RBCC Target Amarantus Wins MANF Patent Challenge in Europe
NOKOMIS, Fla.--(BUSINESS WIRE)-- Rainbow Coral Corp. (OTCBB: RBCC) joint venture target Amarantus Bioscience, Inc. (OTCQB: AMBS) recently won a major victory when its patent for MANF, the company's proprietary anti-apoptosis therapeutic protein, was challenged in Europe.
The Opposition Division of the European Patent Office upheld Amarantus' European Patent relating to the neurotrophic factor following opposition by rival Hermo Pharma OY of Finland.
The Opposition Division held that Hermo Phrama's arguments did not prejudice the maintenance of the patent as originally granted, with broad claims covering MANF and its derivatives. The Opponent had not contested the validity of the patent on the basis of novelty or inventive step, but had objected to the broad scope of the claims. After due consideration, the Opposition Division rejected the Hermo Pharma's arguments and upheld the claims without restriction.
"This is a highly significant decision for Amarantus, after an extended period of uncertainty," said Marc Wilkinson PhD, European Patent Attorney of UK firm Avidity IP, representing Amarantus. "The Opposition Division's decision validates broad protection for MANF and derivatives across major European jurisdictions."
The decision was significant for RBCC, as well. The company's biotech subsidiary, Rainbow Biosciences, is close to finalizing a joint venture with Amarantus to develop and market new therapies and treatments for neurological diseases including Parkinson's and Traumatic Brain Injury (TBI) around the world. By upholding the patent, the European Patent Office has cleared the way for potentially lucrative promotion and distribution of MANF on that continent.
Amarantus recently received millions in new funding to continue their research and development work. The joint venture's first priority will be the speedy commercialization of Amarantus' NuroPro, a sophisticated test developed to more accurately and easily diagnose Parkinson's disease.
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) and Abbott Laboratories (NYS: ABT) .
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.
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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 Europe North America Florida
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