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teonomix, Inc.; PROT
Last Trade: 2.85
Volume:16,575
Change 21.28%
Proteonomix, Inc. (OTCBB:PROT) entered into an agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates The Investor Group has committed to invest $5 million on or before September 10,2010. The Joint Venture company, XGen Medical LLC ("XGen"), a Nevis Island limited liability company, will be owned 51% by Proteonomix and 49% by the Investor Group.
The Investor Group's $5 million cash investment includes the purchase of $1 million of cellular material from Proteonomix.
Additionally, as part of the agreement PROT will license to XGen, both a use and treatment license in the as well as a license to manufacture the cellular material.
The agreement calls for PROT, through its wholly owned subsidiary [link widoczny dla zalogowanych], StromaCel, Inc. to receive $ 7,500 per treated patient.
There is also provision made for the distribution of Proteoderm, PROT's new Anti-aging line of skin care products. including Proteoderm's Matrix NC-138 (click here) anti-aging products.
XGen will maintain exclusive distribution rights of Proteoderm in the provided the Joint Venture purchases a minimum order of 5,000 units the first year, and increases purchases at a rate of 20% per annum until reaching 10,000 units per year.
About Proteonomix, Inc.:
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. Proteoderm, Inc. is a wholly owned subsidiary of Proteonomix that has recently opened its retail web site, Proteoderm.com [link widoczny dla zalogowanych], and begun accepting pre-orders for its anti-aging line of skin care products. StromaCel, Inc.'s goal is the development therapeutic modalities for the treatment of Cardiovascular Disease (CVD). StromaCel, Inc. is pursuing the licensing of other technologies for therapeutic use. National Stem Cell, Inc. is Proteonomix's operating subsidiary. The Sperm Bank of New York, Inc. is a fully operational tissue bank. Proteonomix Regenerative Translational Medicine Institute, Inc. ("PRTMI") intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies. Please also visit /, /, / and .
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