Pioneer Technology Llc
Stock information on PROT, GNBT, and PDLI
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PROTEONOMIX, INC. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it has formed a new subsidiary called X Gen Medical LLC, a Nevis Virgin Island entity. X Gen Medical has been established with the intention of conducting business in the global medical marketplace. Proteonomix plans on utilizing X Gen Medical to serve as a platform for joint ventures with medical facilities worldwide. It is anticipated that new relationships formed with X Gen Medical will create medical facilities capable of not just attracting treatments locally, but also acting as hubs for medical tourism. Medical tourism is constantly on the rise and anticipated to continue to grow substantially due to current high costs of health care for certain procedures and improvements in both technology and standards of care in many countries.
Mr. Michael Cohen, Chairman and CEO of Proteonomix, stated, We have been in negotiations with several groups, specifically in the Middle East and Europe, to establish Proteonomix Regenerative Translational Medicine Institute medical facilities in those regions. The negotiations have reached the level whereby the establishment of a separate subsidiary, X Gen Medical LLC., was essential in order to allow Proteonomix to properly enter these global markets with the intention of soliciting business through our proprietary PRTMI model. We anticipate closing on some of these negotiations in the near future, which we anticipate will include the necessary funding required to firmly establish X Gen Medical as a PRTMI provider.
PROT engages in the development of stem cell therapies primarily for the treatment of diabetes and cardiac therapy, as well as offers cosmeceutical products. The stem cell therapy involves the introduction of healthy new stem cells to repair and replace damaged or lost cells. It offers product for the treatment of anti-aging and damaged skin.
Generex Biotechnology Corporation (Nasdaq:GNBT) recently reported that it has named Craig Eagle, M.D. to its scientific advisory board. Dr. Eagle brings a wealth of oncology experience to help the Company’s wholly-owned subsidiary, Antigen Express, Inc., dba Generex Oncology, further its synthetic cancer and influenza vaccine development efforts. Dr. Eagle currently serves as Vice President of Strategic Alliances and Partnerships for the Oncology business unit at Pfizer Inc.
GNBT is engaged in the research, development and commercialization of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity. The Company’s proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company’s proprietary RapidMist device.
PDL BioPharma, Inc. (Nasdaq:PDLI) recently reported that it has entered into separate privately negotiated agreements under which it will retire $61.6 million in aggregate principal amount of the Company’s outstanding 2.75% Convertible Subordinated Notes, due August 16, 2023 for consideration consisting of the issuance of the number of shares of common stock for which those 2023 Notes were convertible by their terms plus 184,677 additional shares issued as an inducement for such holders to surrender their 2023 Notes at this time. The holders will also receive a cash payment for accrued and unpaid interest on the Notes. The transaction was structured as an exchange of the 2023 Notes for the stock and reflected a price per share of approximately $5.55 per share. Following the exchange, $54.3 million in aggregate principal amount of the 2023 Notes will remain outstanding.
PDLI pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. PDL is focused on maximizing the value of its antibody humanization patents and related assets. The Company receives royalties on sales of a number of humanized antibody products marketed today based on patents that expire in late 2014.
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