TORONTO, Canada - September 21, 2010 - Arch Biopartners Inc. (“Arch” or the “Company”) announced that it has formed a new American subsidiary, Colorado Cancer Therapeutics (“CCT”) with leading University of Colorado biochemists Dr. Lajos Gera and Dr. Robert Hodges. Additionally, CCT has acquired an option to enter into an exclusive license to commercialize specific pre-clinical, anti-cancer compounds invented at the University of Colorado and Emory University by Drs. Lajos Gera, Robert Hodges, Paul Bunn, John Stewart, Dan Chan, and Leland Chung and Daqing Wu.
As consideration for the option, Arch will pay approximately $12,000 USD to CU, and will pay for patent costs incurred during the period of the option. As pre–conditions to exercising the option, Arch will perform further pre-clinical validation studies and assess the commercial viability of the technology. Arch will have up to January 1, 2012 to complete this assessment and exercise the option.
Arch has recently engaged the chemistry services of Dr. Hodges and Dr. Gera as ongoing support for its three existing research platforms.
Colorado Cancer Therapeutics was formed to acquire and develop anti-cancer compounds. CCT joins Arch Inflammation, Arch Biophysics and Arch Cancer Therapeutics as the fourth platform in Arch Biopartners’ portfolio. Currently, Arch owns two thirds of the equity of CCT, with the remainder owned by Dr. Gera and Dr. Hodges.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for sale to pharmaceutical and industrial companies. For more information on the Company, please consult the other public documents including all press releases, management information circular, financial statements and management discussion and analysis filed on SEDAR at www.sedar.com . The company’s website address is www.archbiopartners.com .
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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