Good news last week for Proteonomix Inc (OTC:PROT) shareholders as the Company’s primary drug in trials, UMK-121, to treat patients with end stage liver disease has taken the next big step in studies: Human trials.
Coming on the heels of a Dec 27 announcement by PROT that it had entered into an Agreement to conduct clinical trials with the University of Miami for the Proteonomix drug UMK-121, the Company President, Michael Cohen, noted, “The financing that was required to complete the Company's obligation with respect to the Trial was provided Friday, Dec 23, 2011.” The PROT agreement required the University to pay expenses associated with the clinical study and that the Company itself was required to assist financially with the clinical study.
Last week, with the new deal in hand, PROT received IRB (Institutional Review Board) approval and is now ready for the recruitment of patients.
The Company will work together with the University and the principal investigators to initiate the clinical study. The approval of the IRB was required before the study could go forward.
The investigators can now accept patients into the study.
Proteonomix is a non-embryonic stem cell and cosmeceutical company. It also has pre clinical-stage therapeutic agents and treatments for diabetes, heart and lung diseases. PROT developed technologies embodied in patent applications, include a medium and scaffolding growth of stem cells, a growth platform for stem cells, a cord blood banking cryopreservation bag and cosmetic products utilizing a secreted matrix derived from stem cells.
Proteonomix intends to create and dedicate a subsidiary to each of its technologies and to date has set up the following subsidiaries: Proteoderm, StromaCel, PRTMI and THOR Biopharma.
The stock was trading at $0.30 on Dec 23 and after the news; spiked to its current $1 price; a gain of 233% in less than three weeks. Some very happy shareholders here.
I haven’t, don’t, and do not intend on holding any of the companies mentioned in this article.
