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| [November 26, 2012] |
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RBCC JV Target Amarantus Explores Orphan Drug Designation for MANF
NOKOMIS, Fla. --(Business Wire)--
Rainbow Coral Corp. (OTCBB: RBCC) joint venture target Amarantus
BioSciences (OTCBB: AMBS) recently announced the company will seek
orphan drug designation from the FDA for MANF, the therapeutic protein
developed to treat Parkinson's disease and traumatic brain injuries.
The Orphan Drug Act, passed by Congress in 1983, provides for the
granting of special status to a product used to treat rare diseases.
Orphan drug designation means that the drug sponsor qualifies for
certain benefits, such as reduced taxes, from the federal government.
While Parkinson's disease and traumatic brain injury are both
afflictions suffered by large populations of patients worldwide,
Amarantus' research indicates that MANF may also be well-suited to
treating many rare and ultra-rare neurological ailments, as well. By
pursuing orphan drug status, the joint venture could potentially
fast-track MANF on an accelerated timetable requiring fewer and smaller
clinical trials for commercialization.
Competitors such as Genzyme, FerroKin Biosciences and Alexion
Pharmaceuticals have leveraged orphan drugs into buyouts totaling
billions of dollars in recent years, raising Amarantus' expectations for
MANF.
Amarantus recently received millions in new funding to continue their
research and development work. The joint venture's first priority will
be the speedy commercialization of Amarantus' NuroPro, a sophisticaed
test developed to more accurately and easily diagnose Parkinson's
disease.
For more information on Rainbow BioSciences' neurological treatment
initiatives, please visit www.rainbowbiosciences.com/investors.html.
Rainbow BioSciences is dedicated to developing new medical and research
technology innovations to compete alongside companies such as Amgen Inc.
(NASDAQ: AMGN), Cell Therapeutics, Inc. (NASDAQ: CTIC) and Abbott
Laboratories (NYSE: ABT).
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 [www.RainbowBioSciences.com].
For investment information and performance data on the company, please
visit www.RainbowBioSciences.com/investors.html.
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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