RBCC Prepares Term Sheet to Present to Amarantus
NOKOMIS, Fla.--(BUSINESS WIRE)-- Rainbow BioSciences, the biotech division of Rainbow Coral Corp. (OTCBB: RBCC), announced today that it has prepared a joint venture term sheet for presentation to Amarantus BioSciences (OTCBB: AMBS), the makers of a revolutionary new diagnostic platform for Parkinson's disease.
If the term sheet is approved by Amarantus, both parties will move forward with a joint venture agreement as soon as possible, said RBCC CEO Patrick Brown.
The first project planned for the joint venture will be the commercialization of NuroPro, a sophisticated new test developed to more accurately and easily diagnose Parkinson's disease. NuroPro works by identifying differentiated levels proteins and peptides in the blood of patients who have the disease.
The test has already completed a Phase 1 human clinical trial. The proposed joint venture would be responsible for initiating Phase 2 clinical studies next year. Upon completing Phase 2, NuroPro could begin generating revenue through sales under the Clinical Laboratory Improvement Amendment (CLIA) certification.
Parkinson's typically occurs in older people, and as the world's population ages, incidence of the disease is on the rise. To battle Parkinson's, more than 150 drugs are currently in the pipeline around the world—a majority of them in the pre-clinical stage. According to a recent report by Visiongain, the market for these drugs could grow to a value of $3.75 billion over the next three years.
NuroPro is key to RBCC's plans to capitalize on this growth. For more information on Rainbow BioSciences, the biotech subsidiary of Rainbow Coral Corp., please visit www.rainbowbiosciences.com/investors.html.
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.
Rainbow Coral Corp.
Patrick Brown, 813-367-9511
President and CEO
KEYWORDS: United States North America Florida
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