Vitro Diagnostics, Inc. (OTCQB: VODG), dba Vitro Biopharma, announced the signing of a patent license granting exclusive rights to two of its United States patents and an option to a third patent to Dr. James Posillico, Ph.D., for global use in the treatment of infertility. Dr. Posillico is a well-known expert in women’s health care and former executive and Board member of Vitro Diagnostics, Inc. The sub-licensable license to Vitro’s fertility treatment intellectual property includes payment of license fees and product sales royalty payments during a five-year, renewable term.
Dr. Jim Musick, Ph.D., Vitro’s President and CEO said, “We are very pleased to announce the license of our technology and products for treatment of infertility. We previously commercialized purified human antigens for diagnostic applications. When we sold this operating entity to Aspen Biopharma (Nasdaq: APPY), we retained patented technology for purification of FSH, a fertility hormone used to treat infertility, and its production from cell lines. This license now allows us to realize commercial value from our technology while we continue commercialization of our stem cell products and technology that is the primary focus of the Company’s operations. We anticipate collaboration with Dr. Posillico to promote sales of FSH-related products for treatment of infertility through procedures such as in-vitro fertilization (IVF). We are aware of significant distribution opportunities that we intend to vigorously pursue to assist in rapid growth of the sales of licensed products for use in the IVF market. We also own stem cell-related intellectual property including an issued U.S. patent with potential application to treatment of diabetes and our proprietary method for generation of pluripotent stem cells from adult stem cells. We consider the latter issue to represent extensive value since this technology has potential application for treatment of a wide variety of diseases including kidney failure, congestive heart failure, Alzheimer’s & Parkinson’s as well as several other diseases and degenerative conditions. Each of these applications represents potential exclusive or non-exclusive patent licensing opportunities for the Company. Our growth strategy includes pursuit of patent out-licensing to provide capital for additional expansion of our stem cell intellectual property portfolio as we continue to contribute to the stem cell-based transformation of regenerative medicine.”
About Dr. Posillico
Dr. Posillico has an extensive career in the development and commercialization of pharmaceutical products, diagnostics and devices used in the field of assisted reproduction. Following his academic career at Harvard Medical School, he was an executive at Serono, now EMD-Serono, the pioneering leader in the development and sales of fertility drugs. From 1985 to 1993, he held various positions at Serono with responsibility for marketing, clinical development and regulatory issues related to various fertility drugs and pharmaceutical products in other therapeutic areas. Dr. Posillico also served as General Manager of Serono Canada, Inc. with overall P&L responsibility. From 1996 to 2002, Dr. Posillico founded and managed a medical product and device firm, Sage Biopharma that specialized in providing support to assisted reproductive technologies. In 2002, Sage was acquired by Cooper Surgical, Inc, a wholly owned subsidiary of Cooper Companies (NYSE: COO). Dr. Posillico then became Chief Scientific Officer for Cooper Surgical where his responsibilities included business development, primarily in reproductive medicine while providing scientific oversight of acquisitions and licensing. He later founded, Molecular Biometrics in 2006, a diagnostic company that developed and launched a product to assess embryo viability in IVF. He is now President and CEO of Markmans-Cellject, Inc., a biotech firm located in Toronto, CN focused on development of devices for use in assisted reproductive technologies.
About Vitro Diagnostics, Inc.
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB: VODG) (http://www.vitrobiopharma.com), owns U.S. patents for production of FSH, immortalization of pituitary cells, and a cell line that produces beta islets for use in treatment of diabetes. Vitro also owns a pending international patent for generation of pluripotent stem cells. Vitro’s mission is “Harnessing the Power of Cells™” for the advancement of regenerative medicine to its full potential. Vitro operates within a modern biotechnology manufacturing, R&D and corporate facility in Golden, Colorado. Vitro manufactures and sells “Tools for Stem Cell and Drug Development™”, including human mesenchymal stem cells and derivatives, optimized media for stem cell self-renewal and lineage-specific differentiation. Vitro recently formed a strategic alliance with HemoGenix®, Inc. (http://www.hemogenix.com/) to jointly manufacture and distribute Lumenesc™ and LumiSTEM™ quantitative assays for determination of stem cell quality, potency and response to toxic agents.
Safe Harbor Statement
Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company’s products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company’s filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
Dr. James Musick, 303-999-2130
Chief Executive Officer