Proteo Biotech AG
PROTEO Biotech AG/Kiel, PROTEO Inc./Irvine, CA: Elafin ranked as Top 10 Cardiovascular Drug Development
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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KIEL, Germany – October 20, 2006. The anti-inflammatory agent Elafin, which
is the lead product of PROTEO BIOTECH AG a wholly owned subsidiary of
PROTEO Inc. / USA (OTCBB: PTEO; WKN: 925981), has been selected as one of
the Top 10 unpartnered licensable cardiovascular drugs in development. The
selection was made by Windhover Information Inc., an established provider
of
business information for decision makers in the biotechnology and
pharmaceutical industries. PROTEO will be presenting the Elafin project at
the “Windhover’s Therapeutic Alliances Cardiovascular Conference” in
Chicago on the 16th of November.
The independent selection committee was led by Marc Wortman Ph.D, a
contributing author of Windhover’s “In Vivo” and “Start Up”, and Ed
Salzman, President of “Defined Health”, a consulting firm for business
development strategies. On the basis of comprehensive source material from
both organisations, the jury evaluated the market potential of hundreds of
new compounds that are currently being developed worldwide for the
treatment of cardiovascular diseases. The criteria assessed included the
market potential of the product, the strength of the company, the potential
for strategic developmental partnerships as well as the quality of the
science and the diversity of indications.
“Selected companies have been screened using a strict set of judging
criteria for the top 10 award, and represent what our committee considered
the most attractive cardiovascular licensing opportunities the industry has
to offer,” stated Roger Longman of Windhover Information.
Birge Bargmann, CEO of PROTEO Biotech AG stated: “Receiving this
distinction from such a renowned panel of experts is a great honour for us.
This ranking validates our previous successes and the future potential of
Elafin, our core product.“
About Elafin
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.
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. 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).
Further Information: www.proteo.de
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:
Dr. Barbara Kahlke
Proteo Biotech AG
Am Kiel-Kanal 44
D-24106 Kiel
Email : info@proteo.de
Telefon: +49(0)431 8888462
Fax : +49(0)431 8888463
(c)DGAP 20.10.2006
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Language: English
Issuer: Proteo Biotech AG
Am Kiel-Kanal 44
24106 Kiel Deutschland
Phone: 0431/ 88 88 462
Fax: 0431/ 88 88 463
E-mail: info@proteo.de
WWW: www.proteo.de
ISIN: US74369R1005
WKN: 925981
Indices:
Listed: Open Market in Frankfurt; Foreign Exchange(s) Nasdaq
End of News DGAP News-Service
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