|By Marketwired .||
|August 26, 2014 10:15 AM EDT||
CHICAGO, IL -- (Marketwired) -- 08/26/14 -- Panther Biotechnology, Inc. (OTCQB: PBYA) announced today the appointments of Mr. David Barshis and Mr. James Sapirstein to the company's Board of Directors. In addition the Panther announced it has secured an option agreement on a license for its lead technology, Numonafide a potential blockbuster novel small molecule compound in the liquid and solid tumor cancer market place, with Northwestern University.
Mr. Barshis has over twenty-five year's entrepreneurial experiences in organizing and managing life science ventures in the U.S. and internationally. He has developed multiple start-up companies from the ground up and developed them into publicly traded entities on the U.S. and Canadian stock exchanges. Mr. Sapirstein brings over thirty years of pharmaceutical industry experience to the Company having served in various roles in research, development and sales. More recently James served as Chief Executive Officer to a number of biotechnology and healthcare companies from start-ups to fully operational and profitable entities. Full biographies are posted on the Company's web site www.pantherbiotechnology.com.
Irwin Zalcberg, Chairman of Panther, commented, "With the additions of David and James we have advanced our goals of organizing a team necessary to oversee, evaluate and assist in the execution of our plans to begin to develop important cancer treatments and shepherd these treatments through early and later stage clinical studies. Adding the strong backgrounds in research, clinical development, management and pharmaceutical industry expertise we feel we are poised to move Panther into a fully functioning drug development company."
In addition the Company is announcing it has secured an option on a license and is working on finalizing the formal license for its lead technology candidate, Numonafide, from Northwestern University. Numonafide, a derivative of the widely studied drug Amonafide, is a DNA intercalator and topoisomerase 2 inhibitor. Through research completed at Northwestern University this derivative has shown to compose all of the positive cancer inhibitory abilities of Amonafide while avoiding the toxic metabolism demonstrated with the Drug. Dr. Jayesh Mehta, M.D. Director of Panther, commented, "We have been evaluating the positive in-vitro and in-vivo results being achieved with this technology and are looking to accelerate its development into human clinical studies. We look forward to partnering with Northwestern University to complete pre-clinical development activities and prepare this drug for introduction to patients."
Panther Biotechnology, Inc.
Panther Biotechnology is a newly formed entity focused on the acquisition and development of therapeutics for the treatment of leukemia, lymphoma, myeloma and other cancers. The Company will focus on identifying promising anti-cancer therapeutic candidate that are optimized derivatives of widely studied products or re-purposed existing marketed compounds. The first product candidate, Numonafide, will be evaluated for the treatment of patients with Acute Myeloid Leukemia (AML). The AML market is anticipated to grow to $1.67 billion dollars by 2020 in G8 countries and it is Panthers belief that there are insufficient treatment options available to treat patients.
Except for statements that are historical, the statements in this release are "forward-looking" statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Panther cannot ensure that it will be able to achieve a license for Numonafide on a commercially acceptable or reasonable basis and may not be able to attract the necessary funding to advance the project in a timely manner. In addition, Panther cannot ensure that clinical results related to in-vivo and in-vitro studies of Numonafide will reproduce the positive results achieved to date. Finally, Panther cannot be sure that it will be able to obtain regulatory approval for the commercial marketing of its treatment for Patients with AML and there may be other treatments in development that are approved before Panthers.
Richard P. Rainey
Chief Executive Officer