Power3

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.

By a GenomeWeb staff reporter
NEW YORK (GenomeWeb News) – Amarantus BioSciences today said that it has licensed exclusive, worldwide rights from Power3 Medical Products to a test for Parkinson's disease diagnosis.

Power3 will use Rozetta-Cell's stem cell technology with its own technology to develop screening and diagnostic tests.

Defendants Richard Kraniak and Roger Kazanowski argued that the company's complaint failed to "allege sufficient facts to state a claim for liability" under the Securities Exchange Act and the Securities Act, and failed to "plead with specificity necessary elements for these claims."

The lawyer for the shareholders called the allegations false, "misleading and defamatory," and is prepared to file a countersuit alleging "breach of contract, misrepresentation, very probably defamation, breach of their fiduciary duty to the company and its shareholders, and in all probability there will be security law violations that we will allege, as well, on the part of the officers."

The company, however, said that it is evaluating other possible deals to "augment" its in-house product-development programs.

In a motion to a libel, slander, and breach of contract suit that Transgenomic filed in February, Power3 said that Transgenomic could not "plead fraud" because it failed to allege that any claims made by Power3 were false.

The lawsuit, filed this week in US District Court in Nebraska, stems from a deal signed last year to develop and commercialize Power3's biomarker tests for neurodegenerative diseases.

Transgenomic has claimed in a suit that Power3 has wrongly terminated a licensing deal between the firms, while engaging in fraud and slander.

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