Irvine, CA / Kiel, January 25, 2008 – Proteo, Inc. (OTCBB: PTEO; Frankfurter Freiverkehr: WKN: 925981) and its wholly-owned subsidiary Proteo Biotech AG announced todaya collaboration with Stanford University.
The Kiel based company has concluded an agreement with Prof. Marlene Rabinovitch, Research Director of the Vera Moulton Wall Center for Pulmonary Vascular Disease at Stanford University. As a member of the Scientific Advisory Board of the Primary Pulmonary Hypertension Association and an author of numerous publications on pulmonary arterial hypertension (PAH), she ranks among the most important experts on this topic worldwide.
It was agreed that in Stanford preclinical studies on PAH will be performed that will yield important results on the mechanism of action of Elafin in this disease. Despite advances in the treatment of PAH, a disease that primarily affects young women, it is still fatal within a few years. Birge Bargmann, CEO of Proteo Biotech AG: “We are very pleased that we could gain such an experienced partner as Marlene Rabinovitch in order to acquire a solid basis for the further development of Elafin in the treatment of PAH.” The collaboration with the Stanford University is particularly welcome, since they have well established experimental models for PAH. Further, Marlene Rabinovitch and her team already have considerable experience with elastase inhibitors such as Elafin.
Marlene Rabinovitch: “I was very excited about the announcement that Proteo has secured orphan drug status in Europe for elafin for the treatment of pulmonary arterial hypertension. We look forward to using Elafin in additional preclinical studies in our labs to support the advancement of this drug.”
“The mode of action is completely independent of existing therapies and we hope, that Elafin promises not only timely symptom relief in PAH but also reversal of the pathology” explained Professor Oliver Wiedow, Chairman Proteo, Inc.
Elafin is a protein that is produced naturally in the skin, lung and breast, protecting the respective tissue from destruction by the immune system. Elafin’s ability to block the activity of destructive enzymes that are involved in inflammatory reactions makes it a highly promising active compound for the treatment of inflammatory lung diseases or severe reperfusion injuries occurring after heart attacks, serious injuries and organ transplantation. The excellent tolerability of Elafin in human subjects was demonstrated in a Phase I clinical single dose escalating study. On recommendation of the European Medicines Agency (EMEA), Proteo Biotech AG received orphan drug status from the EU commission for its candidate drug Elafin for the treatment of pulmonary arterial hypertension (PAH) and chronic thromboembolic pulmonary hypertension early in 2007. This will safeguard the company’s exclusive marketing rights within the EU for a period of 10 years after acquiring approval.
PROTEO Biotech AG, based in Kiel, Germany was founded in April 2000 and in the same year was taken over by the US-American holding company PROTEO Inc. The company researches, develops and markets compounds for biological and medical research as well as for use as pharmaceuticals. PROTEO holds the production and utilization rights for recombinant human Elafin. PROTEO intends to out-license selected indications and to establish international strategic alliances in order to open up new fields of application and for marketing (www.proteo.de).
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-KSB 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