VANCOUVER, British Columbia, July 15, 2004 (PRIMEZONE) -- On June 28, 2004, ProtoKinetix (OTCBB:PKTX) announced that it had reached an agreement with Perigene, Inc. to acquire a patented antifreeze glycoprotein technology. Dr. Todd commenting on the progress on the acquisition of the AFGP technology stated, "Both ProtoKinetix and Perigene are in the process of conducting due diligence. Thus far, the AFGP technology appears to be exactly what it was represented to be. The initial executed agreement, which was approved by the Perigene board of directors, calls for a due diligence period. ProtoKinetix believes that the two companies will be able to reach a set of final negotiated terms within the next 10 days. The final negotiated terms will be memorialized in a Final Agreement. ProtoKinetix believes that the transaction should ultimately close within 30 days."
Dr. John Todd and the members of the ProtoKinetix Scientific Advisory Board feel that it is important to elaborate on the rare and vital properties of the AFGP (antifreeze glycoprotein) molecule. AFGP occurs naturally in fish that survive year-long in sub-zero temperatures. The substances that prevent these fish from freezing were isolated and characterized as antifreeze glycoproteins (AFGP) in the early 1960s. Over the years, various kinds of AFGP were isolated from many species of fish, amphibians, plants and insects and their structure sequenced. All of the AFGP's share a common characteristic that prevents ice crystals from growing and connecting to each other.
A major problem with the freezing process used in medical and industrial applications is that the formation of ice crystals damages all of the living material. This is particularly true for the preservation of very valuable and sometimes rare human tissues and cells such as transplantable organs and blood platelets that are extremely sensitive to a freezing process necessary for their transportation and storage. It has been successfully demonstrated that naturally occurring AFGPs greatly increase the survival time of these valuable tissues. However, until today, natural applications of AFGP have been limited due to its instability and the expense to produce meaningful quantities of this glycoprotein.
Researchers at the University of Rouen, led by Dr. Jean Charles Quirion, were able to develop an innovative and patented chemical synthesis protocol for stabilizing AFGP molecules using a chemical bond that protects these compounds from degradation by natural enzymes. This stable, synthesized molecule has identical characteristics to the native protein and can be produced at a fraction of the cost. Current research is being conducted to confirm the biological efficacy of these chemically synthesized new molecules. Upon completion the Company will commence the commercial application of the use of these molecules in prolonging the shelf life of human platelets prepared for blood transfusions. Additional potential markets for the AFGP technology beyond the blood platelet market is the organ preservation-transplantation field. Other uses for the valuable food preservation and cancer treatment are also being considered for our product development pipeline.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Some information included in this press release contains statements that are forward-looking. Such forward-looking information involves significant risks and uncertainties that could affect anticipated results in the future and, accordingly, these results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. For a description of additional risks and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission. Any discussion regarding an acquisition of AFGP technology should be considered a forward-looking statement. The final acquisition or the closing of the AFGP technology is subject to ongoing due diligence by both Perigene and ProtoKinetix.
On behalf of the Board of Directors, Dr. John Todd President
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