Kingston, Ontario, CANADA - July 8, 2003 - Millenium Biologix Inc. (MBI), a Canadian medical biotechnology company specializing in skeletal repair and tissue engineering, is pleased to announce a Research Agreement, whereby P&G Pharmaceuticals will carry out an evaluation of the therapeutic potentials of Millenium's proprietary synthetic BCSPTM (Bone and Cartilage Stimulating Peptides) growth factors to treat diseases of bone and cartilage.
BCSPTM synthetic growth factors are the result of several years of work at MBI to
develop active, tissue-specific, growth promoting small molecules that target bone and
cartilage. During this development work for orthopedic implant and ex vivo tissue
engineering applications, the systemic drug potentials of BCSPTM were studied. The
encouraging early results form the basis of this collaboration. Millenium has granted
Procter & Gamble Pharmaceuticals an option for the compounds, and the companies
have signed a Letter of Intent outlining the terms for a worldwide license to P&G
Pharmaceuticals.
Sydney Pugh, President & CEO of Millenium Biologix. Inc., stated, "This agreement will
be very important in realizing the full potentials of our novel synthetic peptides. We
are pleased to enter into the agreement with P&G Pharmaceuticals, a global leader in
research and development of pharmaceutical products for the treatment of bone and
cartilage diseases. We are also excited that this agreement may not only lead to
development of beneficial new drugs; it opens up the possibility to further tap the
significant opportunities that we believe lie at the interface between the
pharmaceutical and biomedical device sectors."
Inquiries should be directed to:
Sheema Inayatulla
Technical Communications Coordinator
Millenium Biologix Inc.
785 Midpark Drive
Kingston, Ontario, CANADA K7M 7G3
Tel: 613.389.6565
Fax: 613.389.6625
www.millenium-biologix.com
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