SOURCE: Proteonomix

Proteonomix

June 14, 2010 09:45 ET

Proteonomix (PROT) Applauds Costa Rica's Health Ministry Action to Limit the Types of Companies That Are Offering Medical Treatments Using Unproven Stem Cell Treatments

MOUNTAIN SIDE, NJ--(Marketwire - June 14, 2010) -  PROTEONOMIX, INC. (PINKSHEETS: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, applauds the actions taken by the Costa Rican Ministry of Health to crack down on unauthorized stem cell clinics. The chief of the ministry's research council, Dr. Ileana Herrera, stated, "If (stem cell treatment's) efficacy and safety has not been proven, we don't believe it should be used."

Mr. Michael Cohen, Chairman and CEO of Proteonomix, stated, "We have no doubt that stem cell therapies will be a major factor in combating a variety of medical conditions but it is essential that it be undertaken only after the clinical results determine that such a course of action is efficacious. Too much hype about cures for all types of diseases is diminishing the potential value of stem cells and could unduly delay future progress in stem cell treatments and research. Medical tourism is not a dirty word, if established in an ethical and professional manner."

Cohen added, "At Proteonomix we have adopted a rigorous and cautious approach that will ensure that patients that are ultimately treated by us have confidence that the procedures will be safe, relatively low cost and offering the best chance for alleviating their specific medical condition. Our research progress has been dramatic and the procedures and intellectual property portfolio, made up of a significant number of pending patents, have resulted in Proteonomix emerging as a leader in the development of stem cell medical treatments."

"The mission of one of our subsidiaries, Proteonomix Regenerative Translational Medicine Institute, Inc. ('PRTMI'), is to translate the most promising internal and external stem cell biology and cellular therapy to clinical applications of regenerative medicine. PRTMI will undertake the creation of a global, single standard, cellular laboratory that will seek to create a seamless transition between laboratories and patient care facilities."

Mr. Cohen concluded, "We view joint ventures with appropriate strategic partners as a key to the success of Proteonomix and, at the appropriate time, anticipate that PRTMI will engage in such discussions."

About Proteonomix, Inc.:

Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. Proteoderm, Inc. a wholly owned subsidiary of Proteonomix has recently opened its retail web site, Proteoderm.com, and begun accepting pre-orders for its anti-aging line of skin care products. StromaCel, Inc.'s goal is the development therapeutic modalities for the treatment of Cardiovascular Disease (CVD). StromaCel, Inc. is pursuing the licensing of other technologies for therapeutic use. National Stem Cell, Inc. is Proteonomix's operating subsidiary. The Sperm Bank of New York, Inc., engaged in reproductive tissue banking, including sperm, ova, ovarian tissue and testicular tissue, is a subsidiary of National Stem Cell, Inc. Proteonomix Regenerative Translational Medicine Institute, Inc. ("PRTMI") intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies. Please also visit http://www.proteonomix.com/, http://www.proteoderm.com/, http://www.otcqb.com/ and http://www.sec.gov/.

Forward-looking statements:

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Proteonomix, Inc. cautions that statements made in this press release constitute forward-looking statements and makes no guarantee of future performance. Actual results or developments may differ materially from projections. Forward-looking statements are based on estimates and opinions of management at the time statements are made.

Contact Information

  • CONTACT:

    Michael Cohen,
    Proteonomix, Inc.
    (973) 795-1208

    Donald C. Weinberger / Adam Lowensteiner
    Wolfe Axelrod Weinberger Assoc. LLC
    (212) 370-4500
    (212) 370- 4505 FAX