AspenBio Signs Exclusive License with Washington University for Reproductive Patent Estate for Use in Animal Health
AspenBio to Commercialize Significant Patent Estate
Castle Rock, CO, May 21, 2004 - AspenBio, Inc. (OTCBB: APNB) announced today that it has entered into an exclusive license agreement for an extensive portfolio of patents and patents pending, developed and enhanced over the last fifteen years by Washington University (St. Louis, MO). AspenBio believes this license represents the premiere reproduction patent portfolio in animal health reproduction. We believe these technologies can potentially be applied to reproduction in all mammals. The patent estate consists of approximately 83 active and inactive patents and patents pending. The term of the agreement is tied to the life of the last patent to expire, which, given the fact that there are a number of patents pending, we expect to be approximately 20 years.
The lead scientist for this body of work is Dr. Irving Boime. Dr. Boime is a world-renowned scientist who has devoted his lengthy career focused on structure-function issues of the pituitary and placental glycoprotein hormones. Dr. Boime and his group have published over one hundred papers in this area. This patent portfolio was exclusively licensed for use in humans by Washington University to Organon International, Inc., a recognized pharmaceutical world leader in the development of drugs to enhance human fertility.
The portfolio consists of technology associated with mammalian reproduction and the creation of recombinant drugs to enhance conception and pregnancy rates. Dr. Boime has designed modified reproductive hormones in such a way that biological activity and circulatory half-life can be modulated dramatically. For example, he has created highly stable gonadotropin analogs with improved biological activity. These novel analogs have significant clinical implications because they are more potent. Until now, commercialization of these biologicals has only been pursued in human medicine. AspenBio acquired this technology to provide these products to veterinary medicine. We believe that the technologies developed in the patent estate have the potential to be developed into an array of products to enhance fertility in all mammals. Initial field trials are currently slated for this year in horses and dairy cattle.
These products could have far reaching implications, ranging from improving fertility in horses, to enhancing economic returns in the food animal industry, to treating infertility in companion animals. Further announcements relating to this patent estate will be made as we successfully apply the technology to specific products.
Dr. Boime commented, "I am delighted to collaborate with AspenBio and its team of professionals whose goal is based on this patent portfolio, to generate products that will be invaluable for improving veterinary health and animal reproduction. Because AspenBio is a specialized protein manufacturer, I believe the Company can quickly develop usable quantities of a number of hormones that can have a dramatic effect on reproduction in a number of species, and bring them to the market place in a timely manner."
Roger Hurst, President of AspenBio, stated, "We are proud and excited to have achieved the most significant milestone in AspenBio's history. When we first sought out Dr. Boime, it was for a specific collaboration. We quickly learned of the potential of the portfolio of patents that Dr Boime and Washington University had developed. Because we believed that there was a significant multiple product development opportunity residing with the entity that would commercialize these technologies; we decided to enter into an agreement whereby we could acquire the entire patent estate for use in animals."
AspenBio specializes in the development of therapeutic and diagnostic animal health products. AspenBio has approximately an additional 28 provisional patent applications and patents pending.
This news release includes "forward looking statements" of AspenBio, Inc. ("APNB") as defined by the Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that APNB believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors APNB believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of APNB. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including development of new products, obtaining additional funding, adverse changes in market conditions, fluctuations in sales volumes, and problems in collecting receivables. Furthermore, APNB does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this news release should be considered in conjunction with the warnings and cautionary statements contained in APNB's recent filings with the SEC.
