Phytomedics and Bristol-Myers Squibb Enter Biopharmaceutical Collaboration
DAYTON, N.J., Sept. 17 /PRNewswire/ -- Phytomedics Inc., a private biotechnology company, is pleased to announce signing an agreement with Bristol-Myers Squibb Company, a leading pharmaceutical company, to test the production of therapeutic proteins using Phytomedics' proprietary plant-based Recombinant Proteins Secretion Technology (REPOST(TM)). Phytomedics Inc. has been funding the development of REPOST(TM) technology at Rutgers, the State University of New Jersey, the current assignee of the technology, which is exclusively licensed to Phytomedics Inc.
"We are very pleased to be working with Bristol-Myers Squibb, one of the world's largest pharmaceutical companies, and a leader in the development of innovative therapeutic products," said Dr. Bertold Fridlender, CEO of Phytomedics Inc. "Bristol-Myers Squibb's advanced pipeline of biopharmaceutical candidates and Phytomedics' unique REPOST(TM) manufacturing technology complement each other and present an opportunity to demonstrate the value of this approach."
Innovative REPOST(TM) technology uses genetically transformed live green plants to synthesize and continuously secrete large quantities of biopharmaceutical proteins from roots into a hydroponic solution comprised of water and low amounts of fertilizer. The technology, which is conceptually similar to natural rubber or maple syrup production, allows environmentally safe, continuous and efficient production of recombinant biopharmaceuticals. It was developed to provide a rapid and cost-effective solution to large-scale manufacturing of recombinant proteins.
"With the sheer numbers of biopharmaceutical product candidates under development as a result of the genomics revolution, there is a shortfall of manufacturing capacity for these important molecules," says Fridlender. "Additionally, multi-million dollar costs of constructing conventional `bricks-and-mortar' biopharmaceutical production facilities and years required for their construction creates a serious production bottleneck for the drug industry and a major opportunity for REPOST(TM) technology."
Phytomedics Inc. is a privately held biotechnology firm with headquarters located in Dayton, N.J. Phytomedics conducts its R&D under the leadership of Professor Ilya Raskin, Ph.D., at the Biotech Center at Rutgers University, who is also a founder and Chairman of the Company. Phytomedics' research staff is comprised of twenty scientists, mostly Ph.Ds, from nine countries working in state-of-the-art facilities. Phytomedics has a broad research and licensing agreement with Rutgers University that allows the Company to exclusively license its core technologies and products.
In addition to business activities in the area of protein bio-farming, Phytomedics has also developed a broad range of plant-based biotechnologies targeted for the discovery and manufacturing of novel pharmaceuticals, botanical drugs, and nutritional health care products. Phytomedics has several products in various stages of development, including products for viral, inflammatory and cardiovascular diseases, cancer, diabetes, erectile dysfunction and sleep improvement, some of which are in clinical trials.
About Phytomedics Inc.
Phytomedics Inc. uses a broad and innovative proprietary technology platform to discover, develop and manufacture novel, multi-component and multi-functional botanical therapeutics such as botanical drugs and nutraceuticals, as well as recombinant proteins. Through this proprietary technology platform, the Company has produced a pipeline of pharmaceutical and nutraceutical lead compounds, several of which are in clinical development. Founded by Professor Ilya Raskin, Ph.D., Phytomedics Inc. conducts most of its R&D at the Biotech Center of Rutgers University.
SOURCE: Phytomedics Inc.
65 Stults Road, Dayton, NJ 08810