Tuesday, April 20, 2010

Bioprospecting NB Inc. rebrands itself as Soricimed Biopharma Inc.; announces corporate update

NEWS RELEASE

April 19, 2010
For immediate release

Bioprospecting NB Inc. rebrands itself as Soricimed Biopharma Inc.; announces corporate update

Moncton, N.B. / Sackville, N.B. – Following its 2010 annual general meeting held in Moncton, New Brunswick, today, BioProspecting NB Inc. provided a corporate update, including changes to its company leadership, the opening of an office in Moncton, as well as a new name and image.

Effective immediately, the company will be known as Soricimed Biopharma Inc. (www.soricimed.com). As well, the following announcements were made regarding the company’s leadership:

Company co-founder Jack Stewart, previously BioProspecting’s Chief Scientific Officer and Chairman will retain those positions with Soricimed Biopharma Inc.

Company co-founder Paul Gunn, previously BioProspecting’s President and Chief Financial Officer, becomes President and Chief Executive Officer of Soricimed Biopharma Inc.

Dr. Kenneth Keirstead, previously BioProspecting’s Chief Executive Officer (CEO) will become Vice-Chairman of Soricimed Biopharma Inc.

Soricimed Biopharma Inc. is a private drug development company created in 2005 by Jack Stewart and Paul Gunn following the discovery and development of a proprietary peptide, soricidin. Soricidin is the basis for Soricimed Biopharma Inc.’s targeted cancer management program focused on an ovarian cancer therapeutic and a companion diagnostic. Using focused innovative strategies in collaboration with major world-class cancer research institutions, Soricimed’s drugs have demonstrated a capability to reduce cell viability and induce apoptosis (in vitro) and to reduce human tumour volume (in vivo) with no demonstrable toxicity. The company expects to enter clinical trials next year.

“To sum up what we do can be broken down this way,” said company President and CEO Paul Gunn, “our diagnostic finds cancer, while our drug kills cancer. We currently employ nine people and are looking to add more this year. Our laboratory is very focused, while specialty work is done by third-party facilities. This co-ordination is also done by our lab employees in Sackville.”

While the company has worked out of its state-of-the-art lab in Sackville, New Brunswick, since its inception, a corporate office recently opened in Moncton, New Brunswick, to complement the lab’s work. “Our executive team has significant experience in the pharmaceutical industry,” Mr. Gunn said, “and the partners we have on board are second-to-none in the field of cancer research, including the Atlantic Cancer Research Institute, the British Columbia Cancer Agency, NRC Institute for Biological Sciences, NRC Institute of Marine Biosciences, NRC Institute of BioDiagnostics-Atlantic, LAB Research Inc., Amplia Pharma Teck Inc., Algos Preclinical Services, and the Juravinski Cancer Centre.”

All of Soricimed’s technology is protected by international patents. “Our potential diagnostic market alone exceeds $11 billion annually,” Mr. Gunn said. “Our diagnostic for ovarian cancer will be able to find cancer faster, earlier and with more precision than what currently exists.”

Mr. Gunn says that Soricimed -- the company’s new name - offers both a look back at the company’s history, and a look forward into the company’s future. “Soricimed is a derivative of soricidin, the name given to company co-founder Jack Stewart’s original discovery,” he said. “We wanted something that had an attachment to the past but also positioned as a future oriented, leading edge biotech company.

“We are always looking at opportunities for growing our business,” Mr. Gunn. “That is we are also announcing today that Soricimed has opened a corporate office in Moncton that will complement the scientific work being done so well in Sackville.” The new office is located in the historic Moncton Times building at 18 Botsford Street.

Soricimed has received funding from organizations such as the Atlantic Canada Opportunities Agency (ACOA), which announced $2.9 million in funding through the Atlantic Innovation Fund in January 2010, as well as the National Research Council (NRC). Many private investors have come on board with the company, as well, several of which have benefited from the New Brunswick Small Business Investor Tax Credit managed through New Brunswick’s Department of Finance.

“With this new rebranding and continued progress on the scientific front, our next phase of development is very encouraging,” said Mr. Gunn. “We’re very confident that the work Soricimed is doing today will end up saving many lives in the future through the early detection and more efficient treatment of cancer.”

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Media contact:

Paul Gunn
President and CEO
Soricimed Biopharma Inc.
(506) 872-2181
pgunn@soricimed.com
www.soricimed.com

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