Proteo, Inc./Proteo Biotech AG - Minapharm/Rhein Minapharm Biogenetics SAE: Proteo Biotech, Germany and Minapharm, Egypt enter i
August 09 2007 - 11:25AM
Business Wire
Proteo, Inc. (OTCBB: PTEO; Frankfurt Freiverkehr: WKN: 925981) and
its wholly-owned subsidiary Proteo Biotech AG together with
Minapharm Pharmaceuticals SAE (Cairo and Alexandria Stock Exchange:
MIPH) and its subsidiary Rhein Minapharm Biogenetics SAE announced
today: Proteo and Rhein Minapharm have entered into a license
agreement for clinical development, production and marketing of
Elafin. Rhein Minapharm will exclusively market Elafin in Egypt,
Middle Eastern and African countries. Proteo will receive an
upfront payment, milestone-payments and royalties on net product
sales. In addition, Minapharm will take over the funding of
clinical research activities for the designated region. The
agreement schedules the transfer of the biotechnological production
process of Elafin to Cairo. This process is based on Hansenula
polymorpha, a yeast technology licensed by ARTES Biotechnology
GmbH, Germany. Elafin is a protein that is produced naturally in
the skin, lung and breast, protecting the respective tissue from
destruction by the immune system. Elafin's ability to block the
activity of destructive enzymes that are involved in inflammatory
reactions makes it a highly promising active compound for the
treatment of inflammatory lung diseases or severe reperfusion
injuries occurring after heart attacks, serious injuries and organ
transplantation. The excellent tolerability of Elafin in human
subjects was demonstrated in a Phase I clinical single dose
escalating study. Birge Bargmann, CEO of Proteo: "This license
agreement is an important step to make our innovative drug
development available to patients in the near future. With
Minapharm, we have won a renowned company to market Elafin in the
MENA region." Wafik Bardissi, M.D., Chairman & CEO of
Minapharm: "Adding up Elafin to our pipeline is a significant boost
to our clinical development and R&Dprogramme with a promising
new molecular entity. The success of Minapharm's currently
marketed, novel but still affordable, recombinant DNA products has
impressed the medical and business community at large while
refuting the perceived dichotomy of financial gains versus moral
obligations. We pledge to bridge the gap between innovative
therapeutic proteins and needy patients in our part of the world."
About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded
in April 2000 and in the same year was taken over by the
US-American holding company PROTEO Inc. The company researches,
develops and markets compounds for biological and medical research
as well as for use as pharmaceuticals. PROTEO holds the production
and utilization rights for recombinant human Elafin. PROTEO intends
to out-license selected indications and to establish international
strategic alliances in order to open up new fields of application
and for marketing. On recommendation of the European Medicines
Agency (EMEA), Proteo Biotech AG received orphan drug status from
the EU commission for its candidate drug Elafin for the treatment
of pulmonary arterial hypertension (PAH) and chronic thromboembolic
pulmonary hypertension early in 2007. This will safeguard the
company's exclusive marketing rights within the EU for a period of
10 years after acquiring approval. The federal state of
Schleswig-Holstein funds the innovative development venture of
PROTEO Biotech AG with money from the European Fund for Regional
Development (EFRE). About Minapharm Minapharm, headquartered in
Cairo with its production facilities in the tenth of Ramadan, is
among the leading prescription medicine companies in Egypt and the
Middle East. The company is specialized in the manufacture and
marketing of innovative pharmaceuticals and through its subsidiary
Rhein-Minapharm-Biogenetics, in the research, development and
manufacturing of biopharmaceuticals. Its biotech subsidiary is
focussing on the core therapeutic areas of liver disease and
thrombosis & haemostasis. With three therapeutic proteins
already marketed and several in the pipeline, Minapharm's
competence lies in decreasing time to market without compromising
ethical and safety standards. By combining its expertise in
pharmaceuticals and leadership in biopharmaceuticals Minapharm,
along with its worldwide strategic alliances, contributes
significantly to the quality of life of many people in the region.
Minapharm employs a collective workforce of over 700 and is listed
on the Cairo and Alexandria stock exchange (www.minapharm.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-KSB 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. -0- *T Contact: Nils Wichmann, PhD Proteo Biotech AG Am
Kiel-Kanal 44 D-24106 Kiel Email : info@proteo.de Telefon:
+49(0)431 8888462 Fax : +49(0)431 8888463 or Frank Muller R&D
Manager Minapharm Pharmaceuticals Email : mueller@minapharm.com *T
Proteo, Inc. (OTCBB: PTEO; Frankfurt Freiverkehr: WKN: 925981) and
its wholly-owned subsidiary Proteo Biotech AG together with
Minapharm Pharmaceuticals SAE (Cairo and Alexandria Stock Exchange:
MIPH) and its subsidiary Rhein Minapharm Biogenetics SAE announced
today: Proteo and Rhein Minapharm have entered into a license
agreement for clinical development, production and marketing of
Elafin. Rhein Minapharm will exclusively market Elafin in Egypt,
Middle Eastern and African countries. Proteo will receive an
upfront payment, milestone-payments and royalties on net product
sales. In addition, Minapharm will take over the funding of
clinical research activities for the designated region. The
agreement schedules the transfer of the biotechnological production
process of Elafin to Cairo. This process is based on Hansenula
polymorpha, a yeast technology licensed by ARTES Biotechnology
GmbH, Germany. Elafin is a protein that is produced naturally in
the skin, lung and breast, protecting the respective tissue from
destruction by the immune system. Elafin's ability to block the
activity of destructive enzymes that are involved in inflammatory
reactions makes it a highly promising active compound for the
treatment of inflammatory lung diseases or severe reperfusion
injuries occurring after heart attacks, serious injuries and organ
transplantation. The excellent tolerability of Elafin in human
subjects was demonstrated in a Phase I clinical single dose
escalating study. Birge Bargmann, CEO of Proteo: "This license
agreement is an important step to make our innovative drug
development available to patients in the near future. With
Minapharm, we have won a renowned company to market Elafin in the
MENA region." Wafik Bardissi, M.D., Chairman & CEO of
Minapharm: "Adding up Elafin to our pipeline is a significant boost
to our clinical development and R&Dprogramme with a promising
new molecular entity. The success of Minapharm's currently
marketed, novel but still affordable, recombinant DNA products has
impressed the medical and business community at large while
refuting the perceived dichotomy of financial gains versus moral
obligations. We pledge to bridge the gap between innovative
therapeutic proteins and needy patients in our part of the world."
About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded
in April 2000 and in the same year was taken over by the
US-American holding company PROTEO Inc. The company researches,
develops and markets compounds for biological and medical research
as well as for use as pharmaceuticals. PROTEO holds the production
and utilization rights for recombinant human Elafin. PROTEO intends
to out-license selected indications and to establish international
strategic alliances in order to open up new fields of application
and for marketing. On recommendation of the European Medicines
Agency (EMEA), Proteo Biotech AG received orphan drug status from
the EU commission for its candidate drug Elafin for the treatment
of pulmonary arterial hypertension (PAH) and chronic thromboembolic
pulmonary hypertension early in 2007. This will safeguard the
company's exclusive marketing rights within the EU for a period of
10 years after acquiring approval. The federal state of
Schleswig-Holstein funds the innovative development venture of
PROTEO Biotech AG with money from the European Fund for Regional
Development (EFRE). About Minapharm Minapharm, headquartered in
Cairo with its production facilities in the tenth of Ramadan, is
among the leading prescription medicine companies in Egypt and the
Middle East. The company is specialized in the manufacture and
marketing of innovative pharmaceuticals and through its subsidiary
Rhein-Minapharm-Biogenetics, in the research, development and
manufacturing of biopharmaceuticals. Its biotech subsidiary is
focussing on the core therapeutic areas of liver disease and
thrombosis & haemostasis. With three therapeutic proteins
already marketed and several in the pipeline, Minapharm's
competence lies in decreasing time to market without compromising
ethical and safety standards. By combining its expertise in
pharmaceuticals and leadership in biopharmaceuticals Minapharm,
along with its worldwide strategic alliances, contributes
significantly to the quality of life of many people in the region.
Minapharm employs a collective workforce of over 700 and is listed
on the Cairo and Alexandria stock exchange (www.minapharm.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-KSB 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. Contact: Nils Wichmann, PhD Proteo Biotech AG Am
Kiel-Kanal 44 D-24106 Kiel Email : info@proteo.de Telefon:
+49(0)431 8888462 Fax : +49(0)431 8888463 or Frank Muller R&D
Manager Minapharm Pharmaceuticals Email : mueller@minapharm.com
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