VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 30, 2017) -
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bioMmune Technologies Inc. (TSX VENTURE:IMU) (the "Company"), a Vancouver-based biotechnology company, is pleased to announce that effective Thursday, March 30, 2017, the Company has changed its name to Pascal Biosciences Inc. ("Pascal"). Effective Friday, March 31, 2017, in connection with the name change, the Company's shares will trade under the new stock symbol "PAS" on the TSX Venture Exchange.
This name change reflects the Company's a newly focused effort to bring novel immunotherapy discoveries into the clinic. Blaise Pascal was an inventor, physicist, mathematician, and philosopher. With our new name, we are energized to discover new pharmaceuticals that benefit human health.
The name change was approved by the Company's board of directors in accordance with the articles of the Company. There is no consolidation or change in the share capital of the Company. No action is required by stockholders with respect to the name change. The name change will not affect stockholders' rights or the validity or transferability of any outstanding stock certificates.
Patrick Gray, President and CEO of Pascal, commented, "We are very pleased to announce the name change of the Company to Pascal Biosciences Inc., which we believe better reflects the new business strategy we plan to execute. We will continue to focus on cancer, autoimmunity and infectious diseases and advance our three main programs. We look forward to providing further updates on our strong program pipeline scheduled for this year."
Pascal Biosciences will continue to focus on cancer, autoimmunity, and infectious disease and will continue to advance its three main programs. In our cancer program, the Company has used proprietary screening methods to identify novel compounds that reveal metastatic cancer cells to the host immune system. A number of these compounds have acceptable pharmacological properties and are effective in promoting immune responses towards metastatic tumours in animal models of cancer.
In its second program, the Company has created a panel of novel biologics directed at calcium channels predominantly expressed in the immune system. Regulation of calcium channel activity can modify disease outcome in several autoimmune diseases. Additionally, specific calcium channels have been found to be upregulated in hematopoietic tumours, making them potentially vulnerable to our therapeutic agents.
The third program is aimed at improving vaccine performance. The Company has completed an initial trial of a new vaccine format for Influenza A. The lymphocyte cell surface protein CD74 is critical for the immune response to fight foreign antigens. Using a proprietary formulation, this platform augments the acquired immune response against influenza. In a humanized animal model of Influenza A, this formulation outperformed a conventional vaccine.
On Behalf of the Board of Directors
Patrick W. Gray, President & CEO
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: products that we develop may not succeed in preclinical or clinical trials, or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward- looking statements and information to reflect subsequent events or circumstances, except as required by law.
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