TORONTO, ONTARIO–(Marketwire – June 23, 2011) – Arch Biopartners Inc. (“Arch” or the “Company”) (CNSX:ACH)(OTC:FOIFF) and its subsidiary Arch Cancer Therapeutics (“ACT”) today announced Arch scientists Dr. Donna Senger and Dr. Stephen Robbins have been awarded $561,251 of peer reviewed research funding to support ongoing work in the area of malignant glioma and the development of brain tumour cell targeting technology.
This funding award is from a recent Alberta Cancer Research Operating Grants Competition sponsored by Alberta Innovates – Health Solutions (previously the Alberta Heritage Foundation for Medical Research). The funds are scheduled to be released from the Alberta Cancer Prevention Legacy Fund in three annual tranches starting July 1, 2011, pending final administrative approval from the Minister of Alberta Health and Wellness.
The money will support work for the project entitled “Characterization and Therapeutic Targeting of p75NTR in Glioma Tumourigenesis”, that includes studies to further define and develop peptides that target, locate and inhibit invasive glioma cells. These studies are in addition to recently completed proof of principle studies in the area of targeting brain tumour initiating cells which are currently undergoing peer review.
About Arch Cancer Therapeutics
ACT is an Alberta corporation wholly owned by Arch Biopartners. ACT’s objective is to develop non-invasive diagnostic and therapeutic molecules for brain cancer utilizing new and innovative approaches.
Despite intensive research over the past 30 years, clinical outcomes for patients with malignant glioma have not changed substantially with average survival rates remaining at a dismal 12-15 months. ACT’s proprietary molecules are specialized peptides that identify and target brain tumor initiating cells (“BTIC”) and invasive brain cancer cells, two disease reservoirs that are not normally seen using current state of the art diagnostic imaging techniques.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to developing early stage proprietary technology for sale to pharmaceutical and industrial companies.
The Company’s website address is: www.archbiopartners.com.
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com.
Forward-Looking Statements
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.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
