
regarding the Company's milestones, future filings and trials,
markets, mechanisms of action, licensing agreements and equity
investment as well as the development of applications for
AtheroNova's technology. Factors which could cause actual results
to differ materially from these forward-looking statements include
such factors as significant fluctuations in expenses associated
with clinical trials, failure to secure additional financing, the
inability to complete regulatory filings with the Food and Drug
Administration, the introduction of competing products, or
management's ability to attract and maintain qualified personnel
necessary for the development and commercialization of its planned
products, and other information that may be detailed from time to
time in AtheroNova's filings with the United States Securities and
Exchange Commission. AtheroNova undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SOURCE AtheroNova Inc.