RBCC JV Target Amarantus Secures $1.1 Million in Financing
NOKOMIS, Fla.--(BUSINESS WIRE)-- Rainbow Biosciences, the biotechnology subsidiary of Rainbow Coral Corp. (OTCBB: RBCC), is pleased to announce that its joint venture target, Amarantus BioSciences (OTCBB: AMBS) has secured over $1.1 million in funding through two separate transactions.
In addition to strengthening the company's balance sheet, financing will go toward funding Amarantus' ground-breaking new treatments and diagnostics for neurological diseases including Parkinson's, Traumatic Brain Injury (TBI), Alzheimer's and more.
RBCC and Amarantus finalized the framework of their proposed joint venture last week.
"This capital infusion will go a long way toward helping to bring Amarantus's incredible breakthroughs to a market that is desperate for a cure," said RBCC CEO Patrick Brown. "This is a company with tremendous upside, and we continue to look forward to participating in its rise."
The JV's first priority will be to advance Amarantus's NuroPro Parkinson's Diagnostic Blood Test ("NuroPro") towards commercialization. NuroPro works by identifying differentiated levels proteins and peptides in the blood of patients who have Parkinson's disease, versus those who do not.
RBCC plans to invest in the ongoing development of NuroPro and to be repaid for their investment out of proceeds from the sales generated by the diagnostic. RBCC will then share in its revenues once the initial investment is repaid.
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. (NAS: AMGN) , Cell Therapeutics, Inc. (NAS: CTIC) , Abbott Laboratories (NYS: ABT) and Affymax, Inc. (NAS: AFFY) .
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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