FREEHOLD, N.J., Nov. 1, 2005 (PRIMEZONE) -- New Life Scientific, Inc. (OTCBB:NWLF) announced today that a major European pharmaceutical company has signed a contract for just under $1,000,000 with PharmaTrials International (PTI), a wholly owned subsidiary of NWLF which operates a Contract Research Organization (CRO) in Kiev, Ukraine. The terms of the contract dictate strict confidentiality as to the contracting party and the specific nature of the study. It is the first major study to be awarded to PTI since it was acquired by NWLF. The general scope of the project is a Phase II clinical study for a new therapeutic indication, to be conducted exclusively by PTI's at seven sites in Ukraine. The contract is scheduled for completion in the second quarter of 2006
Wieslaw J. Bochenek, M.D., Ph.D., president of New Life Scientific, Inc., said, "Our strong presence in the Ukraine and our experience there were important factors in our winning this contract. We utilized the resources of our experienced staff here in the U.S. to design study protocol collaboratively with the sponsor. This is another major contract utilizing our government approved clinical operations in Ukraine that adds further credence to the world-class quality of the work that is being performed."
About New Life Scientific, Inc. (NWLF):
In May of 2005 we 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. Novo Life Scientific (Ukraine) has been researching and is in the process of developing the business model for the creation of 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 PharmaTrials International (PTI), a Contract Research Organization (CRO) that provides services in the areas of clinical trials, regulatory approval and market research of products to pharmaceutical, biotech and medical device companies worldwide. Additionally, New Life has signed a joint venture agreement with InvaMed Pharma and created a joint venture company to pursue pharmaceutical product development.
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