CELOX LABORATORIES, INC. ANNOUNCES FORMATION OF PROTIDE PHARMACEUTICALS,
ST. PAUL, Minn, Feb. 3 /PRNewswire/-- CELOX Laboratories, Inc. (OTC Bulletin Board: CELX) announced today the formation of Protide Pharmaceuticals, Incorporated, a wholly owned subsidiary.
Protide Pharmaceuticals will be responsible for the further development of ViaStem(TM) and other bone marrow transplant products. ViaStem(TM) was discovered to improve the ultra low temperature storage of stem cells from bone marrow, peripheral blood and umbilical cord blood while a patient receives intensive chemotherapy or radiation treatment for certain cancers, blood disorders and serious genetic disorders. ViaStem(TM) may also improve the transfusion of these critical cells which are responsible for producing white blood cells, red blood cells and platelets.
Protide Pharmaceuticals will continue to collaborate with the University of Minnesota, Minneapolis to complete the preclinical studies on ViaStem(TM).
CELOX Laboratories, Inc. is a cell therapy company that specializes in improving the physiological condition of human cells and cells from other species. CELOX products are utilized in developing and manufacturing diagnostics and therapeutics for major health problems such as AIDS and cancer. The company's products are utilized by major academic medical centers, biotechnology and pharmaceutical companies.
The statements made in this press release contain certain
forward-looking statements that involve a number of risks and
uncertainties. Actual events or results may differ from the company's
expectations. In addition to the matters described in this press
release, time lines for ongoing and future clinical activity are
subject to change, results of pending or future clinical trials cannot
be accurately predicted, and decisions by the FDA and other regulatory
agencies, including their determination as to whether there is
sufficient clinical data and compliance with all other requirements to
support product licensure. In addition, the risk factors listed from
time to time in the company's SEC filings, including but not limited to
its Annual Report on Form 10-KSB for the year ended August 31, 1998 and
Form 10-QSB for the quarter ended November 30, 1998, may affect the
actual results achieved by the company.
SOURCE CELOX Laboratories, Inc.
02/03/99 /CONTACT: Milo R. Polovina, Chairman and CEO or David E. Tess, Vice President Finance and Administration of CELOX Laboratories, Inc., 651-730-1500/
/Web site: http://www.celox.com/ (CELX)
CO: CELOX Laboratories, Inc.; Protide Pharmaceuticals, Incorporated
ST: Minnesota IN: MTC SU:
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