FREEHOLD, N.J., June 24, 2005 (PRIMEZONE) -- New Life Scientific, Inc. (OTCBB:NWLF) and InvaPharm LLC ("InvaPharm") today jointly announced the formation of a joint venture whereby the two companies will operate under the name Invamed Pharma, Inc. ("Invamed Pharma").
InvaPharm has extensive experience in the technical development of pharmaceutical products. The company is the licensee of one pharmaceutical compound which is in Phase II clinical trial and has the rights to other compounds and certain applications for unique drug delivery systems.
Under the terms of the venture, the two companies will engage in the development and marketing of pharmaceuticals (including biopharmaceuticals) and will conduct its clinical trials through PharmaTrials International, Inc., a wholly owned subsidiary of New Life. PharmaTrials International, Inc. holds a right of first refusal to current and future clinical study contracts of InvaPharm.
New Life Scientific, Inc. will provide funding for the venture, while InvaPharm will assign licenses, develop and obtain additional products, and supply technical know-how and intellectual property.
Operations of the joint venture will be directed by managing partners: Wieslaw Bochenek, president of New Life Scientific, Inc, and Khurshid Iqbal, president of InvaPharm.
Khurshid Iqbal, Ph.D., is a senior pharmaceutical research and development executive with extensive experience in management, planning and execution of all phases of pharmaceutical development. Renowned for his accomplishments and expertise in pre-clinical, clinical and drug delivery of pharmaceutical products, Dr. Iqbal has worked with leading multi-national pharmaceutical organizations and has an excellent knowledge of worldwide project management and regulatory requirements. He possesses a high degree of leadership ability in managing senior level, multi-disciplinary teams for research and development.
Dr. Iqbal has held directorships and senior and global vice presidential positions for leaders in the pharmaceutical community including, West Pharmaceutical Services, R. W. Johnson Pharmaceutical Research Institute, Hoffmann-La Roche, Inc and E.R. Squibb & Sons, Inc.
Dr. Iqbal holds a B.S. degree in Pharmacy from the University of the Panjab (Pakistan), an M.S. degree in Pharmaceutics from the University of Sciences in Philadelphia and a Ph.D. in Pharmaceutics from the University of Sciences in Philadelphia.
Wieslaw J. Bochenek, M.D., Ph.D., F.A.C.P., president of New Life Scientific, Inc., stated: "New Life Scientific, Inc. is excited and looks forward to the range of opportunities presented by Invamed Pharma, Inc., and is poised to assist in the further development of the products, licenses and intellectual properties of the joint venture."
About New Life Scientific, Inc. (NWLF):
NWLF recently acquired Novo Life Scientific (Ukraine), the holder of a cooperation agreement with the Institute of Molecular Biology and Genetics of the Ukrainian Academy of Sciences (IMBG). Nova Life Scientific, in conjunction with IMBG, highly regarded for its extensive knowledge and expertise in the fields of molecular cell biology and molecular genetics research, intends to develop and market certain stem cell related products and therapies, and to establishment a stem cell bank in the region of Ukraine. Novo Life Scientific (Ukraine) has been researching and is in the process of developing the business model for the creation of a stem cell bank and stem cell treatment facilities to be based in Europe. The company hopes to analyze and share its research regarding stem cell therapy and tissue regeneration with other scientific groups and to take advantage of the extensive research previously conducted in Ukraine by IMBG.
New Life Scientific, Inc. has also recently acquired Pharma Trials (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical companies and Contract Research Organizations (CROs).
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This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.