GammaCan International Announces approval of a $1M Grant from the BIRD Foundation to Develop Anti-Cancer Therapy Drug; Life Therapeutics to Partner in Joint Study.GIV'AT SHMUEL, Israel & ATLANTA -- GammaCan International (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GCAN), and Life Therapeutics (ASX ASX See: Australian Stock Exchange :LFE LFE Low Frequency Effects LFE Lean Front End (software) LFE Laminar Flow Element LFE Learning From Experience LFE Large Final Emitter (environment) LFE Leicester, Forest, East ) today announced a joint effort to develop VitiGam, an innovative anti-cancer product designed to target metastatic malignant melanoma patients with Stage III and IV disease, in connection with a grant to be provided by the BIRD Foundation. The approval of the $1M grant is subject to the execution of a Cooperation and Project Funding Agreement between the companies and the Foundation within the next four months. In addition, during this time, the companies must finalize the project structure, cost and timelines. "We are extremely pleased to have been approved for this grant by the foundation," said Patrick Schnegelsberg, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GammaCan. "This positive assessment is the first outside review since we announced our shift in focus onto VitiGam. The Foundation's independent body has thoroughly evaluated our business plan and we are pleased and proud to be a part of their distinguished stable of companies. This award further strengthens Israeli-US efforts to jointly grow the biotechnology sector." Dr. Hari Nair, CEO of Life Therapeutics said, "We are looking forward to working with GammaCan on this project which will utilize specialty plasma from our plasma collection centers as well as the potential use of the Gradiflow, our patented, preparative pre·par·a·tive adj. Serving or tending to prepare or make ready; preliminary. n. Something that prepares for or acts as a preliminary to something following. electrophoresis system." About VitiGam: VitiGam is GammaCan's second generation intravenous IgG-based product and a first-in-class anti-cancer immunotherapy. GammaCan plans on having VitiGam enter phase I/II testing under a US IND in the near future after recently holding a pre-IND meeting with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . VitiGam is being designed to target metastatic melanoma patients with Stage III and IV melanoma. VitiGam is an IgG product that is different from standard IgGs: It is manufactured from the plasma of donors with vitiligo vitiligo or leukoderma Skin disorder manifested by smooth, white spots on various parts of the body. Though the pigment-making cells of the skin, or melanocytes, are structurally intact, they have lost the ability to synthesize the pigment. , a benign autoimmune skin condition affecting up to 2% of the general population. GammaCan scientists have shown that this "enriched" vitiligo IgG (VitiGam) contains potent anti-melanoma activity in both in vitro and mouse xenograft xenograft /xeno·graft/ (zen´o-graft) a graft of tissue transplanted between animals of different species; it may be concordant, melanoma models. Thus, GammaCan expects VitiGam to provide (1) anti-melanoma activity directed specifically against malignant melanoma cells and (2) non-specific anti-cancer activity - as is the case with IgG in general. About the BIRD Foundation: The Israel-U.S. Binational bi·na·tion·al adj. Of, relating to, or involving two nations. Industrial Research and Development (BIRD) Foundation promotes strategic partnerships between Israeli and American companies in various technological fields. BIRD assists, free of charge, in the identification of strategic partners for development of joint products. The BIRD Foundation funds are repaid only as royalties on actual sales. The Foundation provides funding of up to 50% of project expenses, from R&D to the initial stages of sales and marketing. In projects that do not reach actual sales, BIRD participates in the risk without demanding repayment of its investment. The BIRD Foundation works in full cooperation with the Office of the Chief Scientist Office of the Chief Scientist may refer to:
About GammaCan: GammaCan is a biopharmaceutical company focused on clinical-phase development and commercialization. GammaCan's initial therapy under development is a first-in-class anti-cancer immunotherapy aimed at preventing metastasis (the spread of cancer to other parts of the body) of a variety of cancers. GammaCan's first generation product (GCAN101) is currently completing phase II - clinical trials. About Life Therapeutics: Life Therapeutics is an international company that specializes in niche therapeutic hyperimmune hyperimmune /hy·per·im·mune/ (hi?per-i-mun´) possessing very large quantities of specific antibodies in the serum. hyperimmune possessing very large quantities of specific antibodies in the serum. products. It has 14 plasma collection centers around the US and has considerable experience recruiting and collecting hard to find hyperimmune plasma for IND studies and clinical trials Life Therapeutics has 479 employees, located in Australia and the United States with manufacturing operations in both countries and 14 plasma donor centers in eight American states. It recently established its U.S. American Depositary Receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADR ADR - Astra Digital Radio ) Level I program which enables trading in Life Therapeutics shares by U.S. based investors and is an important step toward the company's ultimate objective of achieving a full listing on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on stock exchange. The company's four divisions are all headquartered in Atlanta, Georgia and include: Life Sera, Life Gels, Life Diagnostics, and Life Manufacturing. Life Sera collects specialty plasma, including Anti-D and Hepatitis B from a donor base of more than 5,000 in fourteen U.S. collection centers. The plasma is then sold to blood fractionators who process it into hyperimmune therapeutic products. Life Gels offers pre-cast gels for use in biological research and diagnostic testing, including a variety of electrophoresis systems. It also offers ultra-sensitive and rapid stains, molecular weight markers, and specially formulated buffers. Life Diagnostics provides highly specific diagnostic tests for blood-clotting disorders and source plasma products for blood-borne diseases. Technologies include specialized blood coagulation tests to predict the risk of thrombosis and bleeding disorders. It also collects high-titer source plasma and serum used to make diagnostic kits. Life Manufacturing incorporates the Gradiflow(TM) technology with the manufacture of therapeutic and diagnostic products. Gradiflow(TM) is a patented process that simultaneously purifies proteins and removes all viral pathogens, and infectious prion prion (prī`ŏn), infectious agent thought to cause a group of diseases known as prion diseases or transmissible spongiform encephalopathies. proteins. For more information, visit the companies' websites: www.GammaCan.com and www.life-therapeutics.com . Safe Harbor Statement: Statements in this document that are not purely historical are forward-looking statements. Forward-looking statements in this release include statements regarding the commercialization of an anti-cancer immunotherapy and the Company developing the boosting of cancer patients' immune systems with IVIg into an effective treatment. Actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the planned development of the technology, unforeseen technical difficulties in developing the technology, the inability to obtain regulatory approval for human use, competitors' therapies proving more effective, cheaper or otherwise preferable for consumers, inability to market the product we produce, among other factors, all of which could among other things, delay or prevent product release or cause our company to fail. For further risk factors see the risk factors associated with other early state medical research and development companies filed with the SEC on Edgar. |
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