NEW YORK, June 1, 2016 /PRNewswire/ --
Q BioMed Inc. (OTCQB: QBIO), a biotechnology acceleration company is pleased to report on new potential asset license/acquisition and an update on Man 01 development.
We are pleased to announce that we have entered into a definitive agreement to exclusively license a FDA approved drug from a private U.S. Company focused on the development of generic pharmaceuticals.
The drug is indicated for the treatment of pain associated with metastatic bone cancer. As a result, this asset is expected to generate revenue within the first year post-closing. The closing of the transaction is subject to certain conditions being met to our satisfaction by the closing date, which we hope will be by the end of June.
We look forward to making additional details available as soon as practical.
Denis Corin, CEO of Q BioMed Inc. said, "We are very excited about the potential of this deal and look forward to bringing this transaction to fruition and thereby delivering significant value to all stakeholders, including the patients in need of this drug."
In addition, Mannin Research Inc. our technology partner company focused on the discovery, development, and commercialization of first-in-class therapeutics for vascular diseases, provides an update on its drug development program, MAN-01 for treatment of Primary Open Angle Glaucoma (POAG).
Mannin's primary indication, MAN-01 for treatment of POAG has initiated pre-clinical lead candidate optimization of a small molecule for topical application. Lead candidate selection is progressing on-time and on-budget. The topical application in the form of an easy to administer eye drop is a key differentiator for Mannin and aims to solve the compliance problems and invasive procedures currently available to patients suffering from glaucoma.
In addition, Mannin is continuing its focus on research and discovery on the biology of Tie2/TEK signalling and its relationship with Schlemm's Canal function and regulation of intra-ocular pressure. Additional data sets and IP have been developed around this novel mechanism of action. Mannin is evaluating strategic partnerships opportunities to grow its intellectual property portfolio within the Tie2/TEK signalling market, and is seeking complementary technologies to strengthen its product pipeline.
Mannin and Q BioMed executives will be attending the BIO International Convention (BIO 2016) from June 6-9 in San Francisco. BIO attracts over 15,000 biotechnology and pharma leaders where Mannin will explore new opportunities and promising partnerships.
Mannin is currently in the third month of the Canada-Chicago Mentorship Program (C2MP) which is a part of the Chicago Innovation Mentors (CIM@MATTER) incubator. The mentorship team has provided valuable feedback on the MAN-01 program, as well as providing advice on Mannin's partnering approach and general business strategy.
"We are pleased with the progress our research teams have achieved over the past three months. We look forward to advancing our corporate and strategic goals as it relates to our lead candidate for treating Primary Open Angle Glaucoma," said George Nikopoulos, Mannin's CEO.
Dr. Susan Quaggin, Mannin's CSO added, "Recent work in the lab underscores the essential role of Angpt-Tie2/TEK signalling for development of the anterior chamber of the eye - which contain the structures needed to maintain safe levels of intraocular pressure. We are excited to begin to test compounds in preclinical studies."
Lastly, Q BioMed has been conducting due diligence on several potential assets for other indications with the goal of expanding our pipeline and enhancing shareholder value.
Please visit our website http://www.qbiomed.com to sign up for regular updates and stay up-to-date with our progress.
About Q BioMed Inc.
Q BioMed Inc."Q" is a biomedical acceleration and development company. We are focused on licensing and acquiring biomedical assets across the healthcare spectrum. Q is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital the need to ensure they meet their developmental potential, enabling them to provide products to patients in need.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. Further, in the event that the company with which we have recently signed a license/acquisition agreement subject to conditions fails to satisfy such conditions by closing, we will not proceed with the transaction. Other than update the status of the the aforementioned license/acquisition, we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Q BioMed Inc.
George N. Nikopoulos
Mannin Research Inc.
SOURCE Q BioMed Inc