May 20, 2014
Proteo Inc. announced today that its German subsidiary, Proteo Biotech AG, has entered into an agreement with the US company Biotech Development Corp. (BDC). Proteo Biotech AG is developing the orphan medicinal product Tiprelestat (Elafin) for prophylactic treatment of acute postoperative inflammatory complications after resection of esophageal cancer in the European Union. In February 2014, Proteo received Protocol Assistance (scientific advice for orphan medicines) from the Committee for Medicinal Products for Human Use (CHMP) at the European Medicines Agency (EMA) with respect to the strategy for further clinical development and marketing authorization. Under the terms of the agreement, BDC will support the future development including a pivotal clinical study by providing Proteo with total funds of EURO 3.5 million (approx. US$ 4.8 million) in return for a share of future revenues for Elafin in this indication.
Proteo, Inc. is a Nevada corporation and has one wholly owned subsidiary, Proteo Biotech AG, a German corporation. The Company is a clinical stage drug development company focusing on the development of anti-inflammatory treatments for rare diseases with significant unmet needs (www.proteo.us).
Biotech Development Corp., based in Farmington (UT), is specialized in financing clinical studies of biopharmaceuticals for rare diseases. BDC’s Financing-Revenue Sharing Model is an alternative or a supplement to equity financing for Startups and Small Business. For more information, visit: www.biotech-dev.com