BELLEVUE, Wash., Feb. 23, 2010 (GLOBE NEWSWIRE) -- TapImmune Inc. (OTCBB:TPIV), is pleased to provide this corporate update to our shareholders and other interested parties.
With 2010 now out of the starting blocks, we would like to thank our shareholders for their continued support. Like most if not all companies, the 08/09 years were some of the most challenging we have seen. Fortunately, we have emerged stronger and better positioned to move forward.
2009 was a transformational year for our Company. In the last quarter of 2009, we cemented our relationship with Crucell Holland, a global biopharmaceutical company focused on research development, production and marketing of vaccines, proteins and antibodies that prevent and/or treat infectious diseases, giving us access to a best of breed technology and the necessary components to pursue the best possible outcome in our vaccine manufacturing process.
The outbreak of pandemic diseases such as H1N1 ("Swine Flu") and the constant threat of cancer has brought to the forefront the need for vaccines to both ameliorate as well as, hopefully, eliminate these and other scourges impacting the human condition.
The Immunotherapy field has also been stimulated by the development of Dendreon's Provenge®, for prostate cancer. Provenge® works by boosting the patient's own cellular immune system, rather than chemotherapy that infuses toxic chemicals, to kill cancerous cells. The pending FDA approval for the marketing of Provenge® will likely spur a new burst of interest in the immunotherapy field as a whole, and in TapImmune in particular, by both the investment community and strategic partners.
Over the last two years, we have been working diligently on finding partners that we believe we can work closely with to form collaborative arrangements that will be mutually beneficial. On February 1st this year, we were very pleased to announce our collaboration intent with Aeras Global TB Foundation. Aeras (www.aeras.org), one of the foremost non-profit organizations developing new approaches for tuberculosis (TB) vaccines, is dedicated to the development of effective TB vaccine regimens that will prevent tuberculosis in all age groups and will be affordable, available and adopted worldwide.
Aeras is funded primarily by government aid agencies and private foundations. Aeras Global TB Vaccine Foundation and TapImmune signed a letter of intent for R&D collaboration with an overall goal to evaluate the efficacy of TAP in concert with novel TB vaccine candidates. Aeras is based in Rockville, Maryland, where it operates a state-of-the-art manufacturing and laboratory facility.
According to the World Health Organization (WHO), in 2007 there were an estimated 13.7 million chronic active cases of TB, 9.3 million new cases, and 1.8 million deaths from TB, mostly in developing countries.
We have also identified additional partnership opportunities and expect to be reporting news regarding such relationships in the coming months. The value of these kinds of collaborations cannot be emphasized enough. World class institutions, like Aeras, have identified the uniqueness and the potential of our technology platform and the opportunities we are pursuing.
On the capitalization front, we recently raised over $1,000,000 despite tough capital market conditions and will continue to seek the capital we require to advance our technology toward clinical trials.
In addition, we'd like to note a recent presentation delivered on behalf of our company and its technologies at the OneMED Place Conference in San Francisco in January. A link to the very informative OneMED TV interview can seen on our website at www.tapimmune.com.
While our current attention is on the use of TAP in vaccines, we are also focusing a significant effort on other disease modalities that can potentially benefit from the TAP platform. We are very encouraged at how 2010 has started, and we thank you for your continued interest and support as we move forward in a very important battle against cancer and some of the world's most destructive pathogens.
We look forward to continuing to update you as material events occur.
About TapImmune
TapImmune's unique approach is designed to increase the efficacy of vaccines by enhancing antigen presentation through the use of the Transporter of Antigen Processing ('TAP'). Replacement of this transporter provides a significant immune response with the potential to treat a variety of cancers which lack normal amounts of TAP.
TapImmune's lead product candidate, AdhTAP, 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 of AdhTAP for the commencement of clinical manufacturing and toxicology studies. As a stand-alone cancer therapy or in combination with other drugs, AdhTAP could prove to be a key component of a more successful assault on cancer.
The Company is also developing a TAP-based prophylactic vaccine which initial tests indicate may increase the efficacy of targeted prophylactic vaccines by up to 1000 times. As a vaccine, TapImmune's 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.
The TapImmune Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3877
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. The Company assumes no obligation to update the forward-looking statements.