Amarantus BioScience has purchased all of the intellectual property (IP) assets from Power3 Medical Products.
Power3 was in bankruptcy. Amarantus has acquired the IP assets for $40,000 which includes technology related to the diagnosis of multiple neurodegenerative diseases and oncology.
Amarantus, with the acquisition, had added five issued patents to its portfolio.
Under the transaction, Amarantus will also own 20 pending patent applications, which cover biomarkers and assays related to treat various diseases including Parkinson’s, Alzheimer’s and ALS, as well as patent applications related to breast cancer, neuromuscular disease and chronic myelogenous leukemia.
Amarantus president and CEO Gerald Commissiong said the patents, patent applications and supporting data sets acquired through transaction are an addition to intellectual property estate and support the overall diagnostics strategy, the company is pursuing to support therapeutics programs.
"We are now poised to advance our diagnostic pipeline for Parkinson’s disease and Alzheimer’s disease towards commercialization,"Commissiong added.
The company, in addition to acquiring all of the data generated by Power3 while creating its IP portfolio, has also retained the services of Essam Sheta, former CLIA laboratory director at Power3.
Amarantus, with the acquisition, now owns the patents underlying the license and owes no further financial obligations to Power3.
The acquired IP assets from Power3 are related to Programmed Cell Death (Apoptosis).