|By Business Wire||
|February 6, 2014 05:00 AM EST||
Rainbow Bioscience, the biotech division of Rainbow Coral Corp. (OTCBB: RBCC), announced today that it is seeking out new capital partners to help expand marketing and streamline development on the BiO Assay, a 3D bioprinting system poised to potentially revolutionize the drug development industry.
Developed by RBCC joint venture partner Nano3D Biosciences (n3D), the BiO Assay is the world’s first commercially available 3D bioprinting system designed for high throughput and high-content drug screening. The automated toxicity assay uses biocompatible magnetic nanoparticles to print cells into 3D structures much faster and more affordably than competing bioprinting tech currently on the market.
The market-ready technology could represent the dawn of a new era in pharmaceutical research, offering better and faster results than have previously been possible. Now, RBCC is lining up investors to help put the BiO Assay into the hands of researchers who need it most.
“We believe there is truly a global market for this product, as there’s nothing else quite like it in use today,” said RBCC CEO Kimberly Palmer. “In order to elevate its development, production and marketing to meet demand, we’re going to need some forward-looking capital investors.”
Healthcare-related 3D printing is such a hot sector that industry analysts Transparency Market Research predicted last year that the market will enjoy a compound annual growth rate of 15.4 percent over the next six years, expanding from a value of $345 million in 2012 to nearly a billion dollars in 2019. RBCC formed a biotech subsidiary, Rainbow Biosciences, to market and develop innovations such as the BiO Assay in order to compete alongside companies such as Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Amgen Inc. (NASDAQ: AMGN).
About Rainbow Biosciences
Rainbow Biosciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The Company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit www.RainbowBioSciences.com. For investment information and performance data on the Company, please visit www.RainbowBioSciences.com/investors.html.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.