Kiel, Germany, Oktober 20, 2006 – The anti-inflammatory agent Elafin, which is the lead product of PROTEO BIOTECH AG a wholly owned subsidiary of PROTEO Inc. / USA (OTCBB: PTEO; WKN: 925981), has been selected as one of the Top 10 unpartnered licensable cardiovascular drugs in development. The selection was made by Windhover Information Inc. an established provider of business information for decision makers in the biotechnology and pharmaceutical industries. PROTEO will be presenting the Elafin project at the “Windhover´s Therapeutic Alliances Cardiovascular Conference” in Chicago on the 16th of November.
The independent selection committee was led by Marc Wortman Ph.D, a contributing author of Windhover´s “In Vivo” and “Start Up”, and Ed Salzman, President of “Defined Health”, a consulting firm for business development strategies. On the basis of comprehensive source material from both organisations, the jury evaluated the market potential of hundreds of new compounds that are currently being developed worldwide for the treatment of cardiovascular diseases. The criteria assessed included the market potential of the product, the strength of the company, the potential for strategic developmental partnerships as well as the quality of the science and the diversity of indications.
“Selected companies have been screened using a strict set of judging criteria for the top 10 award, and represent what our committee considered the most attractive cardiovascular licensing opportunities the industry has to offer,” stated Roger Longman of Windhover Information.
Birge Bargmann, CEO of PROTEO Biotech AG stated: “Receiving this distinction from such a renowned panel of experts is a great honour for us. This ranking validates our previous successes and the future potential of Elafin, our core product.“
Elafin is a protein that is produced naturally in the skin, lung and breast, protecting the respective tissue from destruction by the immune system. Elafin´s ability to block the activity of destructive enzymes that are involved in inflammatory reactions makes it a highly promising active compound for the treatment of inflammatory lung diseases or severe reperfusion injuries occurring after heart attacks, serious injuries and organ transplantation. The excellent tolerability of Elafin in human subjects was demonstrated in a Phase I clinical single dose escalating study.
PROTEO Biotech AG, based in Kiel, Germany was founded in April 2000 and in the same year was taken over by the US-American holding company PROTEO Inc. The company researches, develops and markets compounds for biological and medical research as well as for use as pharmaceuticals. PROTEO holds the production and utilization rights for recombinant human Elafin. PROTEO intends to out-license selected indications and to establish international strategic alliances in order to open up new fields of application and for marketing. The federal state of Schleswig-Holstein funds the innovative development venture of PROTEO Biotech AG with money from the European Fund for Regional Development (EFRE).
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements and risks and uncertainties involved are further qualified by other factors including, but not limited to those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Barbara Kahlke, Ph.D.
Proteo Biotech AG
Am Kiel-Kanal 44
Telephone: +49 431 8888-462
Fax: +49 431 8888-463