BELLEVUE, Wash., Oct. 1, 2009 (GLOBE NEWSWIRE) -- TapImmune Inc. (OTCBB:TPIV), a biotechnology company specializing in the development of immunotherapeutic vaccines for cancer and infectious diseases, provides this corporate update.
In July 2009, the Company restructured the majority of its debt into equity with the aim of improving its balance sheet to attract potential funders and partners. In recent months we have raised approximately $450,000 in operating capital. This is the first step in financing towards clinical development programs, acquisition of additional technologies, expansion of our global patent portfolio, and execution of corporate partnerships.
As mentioned in our recent current report filed with the U.S. Securities and Exchange Commission, the Company was pleased to announce the appointment of Tracy A. Moore as CFO and to its Board of Directors. Mr. Moore specializes in corporate finance, strategic planning and business planning. In addition to his consulting practice, he has owned and operated a variety of businesses. He serves on Boards and advises Boards on financing, business planning issues, mergers, acquisitions, divestitures, joint ventures and fund raising. Mr. Moore received a Bachelor of Commerce in Accounting and Management Information Systems from the University of British Columbia in 1976. "We are delighted to have Tracy's broad financial expertise as part of the strengthening of our Board," comments Dr. Glynn Wilson, Executive Chairman of TapImmune.
The Company has been very encouraged by the interest of the investment community and potential development partners in both the cancer vaccine and infectious disease vaccine candidates in its portfolio. Recently the Biotech market has gained momentum in both of these therapeutic areas with the recent pandemic threat of many diseases including the significant outbreak of H1N1 (Swine Flu) and the recent success of Dendreon's Provenge Phase lll prostate cancer clinical trial. With the continued restructuring of the Management Team, Board and with new financing in place TapImmune is now in a position to accelerate progress in its development efforts.
The Company will provide additional updates on several key corporate initiatives as they occur in the upcoming months.
About TapImmune Inc.
TapImmune Inc. is a biotechnology company specializing in the development of innovative cell based immunotherapeutics and vaccines in the areas of oncology and infectious disease. The Company's AdhTAP vaccine is designed to restore and augment antigen presentation and subsequent recognition and killing of cancer cells by the immune system. The Company is currently planning the development AdhTAP for the commencement of clinical manufacturing and toxicology studies. The Company is also developing a TAP based prophylactic vaccine designed to increase the efficacy of targeted prophylactic vaccines by up to 1000 times.
As a vaccine, our TAP technology could significantly improve the efficacy of many current prophylactic vaccines and enhance the creation of new ones in the fight against many pandemic infectious diseases. As a cancer therapy, our TAP vaccine alone or in combination with others could prove to be a key component of a more successful assault on cancer.
Website: www.TapImmune.com
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Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements". Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.