PARAMUS, N.J., Jan. 8, 2013 /PRNewswire/ -- Proteonomix, Inc.
(the "Company") (SYMBOL: PROT), a biotechnology company (the
"Company") focused on developing therapeutics based upon the use of
human cells and their derivatives, announced today that it has
caused the formation of a BVI corporation that will receive
sublicenses and assignments of technology previously licensed to
the Company so as to facilitate future financing and
operations.
Michael Cohen, President and CEO
of the Company, stated, "We formed a BVI corporation,
Proteonomix, Ltd., that will issue to all shareholders of record at
the close of business on January 11,
2013, the same number of shares that they own at the close
on that date, without further payment of any sort whatsoever." "We
have decided to do this to assure shareholders that the new
sublicenses and assignments of licenses to the BVI corporation will
not impact such shareholders' participation in the successes, or
failures, of the Company's present clinical trial or our planned
future activities." "We plan to leave the StromaCel
technology in the Company and change the name of the Company to
StromaCel, Inc. The diabetes technology present in the
licensed technology left behind is what started me on the quest
that became our Company. We intend to continue this work, which
will hopefully culminate with a solution to Type I diabetes that
has my wife among its victims. This Company began many years ago
with the intent to cure her and my commitment to continue that work
is still resolute."
Mr. Roger Fidler, General Counsel and Treasurer of the
Company, stated: "We undertake this restructuring and will
establish a trading market outside of the
United States on the GXG, to seek financing outside of
the United States. At this point
we have cash on hand sufficient to seek additional offshore
financing in order to advance the current and future IP that the
company has licensed."
About Proteonomix, Inc.
Proteonomix is a biotechnology company focused on developing
therapeutics based upon the use of human cells and their
derivatives. The Proteonomix family of companies includes
Proteoderm, StromaCel, PRTMI and THOR Biopharma. Proteoderm is a
wholly owned subsidiary that has developed an anti-aging line of
skin care products. StromaCel develops therapeutic modalities for
the treatment of cardiovascular disease and for treatment of
patients who have suffered post-myocardial infarction. Proteonomix
Regenerative Translational Medicine Institute, Inc. (PRTMI) intends
to focus on the translation of promising research in stem cell
biology and cellular therapy to clinical applications of
regenerative medicine. Additional information is available at
www.proteonomix.com and www.proteoderm.com.
Forward-looking statements:
Certain statements contained herein are "forward-looking
statements" (as defined in the Private Securities Litigation Reform
Act of 1995). Proteonomix, Inc. cautions that statements made in
this press release constitute forward-looking statements and makes
no guarantee of future performance. Actual results or developments
may differ materially from projections. Forward-looking statements
are based on estimates and opinions of management at the time
statements are made.
SOURCE Proteonomix, Inc.
