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 sophisticated 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.