DNAPrint genomics Acquires 18% Stake in German Company
13 Juli 2005 - 11:01PM
PR Newswire (US)
DNAPrint genomics Acquires 18% Stake in German Company Creates New
Product Pipeline for Pharmaceutical Products SARASOTA, Fla., July
13 /PRNewswire-FirstCall/ -- DNAPrint genomics, Inc. (OTC:DNAG)
(BULLETIN BOARD: DNAG) today announced that it has acquired an 18%
stake in Biofrontera AG of Leverkusen, Germany, for 1.5 million
euros. In connection with the transaction, two DNAPrint executives,
Richard Gabriel and Hector Gomez, remained on the Biofrontera Board
of Directors. "Our relationship with Biofrontera will result in a
new pharmaceutical pipeline for DNAPrint genomics," stated Mr.
Gabriel, the Company's President and Chief Executive Officer.
"Biofrontera already is in Phase II clinical trials with its
BF-Derm1 lead product, an anti-itch compound for chronic Urticaria,
known as chronic itching and welts brought on by exposure to cold
or other allergens that cause a severe skin immune response. It
also has a Phase II clinical trial compound for pre-cancerous skin
lesions or actinic keratosis known as 5-aminolevulonic acid.
Additionally, Biofrontera has advanced a novel prophylactic
migraine treatment to pre-clinical development, as well as a series
of other compounds at the pre-clinical stage." Hector J. Gomez,
M.D., Ph.D., DNAPrint's Chairman and Chief Medical Officer, said
the Biofrontera investment is in line with the Company's corporate
strategy to leverage its expertise in DNA technology in the
development of pharmaceuticals. "We already have one drug in our
product pipeline and have begun pre-clinical work with Harvard
Medical School's Beth Israel Deaconess Medical Center on PT-401, or
Super EPO, a more potent compound for the anemia drug
erythropoietin (EPO)," Dr. Gomez said. "The key goal of our
pharmaceutical research is the development of test/drug
combinations for helping to ensure efficacy with compatible
patients." DNAPrint genomics also is continuing to expand its line
of forensic products for the law enforcement market and family
ancestry products for individual consumers. "We believe the
acquisition of Biofrontera AG shares and our presence on the Board
of Directors will enable both companies to enhance their abilities
to develop products and services and to market and sell their
products," Mr. Gabriel noted. "Over the next several months we plan
to expand our relationship with Biofrontera, especially in the drug
development arena, and we plan to take advantage of each others'
locations to help promote our respective products and services in
each others' markets." About DNAPrint genomics, Inc. DNAPrint
genomics, Inc. ( http://www.dnaprint.com/ ) is a developer of
genomics-based products and services focused on drug development,
pharmacogenomic diagnostic tests, forensics technology and consumer
genetic tests. The Company's first theranostic product (test/drug
combination) is PT- 401, a "Super EPO" (erythropoietin) dimer
protein drug for treatment of anemia in renal dialysis patients
(end stage renal disease). Currently in pre- clinical development,
PT-401 will be targeted to patients with a genetic profile
indicating their propensity to have the best clinical response.
Forward-Looking Statements All statements in this press release
that are not historical are forward- looking statements. Such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected,
including, but not limited to, uncertainties relating to
technologies, product development, manufacturing, market
acceptance, cost and pricing of DNAPrint's products, dependence on
collaborations and partners, regulatory approvals, competition,
intellectual property of others, and patent protection and
litigation. DNAPrint genomics, Inc. expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward- looking statements contained herein to
reflect any change in DNAPrint's expectations with regard thereto
or any change in events, conditions, or circumstances on which any
such statements are based. Company Contact: Richard Gabriel CEO and
President 941-366-3400 -or- Ron Stabiner The Wall Street Group,
Inc. 212-888-4848 DATASOURCE: DNAPrint genomics CONTACT: Richard
Gabriel, CEO and President, DNAPrint genomics, +1-941-366-3400; or
Ron Stabiner, The Wall Street Group, Inc., +1-212-888-4848, for
DNAPrint genomics Web site: http://www.dnaprint.com/
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