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Gold/Mining/Energy : Procyon Biopharma Inc. -- Ignore unavailable to you. Want to Upgrade?

To: thebeach who wrote (289)	10/5/2000 10:05:29 PM
From: thebeach	Read Replies (1) \| Respond to of 356

CAN ANYONE FIGURE OUT WHY THIS STOCK IS NOT MOVING UP? Procyon BioPharma signs letter of intent with Biovation Procyon BioPharma Inc PBP Shares issued 43,217,544 Oct 4 2000 close $2.000 Oct 5 2000 6:00:27 Mr. Hans Mader reports Procyon BioPharma signed a letter of intent with Biovation Ltd., of Aberdeen, Scotland, to enter into an agreement for the development of chimeric and de-immunized ANA therapeutic monoclonal antibodies. These antibodies are part of the ANA pipeline, which Procyon has been developing, with the lead therapeutic candidate designated as 2C5. The ANA antibody platform has multiple applications including therapeutic, diagnostic and vaccine products. These treatment modalities are also applicable to a wide variety of cancers such as lymphoma, melanoma and colorectal cancers. The proposed collaboration with Biovation Ltd. will accelerate the development of the ANA technology resulting in an IND to conduct human clinical trials late in 2001. The LOI calls for a definitive agreement to be in place within 30 days. The definitive agreement will spell out in greater detail, the development plans, milestones, deliverables and contractual obligations. "This is a significant milestone for us in the development of our ANA platform technology," said Hans J. Mader, president and chief executive officer of Procyon. "We believe that Biovation's proprietary de-immunization technology will allow us to make important progress in moving the ANA technology closer to the market." Commenting on the proposed collaboration, Frank J Carr, Biovation's CEO, said: "We are very excited about working with Procyon and about the prospects for ANA therapeutic monoclonal antibodies. The use of such antibodies for diagnosing and treating a wide range of cancers makes the ANA technology very attractive and we are honored to be a part of this unique development." Biovation is a private U.K.-based biopharmaceutical company specializing in antibody and protein engineering technology. The company's proprietary de-immunization technology is designed to prevent adverse immunological reactions in patients which can limit the therapeutic potential of monoclonal antibodies and other proteins. Biovation has, to date, applied this technology for partners in the United States, Europe, Australia, Taiwan and Japan, leading to several new product candidates for a variety of diseases. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com