HOUSTON, July 28, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) is pleased to announce that it has signed a draft investment agreement to purchase a significant equity interest in BioSight Ltd. Terms of the agreement were not disclosed. Further details of this agreement will be divulged at the Jerusalem Investment Forum (JIF) invitation-only luncheon to be held at the Tel Aviv Hilton on August 9. CSJJ CEO Andrea Cortellazzi will be representing the Company at the investment conference.
Based in Israel, BioSight Ltd. is a biopharmaceutical company committed to redefine the way medicines are targeted and delivered. Using its S2DOT(tm) (Seek to Destroy Only Target) proprietary technology for identification of disease-specific markers, BioSight develops novel pro-drug vectors for selective drug targeting. BioSight's business strategy is to capitalize on the immense unmet clinical need to effectively treat cancer. Using current cancer therapy, only 2% of the administered dose reaches the tumor. BioSight's S2DOT vectors objective is for 98% of the administered dose to reach the tumor. BioSight has already filed several worldwide patents to protect its core technologies and company's proprietary skills. BioSight has R&D collaborations with several academic and medical institutions in the development of its core technologies. The company is seeking funds in order to enable it to expand the development process and specifically to complete Phase II clinical trials.
CSJJ CEO Andrea Cortellazzi stated: "The market for drug delivery has been growing rapidly with $40 billion forecast this year and expected to grow to $70 billion by 2005, with BioSight Ltd. leading the way in the next generation of targeted therapies. In addition, the market for Anti-Cancer agents is showing a similar trend, as it was valued at $10 billion in 2000 and forecast to grow to more than $15 billion in 2007. Finally, by 2010 80% of cancer drugs will use delivery systems. BioSight Ltd. is a good fit in our portfolio of innovative and high-growth biotechnology companies."
For further information on BioSight Ltd., please visit the company website at www.biosight.co.il.
For more information on Coastal Holdings Inc., please contact CEO Andrea Cortellazzi at (647) 886-2703 or visit the Company website at www.coastalholdings.com.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.