Amazon Biotech, Inc. Announces Patent Approval for a Unique Formulation and Method of Treating HIV Infection
NEW YORK, NY -- (MARKET WIRE) -- 09/05/06 -- Amazon Biotech, Inc. (OTCBB: AMZB) (FRANKFURT: B2D.F) today announced that it has a Notice of Allowance from the UnitedStates Patent and Trademark Office, advising that Amazon's application forpatent protection of its investigative drug named AMZ0026 has beenapproved.
AMZ0026, a therapeutic herbal composition, is Amazon Biotech's primary drugcandidate and is currently approved by the FDA to undergo Phase I/IIstudies in humans. AMZ0026 has been shown to exhibit potentialtherapeutically beneficial effects on the immune system of immunodeficientHIV/AIDS patients, particularly with respect to elevation of CD4 levels inpreliminary clinical case studies.
Dr. Mechael Kanovsky, President of Amazon Biotech, stated, "We are verypleased to receive the notice of allowance. We believe that this eventsignificantly strengthens our intellectual property rights and increasesour potential value."
About Amazon Biotech, Inc.
Amazon Biotech, Inc. is a natural plant pharmaceutical company, primarilydeveloping immune modulator drugs. AMZ0026 is the company's first suchdrug, which is to be used for the treatment of HIV/AIDS. The company planson initiating Phase I/II clinical studies of AMZ0026 in the near future,with an eventual goal of attracting a joint venture partner with a majorpharmaceutical company in Phase III trials, or follow the FDA Fast Trackprogram to market. Amazon Biotech specializes in natural plantpharmaceutical drugs and is focused on bringing healthier pharmaceuticaldrugs to market.
Additional information on Amazon Biotech may be found at:Amazon Biotech.
Forward-Looking Statements
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Actof 1995 This press release contains forward-looking information within themeaning of Section 21E of the Securities Exchange Act of 1934, includingstatements regarding any potential sales of products as well as statementsthat include the words "believes," "expects," "anticipates," or similarexpressions. Such forward-looking statements involve known and unknownrisks, uncertainties and other factors that may cause the actual results,performance or achievements of Amazon Biotech, to differ materially fromthose implied or expressed by such forward-looking statements. Such factorsinclude, among others, the risk factors included in Amazon Biotech'ssubsequent reports filed with the Securities and Exchange Commission underthe Exchange Act. This press release speaks as of the date first set forthabove and Amazon Biotech assumes no responsibility to update theinformation included herein for events occurring after the date hereof.
As of June 29, 2006, 37,590,634 shares of our common stock were outstanding.
NOTE E - JOINT VENTURE AGREEMENT
On November 17, 2005, the Company entered into a Letter of Intent to enter into a possible joint venture with Punzi Medical Center ("PMC") in connection with Amazon Biotech, Inc.'s ("Amazon") efforts to obtain from the United States Food and Drug Administration ("FDA") approval of AMZ0026 currently under development by Amazon. Subject to the terms and conditions of the agreement, PMC shall (a) fund all costs and expenses incurred in connection with the clinical trials, (b) make its facilities available for the conduct of the clinical trials, and (c) provide consulting services to Amazon with respect to the conduct of the clinical trials and their approval by the FDA. In consideration for the obligations of PMC, Amazon shall pay to PMC royalties equal to an agreed upon percentage of the net revenues generated by any sales of AMZ0026 during an agreed upon time period following the FDA's final approval. ------ ------
that said, there are some things I don't like, such as the dilution that has been going on for a while for employee compensation and general funding activities. They have been losing money, but are in the developmental phase, and have been issuing stock to survive this phase. You'll note though, that much of this stock was issued at much higher prices, like in the upper teens and twenties...
However, it looks like they have been waiting for this approval to bust out of this developmental stage. Now that they have it, and the above mentioned PMC will foot the bill for a cut of the upcoming profits. This could be big, will watch this tomorrow and continue the dd...
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