- Aug. 17, 2010 - LAS VEGAS --
PROTEONOMIX, INC. (OTC:PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it has executed a joint venture agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates (U.A.E.). 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. Due to confidentiality and competitive reasons, the Investor Group has requested to remain anonymous for the present. The Investor Group is not related directly and/or indirectly to the Company, its management, its board of directors and/or its current shareholders.
The Investor Group $5 million cash investment includes the purchase of $1 million of cellular material from Proteonomix.
Proteonomix, as part of the agreement, will license to XGen (the joint venture), both a use and treatment license in the UAE, as well as a license to manufacture the cellular material.
This agreement anticipates the formation of treatment facilities in other locations to be jointly agreed upon between the Company and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5 million.
The agreement calls for Proteonomix, Inc., through its wholly owned subsidiary, StromaCel, Inc., to receive $ 7,500 per treated patient. Additionally, the agreement calls for XGen, the joint venture, to market and distribute Proteoderm, including the Matrix NC-138 anti-aging products.
XGen will purchase Proteoderm at a wholesale price of 50% of the Manufacturer's Suggested Retail Price (MSRP). XGen will maintain exclusive distribution rights in the U.A.E., 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.
More about PROT at: www.proteonomix.com
Orchid Cellmark Inc. (Nasdaq:ORCH)
, a leading international provider of identity DNA testing and other forensic services, today announced it has been awarded two-year extensions to contracts previously awarded under the North West/South West and Wales regional forensic tender process in the U.K. Total estimated annual value of the combined contracts is approximately (U.S.) $10 million (at the current foreign exchange rate).
More about ORCH at: www.orchid.com
Converted Organics Inc. (Nasdaq:COIN)
today files a current report on Form 8-K with the U.S. Securities and Exchange Commission, which includes the pro-forma consolidated operating results for the Company and TerraSphere Systems, LLC ("TerraSphere")
for the six months ended June 30, 2010. On July 6, 2010, the Company entered into an agreement to acquire TerraSphere in a stock transaction valued at up to $25.8 million. Converted Organics expects the acquisition to close in September 2010, subject to the approval of the Company's shareholders and other closing conditions.
More about COIN at: www.convertedorganics.com
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