Jul. 27, 2009 (Filing Services Canada) -- MabCure Inc. (MBCI - OTCBB), a biotechnology company using its proprietary technology to create highly specific monoclonal antibodies (MAbs) for the early detection of cancer, provides update on recent developments, contracts, and corporate activity that have occurred over the past twelve months.
. In June 2008, MabCure closed a $1.3 million private placement that provided the company with working capital to pursue acquisitions.
. In July 2008, the company announced the acquisition of its proprietary platform technology for the rapid and efficient generation of MAbs.
. Also in July 2008, the company announced the appointments of its key management team: Dr. Amnon Gonenne as President and Chief Executive Officer; Dr. Elisha Orr, the inventor of the MAbs technology, as a director and Chief Technology Officer. In August 2008, Ron Kalfus, M.Sc., CPA, a senior executive at Toys "R" Us, Inc. (NJ), joined MabCure as Chief Financial Officer.
. In October 2008, the company established MabCure, N.V., a wholly owned subsidiary in Belgium, in order to accelerate the development and commercialization of MabCure's proprietary products for the early detection of cancer with specific antibodies, and for the creation of highly specific therapeutics against cancer.
. In April 2009, MabCure announced the establishment of its global research facilities on the research campus of Hasselt University. In a joint press release, the Biomedical Research Institute ("BIOMED") of the University of Hasselt and MabCure announced their intent to cooperate on various joint projects, deploying MabCure's technology for the generation of novel antibodies for various applications to autoimmune diseases.
. Also in April 2009, MabCure welcomed Dr. David S. Frank to the company's board of directors; a pharmaceutical industry veteran, Dr. Frank brings to the MabCure board a wealth of expertise from senior level executive positions at Ortho Diagnostics (a division of Johnson & Johnson) and Kodak Clinical Diagnostics.
"It has been an exciting and productive twelve months and we are proud of our success in building the N.V. subsidiary in Belgium with fully operational R&D facility, developing our proprietary platform technology, and establishing partners and alliances," said Dr. Amnon Gonenne, MabCure's President and CEO.
"Looking ahead to upcoming near-term events, we are planning to begin soon our first full scale clinical study of 150 patients at high risk for ovarian cancer (OVCA) ," Dr. Gonenne continues, "with the objective of demonstrating the potency of our MAbs in detecting OVCA in a larger patient population and selecting those MAbs with the highest specificity and sensitivity. These MAbs will become the ultimate candidates for the early diagnosis of OVCA. The initial draft protocol and budget have been approved and we are presently working on the final protocol and associated documents required by the hospital Institutional Review Board (IRB). MabCure is also making progress in generating novel MAbs against additional cancers as well as further characterizing its existing MAbs in order to expand its IP position. We have recently generated our first panel of highly specific MAbs against colon cancer and are now focusing on selecting those MAbs which demonstrate the broadest recognition of diseased tissue. The characterization of MAbs is the key to the selection of those MAbs showing the greatest target specificity. This entails a comparative analysis of their ability to identify only their target tumor tissues, obtained from various patients having the same disease, and their lack of interaction with unrelated cancers or normal tissue. Finally, the company is pursuing full characterization of our established panel of melanoma MAbs, with the intent to file patents and to define their corresponding cancer-specific antigen(s)."
In order to maximize near-term shareholder value and drive revenue, the company is focused on quickly and efficiently developing its highly specific antibodies as diagnostic products to address the multi-billion dollar cancer test market. As the company generates additional resources it will advance these antibodies as therapies and imaging agents.
Dr. Gonenne concludes: "We look forward to a truly exciting period over the next twelve months and to continuing to communicate our future developments to our shareholders and the investment community as we carry out further growth initiatives during 2009."
For more news and information on MabCure Inc., please visit www.IRGnews.com/coi/MBCI where you can find the CEO's video, a fact sheet on the company, investor presentations, and more.
About MabCure Inc.
MabCure is a biotechnology company whose vision is to change the perception of cancer as being a largely incurable disease. MabCure owns proprietary technology for the creation of unique and highly specific monoclonal antibodies (MAbs), which will be developed as diagnostic tools, imaging agents, and drugs to treat lethal cancers. MabCure initial goal is to develop its novel MAbs as diagnostic tools for the detection of Ovarian and Prostate cancers at an early stage, when these diseases are still localized and highly curable. For further information visit the Company's website www.mabcure.com.
This news release contains "forward-looking statements." Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the change of business focus of the management of the Company or the University and the inability of the Company or the University to pursue its current objectives. These forward-looking statements are made as of the date of this news release and the Company or the University assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Dr. Amnon Gonenne, President and CEO
Janet Vasquez, Public Relations, 212-825-3210
James Carbonara, Investor Relations, 212-825-3210
Source: MabCure Inc. (MBCI - OTCBB) http//:www.mabcure.com
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