LAS VEGAS, Sep 27, 2004 (BUSINESS WIRE) -- Squalus Biotech Inc. (Pink Sheets:SQBT) announced today that the company has commenced trading on the Pink Sheets under the ticker symbol SQBT.
Squalus Biotech Inc. is a development stage company conducting discovery, development, production, and marketing of novel and unique therapeutics for cancer and other angiogenesis related diseases. Squalus Biotech focuses on pursuing strategic alliances with major pharmaceutical companies to collaborate on human clinical trials, FDA approval, manufacturing, and marketing of novel cancer drugs.
Squalamatrix(TM) is the company's patented trademark designation of a group of biologically active group of substances extracted from the water-soluble portion of shark liver tissue. Sharks have been in the pharmacopoeia of alternative and aryuvedic medicine around the world in various forms for centuries. Healing properties and tonic effects of various forms and derivatives of components of shark liver and cartilage have been documented in literature of many languages. Remedies in various forms can be found in China, the Philippines, Scandinavia, Europe, the former soviet republic of Georgia, and more recently Canada and the U.S. These derivatives in the form of chondroitin sulfate, glucosamine, squalene, retinol (Vitamin A) and akyglycerols have all been shown to exhibit varying degrees of effectiveness and positive anecdotal accounts, but with very few controlled double blind reported studies or basic experimental data to validate their claims
Larry Raithaus, M.D., FACS, a Board Certified Urologist, who has a clinical practice of Urology in Hawaii, is President, CEO and co-founder of Squalus Biotech Inc. He is the developer and inventor of SQUALAMATRIX(TM), the company's patented shark liver extract formula, which contains Squalamine, an aminosterol that has known anti-angiogenic effects, as well as at least 10 other aminosterols. He stated, "Bringing the company public at this time supports the company's growth strategy while capitalizing on its participation in the field of angiogenesis. This field has developed into one of the most promising approaches in cancer therapeutics. Genentech's announcement of its successful human clinical trial of Avastin in metastatic colon cancer propelled its stock market valuation by $8.7 billion in a single day. Currently several anti-angiogenic compounds are under extensive human clinical trials. These include such anti-angiogenic drugs as Squalamine Lactate produced by Genaera Corp. and Avastin produced by Genentech."
Angiogenesis has long been suspected in playing a primary role in many pathological conditions involving the increased formation of blood vessels. These include Cancer, AIDS-related Kaposi's Sarcoma, Rheumatoid Arthritis, Macular Degeneration and many other diseases. In cancer, discrete solid tumor masses appear when malignant cells provoke the surrounding vascular network to expand in order to supply its increasing nutritional needs, thus nurturing the potential for the development of metastases. The inhibition of blood vessel formation is an especially useful mechanism in the treatment of these conditions
The management team is comprised of a group of highly skilled executive, scientific, and operational personnel:
Dr. Larry Raithaus, M.D. FACS--President and CEO
In 1993, studies were performed which established the immune stimulation effects and the radiation protection effects of a preparation derived from the lyophilized water-soluble portion of the liver of the shark. Based upon these studies a U.S. patent was issued for the process as well as the applications of the product.
Mr. Greg Shafransky--Vice President of Marketing and Sales
Mr. Shafransky has been involved in nutraceutical/health food industry in product sales and marketing since 1989. Mr. Shafransky brings to the team over 15 years of product development, marketing and financing experience.
Prof. Kin-Ping Wong, PhD will be joining the company to head up the Research and Development Division He has published extensively in the field of protein folding, ribosome assembly, and angiogenesis His current research focuses on the discovery and development of novel anti-angiogenic therapeutics targeting the vascular network for the treatment of neovascular-based diseases such as cancer, macular degeneration -- a leading cause of blindness in the elderly -- and arthritis.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this press release.
Squalus Biotech Corporation