NOKOMIS, Fla.--(BUSINESS WIRE)--Rainbow Biosciences, the biotechnology subsidiary of Rainbow Coral Corp. (OTCBB: RBCC), announced today that the company is currently discussing a potential joint venture with emerging biotech innovator Amarantus BioSciences (OTCBB: AMBS).
Amarantus owns the rights to a potential cure for Parkinson’s—a promising therapeutic protein known as MANF that prevents a type of cell death called apoptosis. The company also owns the license to a groundbreaking diagnostic platform called NuroPro for Parkinson’s that allows neurologists to accurately diagnose and track the progression of Parkinson’s disease in patients. This groundbreaking test for could potentially be on market in certain regions as early as 2013.
“The market for Parkinson’s treatments is forecast to grow substantially in the coming years,” said RBCC CEO Patrick Brown. “Amarantus owns the rights to a couple of brand-new biotech products that could change the way the disease is treated forever. We think they’re a good fit for our corporate mission and we look forward to signing a definitive agreement soon.”
RBCC executed a Letter Of Intent to advance Amarantus’ Parkinson’s disease program last month. Under the terms of the LOI, the companies have agreed to a 60-day option period during which they will negotiate a possible deal for RBCC to provide funding and expertise toward the development and marketing of one or more of Amarantus’ projects.
For more information on Rainbow BioSciences, RBCC’s biotechnology division, please visit www.rainbowbiosciences.com/investors.html.
Rainbow BioSciences will develop new medical and research technology innovations to compete alongside companies such as Cell Therapeutics, Inc. (NASDAQ: CTIC), Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Elan Corp. (NYSE: ELN).
About Rainbow BioSciences
Rainbow BioSciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit our website at [www.RainbowBioSciences.com]. For investment information and performance data on the company, please visit www.RainbowBioSciences.com/investors.html.
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