NEW YORK, May 19, 2010 (GLOBE NEWSWIRE) -- Promosome LLC, a biotechnology company uniquely dedicated to the development of technologies related to the regulation of protein synthesis through translation initiation, today announced the signing of a technology license and partnership agreement with Recopharma AB of Stockholm, Sweden. Recopharma is a recognized leader in the research and development of therapeutic recombinant mucin-type fusion proteins.
Under the terms of the agreement, Recopharma will receive Promosome development assistance and license to Promosome's Translation Enhancing Elements (TEEs) and Re-Engineering of the mRNA Primary Structure (RESCUE) technologies in the field of mucin-type fusion proteins. Recopharma will incorporate these translation initiation based technologies into its production cell lines to significantly enhance protein expression. Recopharma will have similar license rights to future Promosome technologies for application in the specified field of use. In exchange for its development efforts and technology licenses, Promosome will become a significant shareholder in Recopharma, attain a board seat, and have full use of all production and enhancement data generated through the combination of the technologies.
"The opportunity to partner with Recopharma, an organization at the forefront of the development of recombinant mucin-type fusion proteins, demonstrates the value and commercial potential of our translation initiation based technologies," said John F. Manzello, Promosome's President and Chief Executive Officer. Mr. Manzello went on to say, "Due to the advancements in Recopharma's development of the mucin-type fusion proteins and the therapeutic potential they afford, the partnering opportunity was an obvious choice."
"With the technology from Promosome the probability will dramatically increase for us to achieve commercial production quantities of the mucins for our therapeutic leads. This is of vital importance for us to be successful in our commercialization. The network added and Board representation by Promosome will be of great benefit for us now and onwards," says Ingemar Lagerlof, CEO of LinkMed AB (publ) which is a major shareholder of Recopharma.
Promosome is a New York City-based biotechnology company founded by the highly regarded Life Sciences commercialization team of William J. Gedale and John R. Costantino. The mission of Promosome is to leverage and commercialize the discoveries of Nobel Laureate Dr. Gerald M. Edelman, Dr. Vincent P. Mauro and their colleagues at The Scripps Research Institute (TSRI) in La Jolla, California while, in parallel, offering a significant return to investors and contributing to the advancement of the biotechnology industry. Promosome has established a Research Funding and Option Agreement with TSRI and the laboratories of Drs. Edelman and Mauro. Promosome has worldwide exclusive license and sub-license rights to the TEE and RESCUE technology.
For more information on Promosome and its TEE and RESCUE technologies, please visit www.promosome.com.
Recopharma was established in 2004 based on technologies developed and refined by Dr. Jan Holgersson, who is today an Associate Professor at the Karolinska Institute in Stockholm, Sweden. Recopharma's core competence lies in the area of glycan structure and biosynthesis. Recopharma's proprietary technology allows the manufacture recombinant mucin-type fusion proteins and the substitute of beneficial saccharides for improved biomedical interactions. Recopharma's vision is to become a preferred partner to the pharmaceutical industry regarding the production, quality assurance and lead identification of glycan-containing biotherapeutics. Recopharma is operated under the ownership of LinkMed AB.
Promosome LLC John F. Manzello +1-508-845-2255