$ 4.8 Million Funding for Proteo’s Advanced Orphan Drug Development
May 20 2014 - 6:26AM
Business Wire
Proteo Inc. (OTCQB: PTEO) announced today that its German
subsidiary, Proteo Biotech AG, has entered into an agreement with
the US company Biotech Development Corp. (BDC). Proteo Biotech AG
is developing the orphan medicinal product Tiprelestat (Elafin) for
prophylactic treatment of acute postoperative inflammatory
complications after resection of esophageal cancer in the European
Union. In February 2014, Proteo received Protocol Assistance
(scientific advice for orphan medicines) from the Committee for
Medicinal Products for Human Use (CHMP) at the European Medicines
Agency (EMA) with respect to the strategy for further clinical
development and marketing authorization. Under the terms of the
agreement, BDC will support the future development including a
pivotal clinical study by providing Proteo with total funds of EURO
3.5 million (approx. US$ 4.8 million) in return for a share of
future revenues for Elafin in this indication.
About Proteo
Proteo, Inc. is a Nevada corporation and has one wholly owned
subsidiary, Proteo Biotech AG, a German corporation. The Company is
a clinical stage drug development company focusing on the
development of anti-inflammatory treatments for rare diseases with
significant unmet needs (www.proteo.us).
About BDC
Biotech Development Corp., based in Farmington (UT), is
specialized in financing clinical studies of biopharmaceuticals for
rare diseases. BDC’s Financing-Revenue Sharing Model is an
alternative or a supplement to equity financing for Startups and
Small Business. For more information, visit:
www.biotech-dev.com
Forward-Looking Statements
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact included
in this release, including, without limitation, statements
regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Technical
complications that may arise could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The company cautions that these forward looking statements
and risks and uncertainties involved are further qualified by other
factors including, but not limited to those set forth in the
company’s Form 10-K filing and other filings with the United States
Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise.
Proteo, Inc.Investor relationsEmail: ir@proteo.usphone: +1 949 253-4155orProteo Biotech
AGBarbara Kahlke, Ph.D.Email: info@proteo.de
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