Arch Biopartners 2015 AGM Results and Technology Status Update
TORONTO, CANADA--(Marketwired - April 1, 2015) - Arch Biopartners Inc ("Arch") or the "Company")(TSX VENTURE:ACH) and (OTCBB:FOIFF) announced results from its Annual General Meeting of Shareholders held in Toronto on March 30, 2015.
Shareholders voted in favour of all items put forward to them by management and the Board.
All six nominees to the board, namely Claude Allary, Andrew Bishop, Conor Gunne, Adrian Haigh, Richard Muruve and Richard Rossman, were re-elected to serve as Directors for the ensuing year. Shareholders also approved the re-appointment of EXG Chartered Accountants LLP to serve as auditors for the current fiscal year, to fix the auditor's remuneration and re-approve the Company's stock option plan.
At the conclusion of the AGM, Arch management provided an update on each of its technology platforms:
Arch is continuing to prepare MetaMx™ for a single dose, diagnostic imaging trial in humans. MetaMx is composed of novel, synthetic peptides that target and attach to brain tumour initiating cells (BTICs) and invasive glioma cells, for the purpose of imaging, diagnosis and developing targeted therapies to improve patient outcomes and survival rates among glioblastoma patients.
Arch previously disclosed that it is has designed a clinical development plan to characterize the safety and pharmacokinetics of MetaMx, and to demonstrate the efficacy of MetaMx to detect BTICs and invasive glioma cells in human patients.
Arch has since arranged for the formulation and dual manufacturing of MetaMx under Good Manufacturing Practice ("GMP") and Good Laboratory Practice ("GLP") standards by a U.S. chemistry manufacturer. The current prototype formulation of MetaMx was produced by the manufacturer and is currently undergoing quality control and pre-clinical validation prior to Arch proceeding with the large scale and more costly GMP/GLP manufacturing order.
MetaMx produced under GLP will be used for a planned three-month toxicology program. MetaMx produced under GMP will be used for the single dose, diagnostic imaging trial in humans.
Following results of the toxicology studies, Arch intends to request a pre-Investigational New Drug application meeting with the Food and Drug Administration.
Treatment for Pseudomonas Aeruginosa Pulmonary Infections
Arch management has begun planning the clinical development of its candidate drug for treating Pseudomonas aeruginosa pulmonary infection in cystic fibrosis patients.
Last month, Arch entered into a one-year option agreement with the University of Cincinnati to exclusively license the commercial rights to existing and provisional U.S. Patents for the new drug treatment.
Arch management considers the scope of this license to be an important area for further development, as there is an urgent need for novel and effective treatments for pulmonary infections caused by antibiotic resistant bacteria.
Peptide-Solid Surface Interface
During 2014, Arch scientists performed pre-clinical and validation studies to further develop the commercial potential of the peptide-solid surface technology in various applications. Following these studies, Arch has concluded that the peptide-solid surface interface continues to show commercial promise and warrants further product development in 2015 in the following two areas: (i) reducing corrosion of stainless steel and other metals in industrial (non-medical) applications; and (ii) biofilm inhibition and biocompatibility of metals and plastics used in the medical device industry, with a focus on renal dialysis.
Research with Metablok™ is ongoing to complete preclinical development in the areas of sepsis and the prevention of cancer metastasis. Basic pharmacology and toxicology evaluation is also ongoing. Arch anticipates the completion of a clinical development plan in 2016.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for unmet medical needs. The Company's portfolio includes MetaMx™ that targets brain tumor initiating cells ("BTICs"). Arch is also developing new treatments for Pseudomonas aeruginosa respiratory infections, inflammation based diseases, sepsis and cancer metastasis (Metablok™).
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com .
The Company now has 53,189,679 common shares outstanding.
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.