THE WOODLANDS, Texas, June 2, 2004 (PRIMEZONE) -- Power 3 Medical Products, Inc. (OTCBB:PWRM) announces today that as a result of its purchase of ProteEx, a leading proteomics company, and recent change of Power 3's senior management, the Company will now focus on bringing ProteEx's revolutionary technology to the forefront of the scientific community. This strategy will concentrate on capturing a dominant portion of the protein-based diagnostic and drug targeting markets utilizing the Company's portfolio of proprietary biomarker disease footprints.
Steven B. Rash, Chief Executive Officer of Power 3 Medical Products, stated, "Power 3 will continue to seek synergistic strategic partners to license and develop our growing portfolio of protein biomarker disease footprints. These partnerships will drive the Company's evolution over the next three years resulting in the rapid commercialization of our proprietary technologies. The Company recognizes that the licensing of our proprietary technologies to industry leaders is the most expedient approach to develop our technology into important diagnostics tools for the early detection of diseases in which there are no early-detection tools. We currently have active programs in the areas of breast cancer and neurodegenerative disease detection and drug resistance to chemotherapy agents. This focused positioning of our products and services will enable the Company to capture not only clinical and public awareness of its proprietary technologies, but a major portion of the early detection and screening markets."
According to Ira L. Goldknopf, Ph.D., Chief Scientific Officer of Power 3 Medical Products, "We have developed solutions to these pressing patient needs and our technology has the potential to provide major clinical benefits by enabling early detection and management of patients at risk. Without sensitive and specific diagnostic tools, breast cancer and neurodegenerative diseases may not be identified until the disease has progressed to the life threatening stage."
About Power 3 Medical Products, Inc.
Power 3 Medical Products is a leading edge biotechnology company engaged in the discovery of protein footprints, pathways, and mechanisms of diseases that the Company's proprietary technology can detect in patients. These discoveries are being used to develop screening and diagnostic tests for the early detection and treatment of disease. The protein biomarkers, drug targets, and diagnostic tests are targeted toward markets with critical unmet needs in areas such as breast cancer and neurodegenerative disease. The Company is in a strong competitive position with over 190 validated biomarkers and operates a state-of-the-art proteomics laboratory in The Woodlands, Texas.
Safe Harbor Statement
All statements other than statements of historical fact included in this press release are "forward-looking statements." The forward-looking statements, including statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the Company and factors that are subject to uncertainties, risk and other influences, which are outside the Company's control, and may yield results differing materially from those anticipated.