FREEHOLD, N.J., July 19, 2005 (PRIMEZONE) -- New Life Scientific (OTCBB:NWLF) and Invapharm LLC have announced that their collaborative effort "Invamed" has reached a significant corporate milestone of 50 percent patient recruitment in the Phase II study of a new delivery system in the treatment of patients with ulcerative colitis. The study expected to be completed in the fourth quarter of 2005 and the summary report available by the end of 2005.
This newly tested technology for drug delivery is protected by two separate patents that expire in the years 2015 and 2018. Invamed plans to utilize this new drug delivery technology in various applications and will consider strategic partnerships with other leading companies. These potential alliances may enhance the development of new treatments through improvement of existing approved products or drugs currently in development at Invamed.
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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