Amarantus BioScience Acquires Neurodegenerative Diagnostic Intellectual Property Portfolio From Power3 Medical Products
SUNNYVALE, Calif., Dec. 26, 2012 /PRNewswire/ -- Amarantus BioScience, Inc. (OTCQB: AMBS), a biotechnology company developing treatments and diagnostics for diseases associated with neurodegeneration and apoptosis, today announced the Company has purchased all of the intellectual property (IP) assets from Power3 Medical Products. Power3 was in bankruptcy, giving Amarantus the ability to acquire all of Power3's the IP for the diagnosis of multiple neurodegenerative diseases and oncology for $40,000 USD.
With the acquisition of these assets, Amarantus added following issued patents to its portfolio:
- 12/802,630 – Diagnosis of Parkinson's Disease
- 13/118,175 – Assays for diagnosis and therapeutics...ALS and Parkinson's Disease
- 12/069,807 – 47 Protein Biomarkers for Neurodegenerative Diseases
- 12/804,868 – Assays for Amyotrophic Lateral Sclerosis (ALS) and ALS-like disorders
- 13/153,669 – Diagnosis of Alzheimer's Disease
As part of the transaction, Amarantus took ownership of 20 pending patent applications covering a variety of biomarkers and assays related to the treatment of various diseases including Parkinson's, Alzheimer's, and ALS, as well as patent applications related to Breast Cancer, neuromuscular disease and Chronic Myelogenous Leukemia (CML). The Company also acquired all of the data generated by Power3 while creating its IP portfolio. All of the disease states covered by the intellectual property acquired from Power3 are related to Programmed Cell Death (Apoptosis).
"The patents, patent applications and supporting data sets acquired as part of this as transaction are a tremendous addition to our intellectual property estate, and fit well into the overall diagnostics strategy Amarantus is pursuing to support our therapeutics programs," said Gerald E. Commissiong, President and CEO of Amarantus. "We are now poised to advance our diagnostic pipeline for Parkinson's disease and Alzheimer's disease towards commercialization."In addition, Amarantus has retained the services of Dr. Essam Sheta, former CLIA Laboratory Director at Power3, to assist the Company in preparing the Phase 2 validation study required to gain Clinical Laboratory Improvement Amendments (CLIA) certification. Upon CLIA certification, the Company intends to begin the commercial sale of the NuroPro ® Parkinson's Disease Blood Test. Earlier this year, Amarantus entered into an exclusive worldwide license agreement with Power3 for the Company's NuroPro Blood Test as it relates to Parkinson's disease diagnosis. With the acquisition of Power3's IP, Amarantus now owns the patents underlying the license and has no further financial obligations to Power3.
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