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Amarantus Buys Power3's IP Portfolio for $40K

NEW YORK (GenomeWeb News) – Amarantus BioScience today announced it has acquired all the intellectual property assets from Power3 Medical Products for $40,000.

Based in The Woodlands, Texas, Power3 filed for Chapter 7 bankruptcy earlier this year.

Among the issued patents Amarantus acquired are those covering the diagnosis of Parkinson's disease; assays for the diagnosis and therapeutics related to amyotrophic lateral sclerosis and Parkinson's; 47 protein biomarkers for neurodegenerative diseases; assays for ALS and ALS-like disorders; and the diagnosis of Alzheimer's disease.

The Sunnyvale, Calif.-based firm also acquired 20 pending patent applications covering biomarkers and assays pertaining to the treatment of diseases such as Parkinson's, Alzheimer's, and ALS, as well as patent applications related to breast cancer, neuromuscular disease and chronic myelogenous leukemia. It also acquired all data created by Power3 while building its IP portfolio.

All of the disease states covered by the IP being purchased by Amarantus relate to apoptosis, Amarantus said.

The company has retained Essam Sheta, the former CLIA laboratory director at Power3, to help Amarantus prepare a phase 2 validation study for the NuroPro Parkinson's disease blood test. Upongaining CLIA certification, Amaruntus intends to commercialize the test.

Earlier in the year, the two companies inked a licensing deal providing Amarantus exclusive, worldwide rights to the test.

"The patents, patent applications and supporting data sets acquired as part of this as transaction are a tremendous addition to our intellectual property estate, and fit well into the overall diagnostics strategy Amarantus is pursuing to support our therapeutics programs," Gerald Commissiong, president and CEO of Amarantus, said in a statement. "We are now poised to advance our diagnostic pipeline for Parkinson's disease and Alzheimer's disease toward commercialization."