Irvine, CA – Kiel, May 7, 2010 – Proteo, Inc. (OTCBB: PTEO; Frankfurter Freiverkehr: WKN: 925981) and its wholly-owned subsidiary Proteo Biotech AG announced today a cooperation with the Molecular Imaging North Competence Center (MOIN CC) at the Christian-Albrechts University of Kiel. The federal state of Schleswig-Holstein is backing the creation of MOIN CC with 8.2 million EUR using funding from the federal state and the European Regional Development Fund (ERDF), as well as resources from the second national economic stimulus package.
The establishment of MOIN CC creates an infrastructure for networking between universities and industry in order to promote regional knowledge transfer and sustainable economic growth. Molecular imaging is considered to be one of the most dynamic fields of innovation and growth in medicine. The visualization of molecular, biochemical or cellular processes using adapted radiological procedures makes more exact diagnoses possible, allowing the use of therapies that are tailored to the patient and offering better chances of a cure. The emphasis of MOIN CC is centered on the core competences of the Christian-Albrechts University of Kiel and the University Medical Center of Schleswig-Holstein. The seven projects involve research into cancer and inflammation, areas in which extensive know-how already exists in the form of an Excellence Cluster, a Collaborative Research Center and Priority Research Programmes. As a cooperating partner Proteo Biotech AG is participating in a project with its pharmaceutically active substance Elafin. Oliver Wiedow, founder of Proteo Biotech AG and Professor of Dermatology at the University of Kiel: »The funding of MOIN CC by the federal state of Schleswig-Holstein will create a valuable structure for further development of translational medical research at the university and the cooperating companies, particularly in the area of drug development.«
The company researches, develops and markets compounds for biological and medical research as well as for use as pharmaceuticals. The main focus is on anti-inflammatory drugs, in particular the human elastase inhibitor Elafin. The excellent tolerability of intravenously administered recombinant Elafin was demonstrated convincingly in a Phase I clinical trial. The results of a Phase II clinical trial for the treatment of postoperative inflammatory reactions of esophagus carcinoma are currently being evaluated. Proteo's licensing and development partner, Minapharm Pharmaceuticals SAE, has initiated a further Phase II clinical trial using Elafin in patients undergoing kidney transplantation. This trial is for the prevention of acute and chronic organ rejection reactions (allograft nephropathy) and will be conducted at the University of Cairo. As a further cooperation partner the University of Edinburgh has planned a clinical trial to study the effects of Elafin in the context of bypass operations after a heart attack. Proteo is planning the out-licensing of selected indications and the initiation of strategic alliances to open up new areas of application and their commercialization.
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-K 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