TORONTO, ONTARIO--(Marketwire - Sept. 6, 2012) - Arch Biopartners Inc ("Arch" or the "Company")(CNSX:ACH)(OTCBB:FOIFF) announces it has entered into an option agreement to acquire the intellectual property rights to a new diagnostic technology which identifies irritable bowel syndrome (IBS).
This technology was invented by University of Alberta scientists Julia Liu, Randall Irvin and Elisabeth Davis.
IBS is a condition of the bowel that causes frequent abdominal discomfort, pain and diarrhea that affects approximately 10% of the world's population, making IBS one of the most common diagnoses in the world. However, there is no readily available diagnostic test for IBS.
Currently, the diagnosis of IBS is a time consuming process with the diagnosis made only after a number of other conditions such as bowel cancer, inflammatory bowel disease, celiac disease, infections and food allergies have been excluded. Doctors generally perform a battery of diagnostic tests to exclude all other causes of abdominal discomfort before giving the clinical diagnosis of IBS.
Arch believes the availability of a specific test for IBS would be a major breakthrough in terms of patient convenience and in helping to lower costs associated with the diagnosis and management of the symptoms of IBS.
As pre-conditions to exercising the option, Arch will perform further validation studies and assess the commercial viability of the technology. Arch will have up to August 30, 2013 to exercise the option.
Dr. Julia Liu joined the Faculty of Medicine and Dentistry at the University of Alberta in 2006. As a member of Centre of Excellence for Gastrointestinal Inflammation and Immunity Research, her research efforts have focused on the application of endoscopic methods for the diagnosis and treatment of gastroenterological diseases. She is a recipient of a number of awards, research fellowships and grants including the Research Excellence in Gastroenterology and Liver Diseases (REGAL), and the Harvard Center for Minimal Invasive Surgery Fellowship. Most recently, she is a recipient of the prestigious CIHR New Investigator Salary Award. Currently, she serves on a number of committees of gastroenterological societies and reviews manuscripts for a range of journals including the Annals of Internal Medicine, American Journal of Gastroenterology, and GI Endoscopy.
Dr. Randall Irvin is Professor Emeritus of Medical Microbiology and Immunology at the University of Alberta. Previously, he was a faculty member at the University of Toronto and at Dalhousie University. Dr. Irvin has published extensively and has many patents in the fields of microbiology and biosensors. He has been a member of PENCE and the Canadian Bacterial Diseases Network, and also has also served as president of the Canadian Society of Microbiologists. He is an insider and shareholder of Arch and President of Arch Biophysics, a fully owned subsidiary of Arch.
Elisabeth Davis is a PhD candidate, Medical Microbiology and Immunology at University of Alberta.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for sale to pharmaceutical and industrial companies.
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com.
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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