BASEL, Switzerland,
Nov. 22 /PRNewswire/ - Neuro-Biotech
Corp. (PINKSHEET: MRES) (OTCQB: MRES) publishes answers to the most
frequently asked questions.
The topic commonly asked about is in regards to Company's
statements that no further R&D needs to be carried out on the
16 products that have been licensed. This technical platform was
bought from a university following 20 years of research for the sum
of $3 million. A total of
$5 million was spent by the end of
2000 and subsequently, in the last 10 years research and
development has yielded 16 products that are ready for
production.
Neuro-Biotech's first blood test, SymPath has been the subject
of more than 5,000 clinical tests and 75,000 units were sold before
its voluntary withdrawal from the market. The SymPath is currently
the only blood test on the planet which can successfully measure on
a scale, recognized by the World Health Organization, (similar to
the scale that is used to measure cholesterol) the mental state of
a patient and by analogy the physical consequences, thus allowing
physicians to carry out a more precise diagnosis. It should also be
mentioned that the eighth blood test of our portfolio NeuroChAT is
currently the only blood test allowing an early diagnosis of
Alzheimer's Disease.
The Company has stated in its financials such as its 10-Q, that
it does not have any employees because everyone works on a
contractual basis, and the original agreements are with the two
hedge funds who are financing the entire operation. This situation
should change in the next few months with the set up and
installation of the laboratory.
At the time of the acquisition of the licenses, the Company
immediately created a deficit of more than $50 million by depreciating the value of those.
In order to answer this recurring issue, the board of directors
made this decision to avoid an over evaluation of the Company
before it starts generating significant revenues. An independent
third party evaluation by a specialized biotech firm is planned by
management to assess the Company's assets and make a subsequent
move onto a more important exchange. The evaluation by an
independent firm specialized in biotech of the Company's assets
will be planned when the direction will decide that the Company is
in a position to upgrade to a more important exchange.
The Company would also like to point out that for its market
penetration plans, Neuro-Biotech is also using the conclusions of a
report ordered to the firm Ernst & Young (Toronto) concerning the potential market of
its products.
The negotiations with the Spaniards are moving forward and the
Company is preparing for two tours in Spain for 2011 with a group of
representatives. Both tours will be separate and completely
independent as one will be of scientific content while the other
one will be focused on the commercial aspects. These tours will
probably extend throughout Europe
since the Company recently received similar proposals from
Germany.
Finally, the Company foresees the receipt of the private
placement of $2 million as well as
full payment of the debt owed to third parties before the end of
this year.
For more information and to view the documents describing the
key elements mentioned above, we invite you visit the corporate
website at www.neuro-biotechcorp.com
SOURCE Neuro-Biotech Corp.
Copyright . 22 PR Newswire