SOUTH EASTON, Mass., March 9, 2010 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) ("PBI") and Target Discovery, Inc. ("TDI"), (together "the companies"), today announced a strategic product licensing, manufacturing, co-marketing, and collaborative research and development agreement (the "Agreement"). Under the terms of the Agreement, PBI has been licensed by TDI to manufacture and sell a highly innovative line of chemicals used in the preparation of tissues for scientific analysis (the "TDI reagents"). The TDI reagents were designed for use in combination with PBI's Pressure Cycling Technology ("PCT"). The companies believe that the combination of PCT and the TDI reagents can fill a large, existing need in life science research for an automated method for rapid extraction and recovery of intact, functional proteins associated with cell membranes in tissue samples.
Membrane proteins are vital to the development of new vaccines, therapeutics, and diagnostics, as they are involved in many important cell functions, including cell signaling, response, and transportation mechanisms. In many cases, these proteins are tightly bound within the membrane, making them very difficult to extract for scientific study. Traditional extraction methods use aggressive chemical and mechanical means, which can destroy the structure and function of proteins. TDI's reagents, in combination with the thermodynamic action of PCT, effectively stabilize both the structure and function of membrane proteins as they are released from tissue samples.
"Currently, scientists are typically limited to studying the non-functional fragments of membrane proteins," commented Dr. Luke V. Schneider, TDI's Chief Scientific Officer. "However, with the combination of PCT and TDI reagents, they now have an economical and straight-forward method to effectively extract and study intact and functional proteins from cell membranes. Membrane proteins are the target for about 50% of pharmaceutical research, and this new method may thus result in the discovery of important new biomarkers, and the subsequent development or improvement of vital therapeutic and diagnostic products."
Mr. Jeffrey N. Peterson, CEO of TDI said: "Our team has very strong chemical engineering expertise, which gave us an immediate appreciation for the thermodynamic processes that drive PBI's powerful and innovative pressure cycling technology."
Mr. Peterson continued: "We are most impressed with the quality of PBI's engineering, science, and management teams, their enviable list of current customers, the number of potential PCT applications, and with their business vision and focus. These characteristics, and their growing reputation in the life sciences research field, make them an ideal partner for Target Discovery."
Dr. Nate Lawrence, Vice President of Marketing for PBI, said: "The companies plan to develop additional products incorporating the TDI reagents for other tissue processing and extraction applications. We believe that this will further extend this powerful new ability to access and leverage the research value of membrane proteins. The TDI reagents will be packaged in ready-to-use kits. We believe that these kits are complementary to our existing line of ProteoSolve™ kits, and will help drive additional sales of our patented Barocycler instruments and consumables."
Dr. Lawrence continued: "We plan to collaborate with TDI in the marketing and promotion of the TDI reagents in industry publications, at scientific meetings, on each company's website, through common collaborator studies, and at key industry trade shows. To that end, we will be assisting TDI in the first public presentation of these exciting new TDI reagents demonstrated in a PCT-based application at US HUPO's 6th Annual Conference in Denver from March 7-10, 2010."
About Target Discovery, Inc.
Target Discovery, Inc., a privately held company located in Palo Alto, California, is developing the next generation of clinical diagnostics, offering higher value molecular insights for disease management and diagnosis. Assessing protein modification states (the "missing link" in biomarkers), the company creates protein isoform diagnostics (Isonostics™) that better guide therapeutic choices and lower overall treatment costs for cancer and other diseases. TDI engages in funded collaborations with partners, for application of unique isoform-level technologies in other disease areas and in theranostic applications.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) is a publicly traded company focused on the development of a novel, enabling technology called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 14 US and 10 foreign patents covering multiple applications of PCT in the life sciences field, including genomic and proteomic sample preparation, pathogen inactivation, the control of chemical and enzymatic reactions, immunodiagnostics, and protein purification. PBI currently focuses its efforts in the development and sale of PCT-enhanced enzymatic digestion products designed specifically for the mass spectrometry marketplace, as well as sample preparation products for biomarker discovery, soil and plant biology, forensics, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding PBI's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements include statements regarding the advantages of PCT in processing tissue samples, including the extraction and recovery of intact functional proteins contained in cellular membranes; that the companies will develop additional products incorporating the TDI reagents; that membrane protein biomarkers are involved in cellular signaling, response and transportation mechanisms, and are vital to life science research; that the TDI reagents, in combination with PCT, effectively stabilize the structure and function of membrane proteins; that PCT can release proteins from cellular membranes through thermodynamic action; that vital therapeutics and diagnostics can be created from the combination of PCT and TDI reagents; that there is a large and existing need for automated methods for the rapid extraction of proteins in tissue samples; and the number of research laboratories studying C. elegans. These statements are based upon PBI's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties, delays and additional costs in the implementation of PBI's strategies that may adversely affect the commercialization of PCT and PCT-dependent products, including a plan to attract customers for TDI reagents produced and marketed by PBI; due to differences in strategies between TDI and PBI, the collaboration may not result in successful joint marketing and promotion of products utilizing TDI reagents with PCT; changes in customer needs and technological innovations; other scientists may not achieve the same PCT results reported by TDI; PBI's sales force may not successfully sell the PCT product line and the TDI reagents because scientists may not perceive the advantages of PCT for releasing and analyzing cell membrane proteins; the potential market for cell membrane protein extraction by PCT may be substantially smaller than anticipated by PBI; and due to unforeseen costs or delays, the Company may require additional working capital to fund its operations before 2011. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in PBI's Annual Report on Form 10-K for the year ended December 31, 2008, and other reports filed by PBI from time to time with the SEC. PBI undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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