IGSM Concludes Negotiations With Biotech Company
August 27 2012 - 7:02AM
Marketwired
IGSM Group, Inc. (PINKSHEETS: IGSM) has concluded negotiations with
a Biotech Company to commercialize the opportunity presented by a
small protein named Crotamine. Crotamine is a Cell Penetrating
Peptide ("CPP"), which can act as a neurotoxin by attaching to
sodium channels, can locate and penetrate rapidly dividing cells
such as bone marrow or tumor cells, and has demonstrated toxicity
to tumor cells. A recent scientific publication revealed that
Crotamine could deliver genes into replicating cells in laboratory
bench studies (in-vitro) and animal models (in-vivo).
The Biotech Company recently obtained an exclusive worldwide
development agreement with patent holders associated with Crotamine
for development of the peptide's medical applications. The Biotech
Company focuses on clinical projects, which create its ability to
monetize the development agreement, and therefore makes a joint
venture with IGSM very beneficial for the Biotech Company and
patent holders. These discussions are memorialized in a Memorandum
of Understanding ("MOU") that outlines IGSM and the biotech
company's intended three-phased approach to rapid commercialization
and funding.
Much research has been published on their use, this quote from
PHARAMCEUTICALS publication (www.mdpi.com/journal/pharmaceuticals -
March 2010) sums up the capabilities IGSM is pursuing; "...
cell-penetrating peptides (CPPs) have been considered one of the
most promising tools to improve non-invasive cellular delivery of
therapeutic molecules."
"Although still reviewing IGSM's current subsidiaries, the
opportunity afforded us in development of this Biotech Company fits
in with our new mission statement of 'The IGSM Group, Inc. opens
new markets through incubation of a diverse group of businesses,
providing its expertise in multi-disciplines through the incubation
process,'" said Mr. H. Francis Fytton, IGSM Group, Inc. Chairman
and CEO. "We intend to complete and announce a definitive Letter of
Intent for this joint venture and then begin the process of funding
the joint venture shortly."
In the coming weeks, IGSM will provide specific details of the
acquisition, new investor materials and commentary from management
on the refined IGSM business plan and its implementation.
Safe Harbor Statement
The statements in this release that relate to the Company's
expectations with regard to the future impact on the Company's
results from new products in development are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The results anticipated by any or all of these
forward-looking statements may not occur. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events or changes in the Company's plans or
expectations.
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