Proteo, Inc./Proteo Biotech AG - Minapharm/Rhein Minapharm Biogenetics SAE: Proteo Biotech, Germany and Minapharm, Egypt enter into development and license agreement for Elafin



    Proteo Biotech AG / Contract/Alliance

    IRVINE, CALIF./KIEL, GERMANY/CAIRO, EGYPT, August 9 /CNW/ - Proteo, Inc.
(OTCBB: PTEO; Frankfurt Freiverkehr: WKN: 925981) and its wholly-owned
subsidiary Proteo Biotech AG together with Minapharm Pharmaceuticals SAE
(Cairo and Alexandria Stock Exchange: MIPH) and its subsidiary Rhein Minapharm
Biogenetics SAE announced today:

    Proteo and Rhein Minapharm have entered into a license agreement for
clinical development, production and marketing of Elafin. Rhein Minapharm will
exclusively market Elafin in Egypt, Middle Eastern and African countries.
Proteo will receive an upfront payment, milestone-payments and royalties on
net product sales. In addition, Minapharm will take over the funding of
clinical research activities for the designated region. The agreement
schedules the transfer of the biotechnological production process of Elafin to
Cairo. This process is based on Hansenula polymorpha, a yeast technology
licensed by ARTES Biotechnology GmbH, Germany.

    Elafin is a protein that is produced naturally in the skin, lung and
breast, protecting the respective tissue from destruction by the immune
system. Elafin's ability to block the activity of destructive enzymes that are
involved in inflammatory reactions makes it a highly promising active compound
for the treatment of inflammatory lung diseases or severe reperfusion injuries
occurring after heart attacks, serious injuries and organ transplantation. The
excellent tolerability of Elafin in human subjects was demonstrated in a Phase
I clinical single dose escalating study.

    Birge Bargmann, CEO of Proteo: "This license agreement is an important
step to make our innovative drug development available to patients in the near
future. With Minapharm, we have won a renowned company to market Elafin in the
MENA region."

    Wafik Bardissi, M.D., Chairman & CEO of Minapharm: "Adding up Elafin to
our pipeline is a significant boost to our clinical development and
R&Dprogramme with a promising new molecular entity. The success of Minapharm's
currently marketed, novel but still affordable, recombinant DNA products has
impressed the medical and business community at large while refuting the
perceived dichotomy of financial gains versus moral obligations. We pledge to
bridge the gap between innovative therapeutic proteins and needy patients in
our part of the world."

    About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded in
April 2000 and in the same year was taken over by the US-American holding
company PROTEO Inc. The company researches, develops and markets compounds for
biological and medical research as well as for use as pharmaceuticals. PROTEO
holds the production and utilization rights for recombinant human Elafin.
PROTEO intends to out-license selected indications and to establish
international strategic alliances in order to open up new fields of
application and for marketing. On recommendation of the European Medicines
Agency (EMEA), Proteo Biotech AG received orphan drug status from the EU
commission for its candidate drug Elafin for the treatment of pulmonary
arterial hypertension (PAH) and chronic thromboembolic pulmonary hypertension
early in 2007. This will safeguard the company's exclusive marketing rights
within the EU for a period of 10 years after acquiring approval. The federal
state of Schleswig-Holstein funds the innovative development venture of PROTEO
Biotech AG with money from the European Fund for Regional Development (EFRE).

    About Minapharm Minapharm, headquartered in Cairo with its production
facilities in the tenth of Ramadan, is among the leading prescription medicine
companies in Egypt and the Middle East. The company is specialized in the
manufacture and marketing of innovative pharmaceuticals and through its
subsidiary Rhein-Minapharm-Biogenetics, in the research, development and
manufacturing of biopharmaceuticals. Its biotech subsidiary is focussing on
the core therapeutic areas of liver disease and thrombosis & haemostasis. With
three therapeutic proteins already marketed and several in the pipeline,
Minapharm's competence lies in decreasing time to market without compromising
ethical and safety standards. By combining its expertise in pharmaceuticals
and leadership in biopharmaceuticals Minapharm, along with its worldwide
strategic alliances, contributes significantly to the quality of life of many
people in the region. Minapharm employs a collective workforce of over 700 and
is listed on the Cairo and Alexandria stock exchange (www.minapharm.com)

    Forward-Looking Statements Certain statements in this news release may
contain forward-looking information within the meaning of Rule 175 under the
Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of
1934, and are subject to the safe harbor created by those rules. All
statements, other than statements of fact included in this release, including,
without limitation, statements regarding potential future plans and objectives
of the company, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from
those anticipated in such statements. Technical complications that may arise
could prevent the prompt implementation of any strategically significant
plan(s) outlined above. The company cautions that these forward looking
statements and risks and uncertainties involved are further qualified by other
factors including, but not limited to those set forth in the company's Form
10-KSB filing and other filings with the United States Securities and Exchange
Commission. The company undertakes no obligation to publicly update or revise
any statements in this release, whether as a result of new information, future
events or otherwise.

    
    Contact:
    Nils Wichmann, PhD
    Proteo Biotech AG
    Am Kiel-Kanal 44
    D-24106 Kiel
    Email : info@proteo.de
    Telefon: +49(0)431 8888462
    Fax : +49(0)431 8888463
    or
    Frank Muller
    R&D Manager
    Minapharm Pharmaceuticals
    Email : mueller@minapharm.com
    




For further information:

For further information: Proteo Biotech AG Nils Wichmann, PhD Am
Kiel-Kanal 44 D-24106 Kiel info@proteo.de Telefon: +49(0)431 8888462 Fax :
+49(0)431 8888463 or Minapharm Pharmaceuticals Frank Muller R&D Manager
mueller@minapharm.com

Organization Profile

PROTEO BIOTECH AG

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890