Paracelsian Announces Kubota Deal and Management Change
ITHACA, N.Y., Jan. 31 /PRNewswire/ -- Paracelsian, Inc. (OTC Bulletin Board: PRLN - news) ITHACA, N.Y., announced today that Paracelsian and Kubota Corporation have signed a final Licensing Agreement for the sale of Paracelsian's Ah Immunoassay in the Japanese market. The Ah Immunoassay is used to detect dioxin contamination in the environment. Signed at a formal ceremony hosted by Kubota, the final agreement provides Paracelsian with licensing fees and a royalty on sales in the Japanese market. In return, Paracelsian provides Kubota with an exclusive license to manufacture and distribute the Ah-Immunoassay in Japan. Kubota, a company with approximately $9 billion of revenue, is a leader in the control and resolution of environmental contamination problems in Japan.
Paracelsian also announced today that Dr. T. Colin Campbell has been named Chairman, CEO & President. Dr. Campbell replaces Bernard M. Landes, who had served as Paracelsian's Chairman, CEO and President the previous two years. The Company and Mr. Landes are expected to collaborate fully to ensure a smooth transition to new leadership under Dr. Campbell.
Dr. Campbell served on the Board of Directors of Paracelsian for several years prior to taking this new position. In addition to his experience as a Director of Paracelsian, Dr. Campbell is a co-founder and Director of BioSignia, Inc. -- a biotechnology company based in the Research Triangle region of North Carolina. He has also served as a Director of PacificHealth Laboratories, Inc. -- a publicly traded dietary supplement company based in Woodbridge, New Jersey.
In addition to this business experience, Dr. Campbell holds a tenured faculty position at Cornell University and is world-renowned as a nutritional researcher, having directed the internationally acclaimed, 20-year research study known as the ``Cornell-Oxford-China Diet and Health Project. Dr. Campbell's prior experience also includes a noteworthy connection with Paracelsian's Ah Immunoassay, now the subject of the agreement with Kubota. While employed at MIT earlier in his career, Dr. Campbell was among the first to isolate dioxin-a highly toxic environmental contaminant and the subject of Paracelsian's Ah Immunoassay.
``Bernie Landes contributed significantly to our opportunity with Kubota, and to other aspects of Paracelsian's business such as the BioFIT program,' said Campbell. ``Our challenge now is to build on these successes by aggressively taking Paracelsian into the marketplace,' continued Campbell. ``We intend to continue the marketing efforts initiated under Mr. Landes, but to also expand aggressively into Asian markets, especially in China, where I have had 20 years of experience with colleagues in senior positions-we believe Paracelsian's core technologies and its new internet initiative will have substantial value in the China market,' concluded Campbell.
Paracelsian is a unique biotechnology company with three primary areas of focus. Paracelsian's Internet business leverages extensive relationships in China, along with expertise in nutritional science, to provide an exchange of unique health products and research services. Second, Paracelsian develops functional bioassays, which are the basis of its BioFIT(TM) Quality Assurance program for herbs, botanicals and other dietary supplements. And third, Paracelsian develops technologies useful in the detection and monitoring of environmental contaminants such as dioxin. |
