Power3 Medical and NeoGenomics to Form Contract Research Organization
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Power3 Medical Products, Inc. announced that it has entered into a collaboration agreement with NeoGenomics, Inc. of Fort Myers, Florida, to form a joint venture Contract Research Organization (CRO).
Under the terms of the agreement, Power3 and NeoGenomics will jointly own the CRO, whose mission will be commercialization of Power3’s portfolio of Intellectual Property, centering on the 523 biomarkers it has discovered from a broad range of diseases, centering on the blood-based tests for breast cancer, ALS, Alzheimer’s and Parkinson’s Diseases. The CRO will work to further develop diagnostic tests and other services.
Power3 will own a minority interest of the new CRO, which is expected to be launched in the third or fourth quarter of 2007. As part of the agreement, Power3 will receive $200,000 of working capital from NeoGenomics, and grant NeoGenomics options to increase its equity stake in Power3 up to 60% of the fully diluted shares.
Power3 will license its proprietary tests and other IP to the CRO for selected non-FDA approved applications on a non-exclusive basis, and provide certain management personnel. NeoGenomics will provide the CRO with access to cancer samples, management, sales and marketing personnel, laboratory facilities and working capital.
In addition to the 534 biomarkers it has discovered and validated, Power3’s IP portfolio includes 17 pending patents and provisional patent applications, plus research agreements and license agreements in the areas of cancer, drug resistance, neurodegenerative disease, and metabolic syndrome.
