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's NuroPro Blood Test has been developed for the early detection of neurodegenerative diseases. It monitors the concentration of 57 protein markers in blood serum that have been linked to neurodegeneration, and according to the firms, can accurately detect and distinguish Alzheimer's disease, ALS, and Parkinson's disease. The test is being developed to help assist physicians in diagnosing disease and monitoring progression, the firms added.
Sunnyvale, Calif.-based Amarantus, which is developing a disease-modifying protein therapeutic for treatment of Parkinson's disease, paid a $25,000 exclusivity fee in common stock in November and will issue to Power3 $475,000 worth of common stock. In addition, it signed an option to purchase all of the Parkinson's Disease IP owned by Power3 for $500,000 worth of common stock and maintains a right of first refusal to acquire the balance of the NuroPro platform for Alzheimer's disease, ALS, and all other neurodegenerative diseases.
The terms of the license is one year and is renewable upon mutual written agreement between the firms.
"Now that we will be able to tailor our therapeutic development pathway towards a companion diagnostic product that we control, Amarantus is positioned to build a strategic advantage over competitors as the execution of our clinical and regulatory strategy continues to advance [Mesencephalic-Astrocyte-derived Neurotrophic Factor] as a disease-modifying treatment for Parkinson's disease," Gerald Commissioning, president and CEO of Amarantus BioSciences, said in a statement.