Exhibit 99.1
Press Release Source: Enhance Biotech, Inc.
Enhance Biotech Announces Asset Sale Agreement With Mount Cook Biosciences For
Delta Receptor Portfolio
Monday May 22nd,
NEW YORK, May 22nd / -- Enhance Biotech, Inc. (OTC PK: EBOI), a company
developing a portfolio of products focused on lifestyle drugs, announced today
that it has sold its opioid Delta receptor compound portfolio to Mount Cook
Biosciences Inc., a company formed and funded by Paramount Biosciences, LLC of
New York.
The portfolio sold to Mount Cook Biosciences includes two clinical stage
compounds and a library of pre-clinical compounds. The lead compound, DPI-125 is
a novel mixed delta/mu opioid receptor agonist, which is being developed for the
treatment of pain. A second compound, DPI-221 is intended to address urge and
mixed urinary incontinence, and recently received IND approval. The portfolio
also includes Enhance's pre-clinical Delta receptor programs in Parkinson's
disease, Depression, Cardio Protection and Premature Ejaculation which will
continue to be developed by Mount Cook Biosciences.
In consideration for the portfolio of assets, Enhance will receive cash, equity
in Mount Cook Biosciences and potential milestone payments and future royalties
on net sales. C.E.O. Chris Every commented; "The sale of the Delta portfolio is
intended to enable the portfolio to progress to market and allow us to realize
value for these products."
About Enhance Biotech, Inc.
Enhance is an emerging specialty pharmaceutical company that acquires, develops
and seeks to commercialize drugs primarily in the "Lifestyle Drug" market.
Lifestyle Drugs target chronic long-term conditions that are not necessarily
life threatening, but can severely affect the quality of life. This is one of
the fastest growing sectors in the pharmaceutical industry. Our drug pipeline
focuses on three major segments in the Lifestyle Drug market: Urology, CNS and
Dermatology.
Certain statements contained herein are "forward-looking" statements (as such
term is defined in the Private Securities Litigation Reform Act of 1995).
Because these statements include risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Specifically, factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
include, but are not limited to: our ability to obtain financing on commercially
reasonable terms, in timely fashion, or at all to develop our product portfolio
or fund our operations; risks associated with preclinical and clinical
developments in the biopharmaceutical industry in general and in Enhance
Biotech's compounds under development in particular; the potential failure of
Enhance Biotech's compounds under development to prove safe and effective for
treatment of disease; uncertainties inherent in the early stage of Enhance
Biotech' compounds under development; failure to successfully implement or
complete clinical trials; failure to receive marketing clearance from regulatory
agencies for our compounds under development; acquisitions, divestitures,
mergers, licenses or strategic initiatives that change Enhance Biotech'
business, structure or projections; the development of competing products;
uncertainties related to Enhance Biotech' dependence on third parties and
partners; and those risks described in the filings with the SEC, all of which
are under the Company's prior name Becor Communications, Inc. Enhance Biotech
disclaims any obligation to update these forward-looking statements.
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Source: Enhance Biotech, Inc.
Contact:
Charlotte Ramelli
(44) 207 451 2468
Savannah House,
11 Charles II Street
London SW1Y 4QU