MONTCLAIR, N.J.--(BUSINESS WIRE)--Fluoropharma Medical Inc. (OTCQB:FPMI) today announced that it has acquired an exclusive option to license the meta-Fluorobenzylguanidine (MFBG) imaging agent from Ground Fluor Pharmaceuticals, Inc. (GFP). MFBG, labeled with the isotope Fluorine-18, can be used in conjunction with Positron Emission Tomography (PET) for the assessment of neuronal integrity. It may play an important role the diagnosis and assessment of various cancers, as well as some aspects of cardiovascular disease.
MFBG can be produced in commercially viable quantities with reliable yields using GFP’s proprietary fluorination technology, and it is currently undergoing clinical assessment in the United States. GFP’s founder, Professor Stephen DiMagno, Ph.D., stated, “We are looking forward to seeing our novel fluorination chemistry advanced, enabling new clinical practice which improves patient care.”
GFP has established a Company-sponsored IND and plans to move MFBG into late stage development in the coming months, with the expectation of FDA approval in the US in 2020.
Thom Tulip, Ph.D., President and CEO of FluoroPharma stated, “We are delighted to be working with Ground Fluor on this promising new agent, which could dramatically impact the management of certain cancers, particularly pediatric neuroblastoma. We look forward to moving the GFP technology forward into routine clinical use.”
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products to evaluate cardiac disease at the cellular and molecular levels. The Company has licensed technology from the Massachusetts General Hospital in Boston. The Company's goal is to enable personalized medicine through precision diagnostics that will help the medical community diagnose disease more accurately at the earliest stages, leading to more effective treatment, management and better patient outcomes.
FluoroPharma's initial focus is the development of breakthrough PET imaging agents, and the company is advancing two products in clinical trials for assessment of acute and chronic forms of heart disease. These novel agents have been designed to rapidly target myocardial cells. In addition to the United States, Europe and China, patents related to FluoroPharma's portfolio of imaging compounds have been issued in Japan, Canada, Australia and Mexico. For more information on the company, please visit: www.fluoropharma.com.
About Ground Fluor Pharmaceuticals, Inc.
Ground Fluor Pharmaceuticals, Inc. (GFP) is a company based in Lincoln, NE and Cambridge, MA that has developed new chemistry technology which transforms complicated and costly fluorine syntheses into simpler, more efficient processes. Using technology developed at the University of Nebraska and the Massachusetts General Hospital and funded by the National Science Foundation and Cedarville Investments, Ltd., GFP has developed and patented processes and intermediate chemicals for the efficient, cost-effective production of PET imaging agents.
This press release consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and actual results could differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.