SOURCE: Novo Energies Corporation

October 03, 2011 12:15 ET

Novo Energies Corp. Announces Shareholder Update

NEW YORK, NY--(Marketwire - Oct 3, 2011) - Novo Energies Corp. (OTCBB: NVNC) has today announced a shareholder update whereby the Company voluntarily retracts the press release that it issued on May 19th, 2011 titled "Novo Energies Corp. Enters into a Memorandum of Understanding to Acquire Biotech Firm Immunovative Clinical Research Inc." Earlier this year on May 17th, 2011 the Company entered into a Memorandum of Understanding ("MOU") with Immunovative Clinical Research Inc. ("ICRI"), a Nevada Corporation and wholly-owned subsidiary of Immunovative Therapies, Ltd., an Israeli Corporation ("Immunovative"), pursuant to which the Company and ICRI shall pursue a merger resulting in the Company owning ICRI.

Despite the decision to voluntarily retract the press release, the MOU described therein is still in effect. Novo Energies and Immunovative are now discussing how, and if, to proceed with the MOU and are considering proceeding with an exclusive world-wide license arrangement of all current and future intellectual properties that have been granted or pending in the United States and/or Internationally.

On September 29, 2011, Immunovative provided Novo Energies with a copy of a letter, dated September 26th, 2011 that ICRI received from the U.S. Department of Health & Human Services, Food & Drug Administration (the "FDA"). In that letter, the FDA considers terminating the Investigational New Drug Application ("IND") related to AlloStim™ due to alleged deficiencies in the IND and/or in the conduct of the investigations under the IND. ICRI has been given the opportunity by FDA (within the next 30 days) to provide a written explanation or correction or may request a conference with the FDA to provide the requested explanation. After such response or correction the FDA may decide to accept Immunovative's response as a sufficient remedy to the outstanding issues or may take action to pursue terminating the IND, or may result in Immunovative voluntarily withdrawing the IND.

Dr. Michael Har-Noy, Immunovative's CEO, stated: "We are currently working closely with our regulatory consultants in order to respond completely and fully to the FDA and attempt to address all their concerns. Over the past year, we have made considerable changes and improvements in the manufacturing and formulation processes of our living cell product and these changes have not yet been submitted to FDA review. Should we be able to resolve these problems with the FDA, we plan to submit regulatory documents seeking FDA clearance for a Phase II randomized study."

Novo Energies Corp. has also set out the reasons for the retraction in a current report on Form 8-K filed today with the U.S. and Securities and Exchange Commission (the "SEC"). A copy of that current report may be found on the SEC's EDGAR filing system on the SEC's website (www.sec.gov).

DISCLAIMER

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Novo's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which Novo has little or no control. Such forward-looking statements are made only as of the date of this release, and Novo assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Novo's Form 10-K for its fiscal year ended March 31, 2010, and other documents filed from time to time by Novo with the Securities and Exchange Commission.

Contact Information

  • For more information, please contact:

    Mr. Antonio Treminio
    Chairman & Chief Executive Officer
    Novo Energies Corporation
    New York: +1-212-315-9705
    Montreal: +1-514-840-3697
    Email: Email Contact