VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Advanced Proteome Therapeutics Corporation (TSX VENTURE:APC) (the "Corporation" or "APC") is pleased to announce that it has entered into an agreement for a feasibility study with a leading global pharmaceutical company interested in evaluating APT's proprietary crosslinking technologies.
Per the agreement, APC will chemically modify a specified entity by site-specifically attaching it to a variety of carriers that are designed to afford improved properties in clinical settings. Key properties of the modified entities will then be evaluated. APC has developed technology and filed patent applications to cover its inventions in the area of protein modification which it believes provide important scientific and commercial advantages that could be demonstrated under the terms of the agreement.
"This agreement is an important step for Advanced Proteome Therapeutics as our scientists have developed several potential drugs and diagnostics that have advanced to testing stages, which have been an outgrowth of our platform technologies. The opportunity to apply our platform to a specific initiative of a leading global pharmaceutical company will accelerate its further development and expand its scope. This agreement positions our Company for ongoing collaborations, business agreements, and should stimulate interest from additional top-tier partners," said Alexander Krantz, President and CEO of APC.
"Having rebranded our protein modification technology to Swift Linkage Multivalent Technology™ (SLMT) has helped raise our visibility with pharmaceutical and biotechnology companies in search of novel broad-based platform technologies involving protein modification, and we anticipate moving forward on various applications of our SLMT™ platform."
APC's primary corporate primary mission is to apply its proprietary drug delivery and drug redevelopment technologies to produce new, improved versions of therapeutic proteins and pioneer the emerging field of protein-site targeting. The market for diagnostics and therapeutic proteins and peptides is expected to surpass more than 50 Billion USD by the year 2010 and is the fastest growing segment of the pharmaceutical market. Future growth however depends largely on the industry overcoming a number of hurdles, including drug delivery challenges and the need for homogeneous conjugates that APC is attempting to address.
ON BEHALF OF THE BOARD
Alexander (Allen) Krantz, President and Chief Executive Officer
The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in financing conditions, and changes in FDA regulations.
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