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| [November 09, 2012] |
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RBCC and Amarantus BioSciences Outline Terms for NuroPro Parkinson's Blood Test Joint Venture
NOKOMIS, Fla., & SUNNYVALE, Calif. --(Business Wire)--
Rainbow BioSciences, the biotech subsidiary of Rainbow Coral Corp.
(OTCBB: RBCC), and Amarantus BioSciences, Inc. (OTCQB: AMBS), a
biotechnology company developing new disease-modifying treatments and
diagnostics for Parkinson's disease and Traumatic Brain Injury, have
finalized the framework of their proposed joint venture (JV) and will
execute material definitive agreements within 30 days.
The JV's first priority will be to advance Amarantus' NuroPro
Parkinson's Diagnostic Blood Test ("NuroPro") towards commercialization.
NuroPro works by identifying differentiated levels proteins and peptides
in the blood of patients who have Parkinson's disease, versus those who
do not.
Under the terms of the pending agreement, RBCC will invest $150,000 in
various funding tranches to re-establish the NuroPro 2D Gel platform and
re-analyze samples from the previous Phase 1 clinical trial. Thereafter,
the JV will further fund the Phase 2 clinical trial. RBCC will be repaid
for their investment out of proceeds from the sales generated by NuroPro
and will share revenues once the initial investment is repaid. RBCC has
received a commitment from private, outside sources to provide the
capital necessary to fund the JV.
NuroPro has completed a Phase 1 human clinical trial, and JV will
initiate a Phase 2 clinical study upon successfully repeating the Phase
1. Upon completing Phase 2, RBCC and Amarantus expect NuroPro to begin
generating revenue through sales under a Clinical Laboratory Improvement
Amendment (CLIA) certification.
"We've identified valuable upside in NuroPro, and we expect this project
to begin paying for itself within a short period of time," said
Amarantus President & CEO Gerald Commissiong. "The ability to advance
NuroPro that will simultaneously generate revenue while bolstering our
MANF program by allowing our clinical researchers to more efficiently
select and monitor Parkinson's patients in our therapeutic program
represents a tremendous opportnity. The timing of initiating the JV
will allow us to begin moving NuroPro forward in 2013."
The market for Parkinson's could grow to a value of $3.75 billion by
2015, according to a report last year by Visiongain (News - Alert) analysts. RBCC
expects its deal with Amarantus to help position the company to
capitalize on that growth and generate revenue in the near-term.
For more information on Rainbow BioSciences, please visit www.rainbowbiosciences.com/investors.html.
About Rainbow BioSciences
Rainbow BioSciences, LLC, is a wholly owned subsidiary of Rainbow Coral
Corp. (OTCBB: RBCC). The company continually seeks out new partnerships
with biotechnology developers to deliver profitable new medical
technologies and innovations. For more information on our
growth-oriented business initiatives, please visit our website at [http://www.RainbowBioSciences.com].
For investment information and performance data on the company, please
visit www.RainbowBioSciences.com/investors.html.
About Amarantus BioSciences, Inc.
Amarantus BioSciences, Inc. (OTCBB: AMBS) is a development-stage
biotechnology company founded in January 2008. The Company has a focus
on developing certain biologics surrounding the intellectual property
and proprietary technologies it owns to treat and/or diagnose
Parkinson's disease, Traumatic Brain Injury and other human diseases.
The Company owns the intellectual property rights to a therapeutic
protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor
("MANF") and is developing MANF-based products as treatments for brain
disorders. The Company also is a Founding Member of the Coalition for
Concussion Treatment (#C4CT), a movement initiated in collaboration with
Brewer Sports International seeking to raise awareness of new treatments
in development for concussions and nervous-system disorders. For further
information please visit www.Amarantus.com.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This news release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements that include the words "believes," "expects,"
"anticipate" or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of the company
to differ materially from those expressed or implied by such
forward-looking statements. In addition, description of anyone's past
success, either financial or strategic, is no guarantee of future
success. This news release speaks as of the date first set forth above
and the company assumes no responsibility to update the information
included herein for events occurring after the date hereof.
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