SOURCE: New Life Scientific Inc

May 03, 2006 08:30 ET

New Life Scientific and Biorigen Srl Announce Strategic Alliance Agreement

FREEHOLD, NJ -- (MARKET WIRE) -- May 3, 2006 -- New Life Scientific, Inc (OTC BB: NWLS) today announced that it has entered into a strategic alliance with Biorigen Srl, (Genoa, Italy), a Biotech Company with certain intellectual properties and Centro Biotecnologie Avanzate (Genoa, Italy) to pursue development of a series of research projects, the first one being the project of "Bone Repair by Tissue Engineering" that is using novel biotechnology. Under the agreement, NWLS and Biorigen are to establish a joint venture, which obtains global rights with Biorigen Srl retaining rights for the European Union and countries of the Mediterranean Basin and Middle East.

The new technology is intended to treat large bone defects, due to either pathologies or trauma and can also be used for modeling of bone in repair of bone defects. The final goal of the project is the commercialization of a new bone grafting/modeling technology.

The parties will collaborate in the development of the product, with Biorigen Srl being responsible for the pre-clinical development and jointly with NWLS, clinical development, and NWLS being responsible for registration and marketing of the product in the assigned market territories.

The development of this innovative and novel proprietary technology is applicable to long bone grafting and other bone reconstruction, such as in neurosurgery, maxillo-facial and dental surgery. The technology involves a novel method of presentation of pluripotent mesenchymal stem cells derived from either bone marrow aspirate or small biopsies of periosteum and expanded in culture. This technology extends viability and activity of mesenchymal stem cells and will result in a more efficient and reproducible bone healing.

"This is just the first step in a broad application of this technology in this growing and increasingly important field of modern medicine. We believe this will generate additional revenues for our company," states Henry Val, NWLS's Chief Executive Officer. "Our scientific partners Biorigen and Centro Biotecnologie Avanzate have outstanding records as leaders in research of tissue bio-engineering and regenerative medicine."

About New Life Scientific, Inc. (OTC BB: NWLS): New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products including vaccines and stem cell-based treatment modalities and to expand through our own research, collaborations, acquisitions and in-licensing. NWLS utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and under-valued biotechnologies in the countries of Eastern Europe, with the further intent of their commercialization. NWLS recently acquired Novo Life Scientific (Ukraine), the holder of a cooperation agreement with the Institute of Molecular Biology and Genetics of the Ukrainian Academy of Sciences (IMBG). NWLS has also recently acquired PharmaTrials International (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical, biotech and medical device companies worldwide. NWLS has also recently acquired Invamed Pharma, with expertise in development and commercialization of pharmaceutical/biotech products coming from its own pipeline of in-licensed and new therapeutic classes as well as reformulation of existing products using InvaPharm proprietary technology to improve therapeutic potential of drugs.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    For: New Life Scientific, Inc.
    Henry Val
    Tel: 732.303.7341
    Email: Email Contact