Milkhaus Laboratory to Spin Out Veterinary Products Subsidiary.Business Editors/Health/Medical Writers PROVIDENCE, R.I.--(BUSINESS WIRE)--Nov. 15, 2002 Milkhaus Laboratory, Inc., a clinical stage biopharmaceutical Company, announced today that it would spin out its veterinary products subsidiary know as Milkhaus Veterinary Products, Inc. or "MVP (Multimedia Video Processor) A high-speed DSP chip from Texas Instruments, introduced in 1994. Officially introduced as the TMS320C80, it combines RISC technology with the functionality of four DSPs on one chip. ." The Company also announced that Mr. Thomas Hatch would join the new corporate entity as its President and 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. . "By financing and operating MVP as a separate company, we'll be able to accelerate the development of our veterinary products and enhance shareholder value. The parent will retain an equity position in MVP and there is a licensing agreement whereby each has access to discoveries made by the other in their respective therapeutic domains, human and veterinary products respectively," said Dr. John McMichael John McMichael (known as 'Big John') was a leading Northern Ireland loyalist who rose to become the most prominent figure within the Ulster Defence Association. McMichael initially rose to prominence in the UDA in the 1970s, where he became known for his belief in the unique , CEO of Milkhaus Laboratory, Inc. Dr. McMichael continued: "Mr. Hatch brings to MVP the unusual combination of experience as a senior executive in both the animal health and biotech industries. Most recently, Tom was responsible for business and product development at Neogen's veterinary division. Neogen is a successful public company with a strong franchise in equine health products. Prior to that, he was President & CEO of ImmuCell Corporation, whose business included both human and animal therapeutics." In commenting on his appointment, Mr. Hatch said: "This is an extraordinary opportunity to focus more resources on a product-rich technology platform. MVP is presently conducting an APHIS-authorized trial of its product, LDI-100, for the treatment of canine mast cell tumors A mast cell tumor is a type of tumor consisting of mast cells that is found in many species of animals. It is also known as a mastocytoma, which in human medicine can refer to an accumulation or nodule of mast cells that resembles a tumor. and is currently evaluating its product, MVP-03, for equine heaves heaves, chronic pulmonary emphysema in horses. Heaves is characterized by the disruption of normal lung tissue with resultant loss of the lung's elastic recoil. A forced expiratory effort is needed to empty the lungs of air. . The next product candidate for clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy is for feline and canine diabetes." He concluded: "From first hand experience, I know the market potential for each of these products is very substantial and I'm excited to joint the MVP team." |
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