RBCC's Pending JV Partner Amarantus Licenses Alzheimer's Blood Test Breakthrough
NOKOMIS, Fla.--(BUSINESS WIRE)-- Rainbow Coral Corp.'s (OTCBB: RBCC) pending joint venture partner Amarantus BioScience, Inc. (OTCBB: AMBS) announced last week that it has licensed a highly promising new diagnostic known as the LymPro Alzheimer's Disease Diagnostic Blood Test (LymPro) from Memory Dx, LLC (MDx).
LymPro works by identifying immune-based biomarkers in the blood of patients suffering from Alzheimer's, thereby diagnosing the disease and allowing physicians to definitively differentiate from other forms of dementia, reducing the need for much costlier brain scans.
The diagnostic has the potential to become an invaluable new tool in Alzheimer's clinical trials, where there has been a well-documented history of patient recruitment errors related to inaccurate diagnosis of the disease.
LymPro has received over $3 million in research grants from the National Institutes of Health (NIH) and completed two phase one clinical studies in over 80 patients, showing 98% sensitivity and 96% specificity for Alzheimer's disease diagnosis. Now the diagnostic is ready to move into a phase two validation study. If successful, LymPro can begin generating revenue as a laboratory developed test ("LDT") within 18 months of study initiation through commercial sales and through sales to companies performing Alzheimer's disease clinical research.
"LymPro has undeniable clinical and commercial potential as a diagnostic blood test for Alzheimer's disease, and this license strengthens Amarantus' diagnostic pipeline considerably," said RBCC CEO Patrick Brown. "We are continuing to discuss partnership opportunities with Amarantus and look forward to collaborating further in 2013."
The partnership will focus on the development and marketing of the diagnostic to a clinical population hungry for effective new tests and treatments for neurological diseases.
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.
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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