Orlando, FL 3/12/12 (StreetBeat) -- Proteonomix, Inc. (OTCBB: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, today announced the termination of the Research Agreement and Phase 1 clinical trial with the University of Miami. This agreement is related to the Company’s compound UMK-121 for End Stage Liver Disease (ESLD) and was entered into on November 15, 2011.Roger Fidler, Proteonomix General Counsel, said, “We were notified of the termination yesterday pursuant to the contract term that allowed termination with or without cause on 30 days’ notice. However, the effect of the termination is immediate since no further cooperative acts are planned between the University and the Company.”
Prior to this termination, the University had been pursuing the Phase 1 clinical trial of UMK-121 for ESLD. The Companyannounced in a news release this past Monday that it intended to conduct research and clinical trials involving UMK-121 in certain oncology applications. Those plans remain unchanged.
Mr. Fidler continued, “Proteonomix is moving with all practical speed to replace the University of Miami as the sponsor of the UMK-121 ESLD trial. The University indicated that the termination was made for ‘business reasons’ without providing further detail. The University indicated that it is willing to cooperate with the Company following the termination, although the scope of the cooperation was not specified and the Company has no concept of what that cooperation would entail, or if it would be needed.”
This past Monday’s announcement also expressed generally optimistic statements of corporate plans to pursue an improved StromaCel product to be administered to patients shortly after a heart attack as a potential therapeutic in the regrowth of damaged cardiac cells, and reiterated the movement toward formulation, production and packaging of its Proteoderm cosmeceuticals. Those plans also remain unchanged.
“Based upon our financing last month Proteonomix has the capital to continue to move forward all previously stated plans. We expect the delay to the ESLD trial start occasioned by the termination of the Research Agreement with the University of Miami to be two to three months,” added Mr. Fidler.
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