Osta Biotechnologies Inc.

Osta Biotechnologies Inc.

July 17, 2007 12:27 ET

Osta Receives Notice of Intent to Grant Patent from European Patent Office on Key Patent

MONTREAL, QUEBEC--(Marketwire - July 17, 2007) - The issue of this press release is limited to Canada only. This press release should not be issued in the United States through U.S. news wire agencies.

Osta Biotechnologies Inc. (TSX VENTURE:OBI) today announced that it has received a notice of intent to grant patent from the European Patent Office for one of the key patents entitled "PTHrP based prediction and diagnosis of bone disease". The company has licensed this technology from McGill University, Montreal and is advancing the clinical development of a novel prognostic blood test for assessing the risk of developing low bone mass and osteoporosis. To date, the company has obtained promising clinical results on 264 males and 33 pre-menopausal females from clinical studies conducted in Montreal and in Helsinki, Finland. Pending the successful completion of additional clinical studies, the company plans to license out this test to pharmaceutical/diagnostic companies in 2009.

Osteoporosis is currently only diagnosed when a patient's bone strength has decreased to the point whereby fragility fractures could occur with only minimal stress. This so-called "fracture threshold" is currently assessed by measuring a patient's bone mineral density ("BMD") and comparing the results with the norm for the age, gender and race of the individual in question. Once a patient surpasses the fracture threshold, however, (s)he is already at high risk of having a fracture and has few effective treatment options at such a late stage of the condition. At present, there are no commercial blood based prognostic tests for assessing the risk of developing low bone mass and osteoporosis. Pending a successful clinical validation, Osta's prognostic test could potentially be available to patients well before the use of BMD tests and could therefore, better assist doctors and patients in choosing BMD test frequency and preventative therapy.

Osta Biotechnologies Inc.

Osta is a biopharmaceutical company listed on the TSX Venture Exchange dedicated to developing novel diagnostics and therapeutics in the areas of Alzheimer's disease, Cancer, Osteoporosis and X-linked hypophosphatemic rickets (XLH).

Certain information in this press release is forward-looking and is subject to numerous risks and uncertainties. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include actions of Osta's competitors, and those inherent in scientific research and development.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Osta Biotechnologies Inc.
    Mr. Alain Geahchan
    Director of Operations
    Osta Biotechnologies Inc.
    Dr. Ajay Gupta
    Chairman & CEO