SOURCE: Advanced Proteome Therapeutics Corporation

Advanced Proteome Therapeutics Corporation

July 31, 2017 08:00 ET

Advanced Proteome Therapeutics Announces 2017 AGM Results and Corporate Update

VANCOUVER, BC--(Marketwired - July 31, 2017) - Advanced Proteome Therapeutics Corporation ("APC" or the "Company") (TSX VENTURE: APC) (FRANKFURT: 0E8) a biotechnology company focused on developing superior targeted protein therapeutics, today announced the election of its board of directors from its Annual General Meeting (the "AGM") of shareholders, held on Wednesday July 26, 2017.

Shareholders elected Dr. Randal D. Chase (President and CEO of the Company), Dr. Alexander (Allen) Krantz (CSO, COO and Secretary of the Company), Thom Skinner and Paul Kirkconnell as directors of the Company.

Additionally, the shareholders of the Company passed the following resolutions:

  1. Re-Appointment of Dale Matheson Carr Hilton Labonte LLP, Chartered Accountants., as auditors of the Company for the ensuing year.
  2. Number of directors be fixed at 4 for the ensuring year.
  3. Approval of the Company's 10% rolling stock option plan.

Operational Update

The Company's management is pleased to provide its shareholders an overview of the progress of the Company during FY 2017.

The Company continues to drive towards the development of their own product suite as well as showing viability of their novel linker technology for licensing purposes. In FY 2017 major strategic and operational changes have taken place to set the stage for a future of rapid growth.

Milestones achieved during FY 2017 include:

  • Signing of a Collaboration Agreement with a world class research institution: APC acquired an option from the University of Toronto, Center for Commercialization of Antibodies and Biologics (CCAB) to license associated intellectual property providing rights to certain prospective antibody drug conjugates (ADCs) as potential treatments for cancer.
  • New additions to the board of directors: APC appointed Thom Skinner and Paul Kirkconnell, both experienced biotech and pharma executives to assist in the Company's aggressive growth plans.
  • Acceptance into JLABS @Toronto: APC was accepted into Johnson & Johnson Innovation, JLABS @ Toronto, joining other select early stage companies at the state of the art facility starting May 1, 2017.
  • Advancement of a collaboration with Heidelberg Pharma: Heidelberg Pharma features the toxin amanitin for attachment to antibodies to form antibody-drug conjugates, which is being pursued in a joint effort with APC. Results with APC's proprietary linker technology have been encouraging and are advancing progressively.
  • Collaboration with National Research Council of Canada: APC will be collaborating with NRC to further develop APC technology.
  • Applying for variety of grants and non-dilutive financing opportunities

"We are very pleased to state that we have gathered substantial momentum in our programs during 2017 and we have been able to make key structural and operational changes within the organization," stated Dr. Randal Chase, President and CEO of the Company. "We are now in a position to successfully execute on our growth strategy of partnering our proprietary linker technology with leading institutions around the world, and developing our product suite."

ABOUT THE COMPANY:

Advanced Proteome Therapeutics Corporation is developing a proprietary technology to directly target cancerous tumors and avoid destroying normal cells. This type of agent is capable of greater potency, higher specificity, and lower toxicity than other therapies that can also attack healthy cells. Advanced Proteome is working to streamline the process by which these agents are prepared, which to date, has been extremely cumbersome, limiting their potential.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This communication contains certain forward-looking statements relating to the Company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "will", "should", "future", "potential" or similar expressions or by a general discussion of the Company's strategies, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.

Contact Information

  • Advanced Proteome Therapeutics Corporation
    Dr. Randal D. Chase
    President and CEO
    Tel: 905-252-3629
    www.advancedproteome.com
    Advanced Proteome Therapeutics Corporation

    Babak Pedram
    Investor Relations
    Virtus Advisory Group Inc.
    Tel: 416-644-5081
    bpedram@virtusadvisory.com