BRADENTON, Fla., May 18, 2004 (PRIMEZONE) -- Power3 Medical Products, Inc. (OTCBB:PWRM), an innovative holding company strategically positioned to acquire specialty healthcare and bio-tech products, is pleased to announce today that the Company has completed an asset purchase agreement with Advanced Bio/Chem, Inc. d/b/a ProteEx of Houston, Texas. The basic terms of this agreement comprise all of the assets and intellectual properties of ProteEx in exchange for 15,000,000 shares of restricted common stock of Power3 Medical Products, Inc.
ProteEx is in the business of developing and delivering applications of proteomics to the practice of medicine. The on-going research and development of this science at Power3 will be lead by Ira L. Goldknopf, Ph.D., a pioneer and leader in the field of Proteomics. ProteEx will conduct its research at Power3 Medical's new state-of-the-art laboratory facilities located just outside of Houston at 3400 Research Forest Drive, The Woodlands, Texas. This location will also serve as Power3 Medical's new corporate and administrative offices and employ approximately 15 people as of June 1, 2004.
The Company also announces a change in senior management and governance. Tim Novak and R. Paul Gray, who guided Power3 through a critical and effective reorganization process over the past two years, announced their resignations as Chairman/CEO and Secretary/Treasurer/CFO respectively, effective today. According to Mr. Novak, "This is an exciting time for Power3 Medical and our shareholders as ProteEx takes center stage in our product development spectrum. Both Paul and I are proud of the work we have done, making this opportunity possible and know the new management and scientific team will do a fantastic job moving the company forward as an industry leader in the field of Proteomics."
Steven B. Rash of Houston, Texas will assume the position of Chairman and CEO as of today. Mr. Rash is a 20-year senior executive with a history of leading profitable corporations in the health and biomedical industry nationwide. Dr. Goldknopf, known for discovering ubiquitin conjugation of proteins, will now serve as Chief Scientific Officer at PWRM. Furthermore, new management is in the final process of selecting a CFO who will work out of the new Texas location.
Proteomics is a field of modern biology that involves the isolation, identification and characterization of proteins from complex matrices. Proteomics research combines high-resolution protein separation techniques with mass-spectrometry and sequence database-mining tools to identify, characterize and assign functionality to proteins to gain insights into their significance. Proteomics research will help physicians understand the molecular basis of diseases, develop better diagnostic tests and identify new drug targets for treating chronic diseases such as ALS, Parkinson's and Alzheimer's disease.
About ProteEx
ProteEx (www.proteex.com) is a leading Proteomics technology company. The Company has co-developed with the MD Anderson Cancer Center a new method to detect early-stage breast cancer based on identifying biomarker footprints obtained from breast ductal fluid. ProteEx is in a strong competitive position with over 190 validated biomarkers and operates a state-of-the-art proteomics laboratory in The Woodlands, Texas.
About Power3 Medical Products, Inc.
Power3 Medical Products, www.power3medical.com, is an innovative holding company strategically positioned to acquire, create and deploy specialty healthcare and bio-tech products and service solutions. Its lead product SutureMate(r) is currently used in operating rooms, emergency rooms, surgical centers and medical providers' offices. This innovative safety device is specifically engineered to prevent needle sticks before, during and after suturing procedures.
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