GOLDEN, Colo., Aug. 28, 2012 (GLOBE NEWSWIRE) -- Vitro Diagnostics, Inc. (OTCQB:VODG), dba Vitro Biopharma, announced advances in the commercialization of its infertility treatment drug, Vitropin™, a highly purified form of FSH produced through Vitro Biopharma's patented production process. During 2011, Vitro licensed two of its patents and certain rights to other related intellectual property to Dr. James Posillico, a renowned expert in Assisted Reproductive Technologies (ART). Dr. Posillico and his team of professionals have recently begun the process of registration of Vitropin™ and related products in certain foreign markets. This registration is being pursued together with the establishment of a separate manufacturing contract and various distribution partnerships. Product marketing, distribution and sales will be managed by an international group of professionals that have considerable expertise in the distribution of similar products in the ART feild. The development plan also contemplates registrations for marketing approval of Vitropin™ in several additional countries including the US and EU that collectively represent a multi-billion dollar market.
Dr. Jim Musick, Vitro Biopharma's President & CEO, said, "We are very pleased to announce commercialization advances related to Vitropin™, a product that we previously developed and out-licensed to Dr. Posillico in 2011. Through Vitro Biopharma's license agreement, the company is entitled to certain royalty payments based on sales of Vitropin™. We anticipate contribution of this source of income to our profit and loss statements, especially since this income has minimal associated costs and is mainly transferred to our bottom line. While Vitro Biopharma's operations are primarily focused on commercialization of its current line of stem cell products and development of a deep pipeline of related products, the company has diligently pursued commercialization of Vitropin™ through its partnership with Dr. Posillico and his team of collaborators.
About Vitro Biopharma
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB:VODG) (http://www.vitrobiopharma.com), owns US 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 US patent for generation of pluripotent stem cells and an additional pending patent for methods of mesenchymal stem cell (MSC) generation and related materials. 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, the MSC-Gro™ Brand of 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 the LUMENESC™ quantitative assay for determination of MSC quality, potency and response to toxic agents.
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 reproductive technologies. 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 in-vitro fertilization procedures. He is now President and CEO of Translational Technologies, Inc. a biotech firm located in Chester, NJ focused on development of various advanced technologies into commercial products.
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.
Source: Vitro Diagnostics, Inc.
CONTACT:
Dr. James Musick
Chief Executive Officer
Vitro Biopharma
(303) 999-2130 Ext. 3
E-mail: jim@vitrobiopharma.com
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