Radient Pharmaceuticals Announces Formation of New Subsidiary NuVax Therapeutics Inc.
December 07 2010 - 08:45AM
Marketwired
Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) in
partnership with Jaiva Technologies, today announced the formation
of NuVax Therapeutics, Inc. ("NuVax") -- a wholly owned subsidiary
of Radient Pharmaceuticals. The formation of NuVax Therapeutics is
a strategic move on the part of RPC to enhance the Company's Q2
2010 collaboration agreement with U.S.-based Jaiva Technologies --
a biotechnology company focused on the research and development,
distribution, marketing and sales of promising third-party
healthcare technology products.
NuVax, a clinical stage pharmaceutical company, aims to develop
novel immune-gene therapeutics that have the potential to
significantly impact and extend the quality of life for cancer
patients. Through the newly formed NuVax Therapeutics, RPC and
Jaiva Technologies will utilize RPC's Combined Immunogene Therapy
("CIT") cancer therapy to carry out human phase II clinical trials
and develop products that will be first in-line therapies for
largely unmet medical needs for cancer. The rights to RPC's CIT
technology are anticipated to be transferred to NuVax and 100% of
future product development and commercialization, including the
development and in-licensing of the up to five additional
cancer-fighting technologies will be managed through NuVax under
the leadership of Jaiva Technologies Founder, President and CEO Dr.
Umesh Bhatia. Dr. Bhatia's team will be responsible for engagement
with clinical laboratories, hospitals and physicians in multiple
international locations; conducting clinical trials for CIT
technology; securing government approval for the use of CIT as a
cancer therapy and vaccine throughout select markets; expansion and
management of stage II clinical trials in multiple international
locations including the U.S.; and full commercialization of CIT and
all other in-licensed therapies in other select international
markets.
In 2001, RPC acquired CIT for approximately US$2 million in
cash. The Company has since invested approximately US$1 million in
additional capital for patent protection with a U.S. patent issued
May 25, 2004. Developed by Dr. Lung-Ji Chang, CIT is a cancer
therapy that works by simultaneously incorporating two genes
directly into a patient's tumor cells to enhance their immune
system's natural ability to destroy other cancer cells. CIT targets
cancer cells for immunological attack while simultaneously
stimulating a stronger immune response against the tumor cells. Dr.
Chang currently serves as a consultant to RPC for the continued
development of CIT and other gene therapies.
According to RPC Chairman and CEO Mr. Douglas MacLellan, "The
formation of NuVax Therapeutics provides a unique platform to
significantly accelerate and expand our planned collaboration with
Jaiva Technologies, specifically as it relates to the
commercialization of CIT, in-licensing new cancer therapies and
conducting stage II human clinical trials to ultimately introduce
these products to market. Simultaneously, it allows us to dedicate
RPC resources to the continued worldwide commercialization of our
Onko-Sure In Vitro Diagnostic cancer test. Together we anticipate
success through both Companies to drive long-term growth and
shareholder value."
To support the growth and success of NuVax, RPC and Jaiva
Technologies have established an internationally renowned executive
and scientific team and board of directors that include RPC
Chairman and CEO Mr. Douglas Maclellan, RPC COO and Chief Financial
Officer Mr. Akio Ariura, Jaiva Technologies Founder, President and
CEO Dr. Umesh Bhatia, RPC Board member Mr. Michael Boswell, Dr.
Lung-Ji Chang, Professor of Molecular Genetics and Microbiology at
the University of Florida Gainesville, and Dr. Afsaneh
Motamed-Khorasani, Director of Oncology at RPC.
New to the team is Dr. Donald P. Francis
-- Dr. Francis worked for CDC from 1971 to 1992: smallpox
(assigned to WHO) in India, Bangladesh, Sudan and the former
Yugoslavia, cholera in Nigeria, Ebola in Sudan, Assistant Director,
Hepatitis Division, Assistant Director, Virology Division. From
1981 he worked on HIV/AIDS: Coordinator of Laboratory Activities
(Atlanta), Consultant to State of California (Berkeley) and San
Francisco Mayor's office. His AIDS efforts were chronicled in "And
the Band Played On," by Randy Shilts. In 1993 he joined Genentech
where his HIV vaccine work began. In 1995, Dr. Francis co-founded a
spin-off of Genentech called VaxGen where the world's first
efficacy trials were completed in the United States, Canada,
Holland and Thailand. In 2004, Dr. Francis retired from VaxGen to
establish a not-for-profit foundation, Global Solutions for
Infectious Diseases, dedicated to developing vaccines for the less
developed parts of the world. In 2009, the first successful HIV
vaccine trial was reported. That trial used GSID's vaccine combined
in a "prime-boost format" with one from Sanofi. In addition to HIV,
Dr. Francis works with international vaccine manufacturers on
vaccines for dengue and influenza. He is a frequent consultant for
WHO. Dr. Francis is anticipated to serve as an advisor and member
of NuVax's Board of Directors of NuVax.
After completing undergraduate studies at the University of
California at Berkeley, Dr. Francis received his M.D. from
Northwestern University and his Doctor of Science in Virology from
Harvard. In addition, he completed his pediatric training at the
University of Southern California Medical Center in Los Angeles and
his infectious disease training at Harvard.
About Jaiva Technologies Jaiva
Technologies is a US-based biotechnology company founded by Dr.
Umesh Bhatia that is focused on the research and development,
distribution, marketing and sales of promising third-party
healthcare technology products, including RPC's CIT cancer therapy
and vaccine.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is
dedicated to saving lives and money for patients and global
healthcare systems through the deployment of its FDA-cleared In
Vitro Diagnostic Onko-SureĀ® Test Kits for colon-rectal cancer
recurrence monitoring The company's focus is on the discovery,
development and commercialization of unique high-value diagnostic
tests that help physicians answer important clinical questions
related to early disease-state detection, treatment strategy and
the monitoring of disease progression or recurrence. To learn more
about our company, people and potentially life-saving cancer test,
visit.
Forward-Looking Statements: Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this document include certain
predictions and projections that may be considered forward-looking
statements under securities law. These statements involve a number
of important risks and uncertainties that could cause actual
results to differ materially including, but not limited to, the
performance of joint venture partners, as well as other economic,
competitive and technological factors involving the Company's
operations, markets, services, products, and prices. With respect
to Radient Pharmaceuticals Corporation, except for the historical
information contained herein, the matters discussed in this
document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements.
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RPC Contact: Kristine Szarkowitz Director-Investor Relations
Email Contact (Tel : ) 206.310.5323