Rainbow Coral Corp. (OTCBB: RBCC) today praised the fundraising results achieved by joint venture partner TheraKine, Ltd., as both companies work together to solve the problems posed by systemic drug delivery.
“TheraKine has done a tremendous job of bringing in outside funds to help push its innovations further into a hungry marketplace,” said RBCC CEO Patrick Brown. “The interest in TheraKine’s new drug delivery solutions is a fantastic illustration of this new system’s incredible market potential.”
RBCC signed a joint venture agreement with TheraKine earlier this year to help market and develop a revolutionary, sustained-release drug delivery platform that could soon make local delivery of biologic agents and small molecules safer, more effective and more convenient than ever before. TheraKine has patented novel, tunable technologies with the potential to enable selective, site-specific drug delivery, allowing for lower drug concentrations and significantly reducing the risk of drug toxicity.
As TheraKine concentrates on outside fundraising in order to market these technologies around the globe, RBCC is seeking out interested healthcare providers with clients for whom TheraKine’s advanced sustained-release delivery system could yield significant returns.
The global market for drug delivery technologies is driven by biologics and medications that can’t be administered effectively through traditional means. Some experts believe that the worldwide market for the 10 most popular drug delivery technologies (DDTs) alone could grow to $81.5 billion by 2015.
RBCC’s biotech division, Rainbow BioSciences, is working to capitalize on that growth by delivering new medical and research technology innovations to compete in a fast-growing industry alongside companies such as Bristol Myers Squibb Co. (NYSE: BMY), Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Valeant Pharmaceuticals International (NYSE: VRX).
RBCC is dedicated to delivering new medical research and technologies to a hungry global marketplace. For more information on RBCC’s initiatives, please visit www.rainbowbiosciences.com/investors.html.
About Rainbow BioSciences
Rainbow BioSciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The Company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit www.RainbowBioSciences.com. For investment information and performance data on the Company, please visit www.RainbowBioSciences.com/investors.html.
About TheraKine Ltd.
TheraKine Ltd. is a privately held platform technology company with laboratories in Berlin (Germany). TheraKine provides innovative reformulation to enable sustained release for pharmaceutical and biological companies worldwide.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Patrick Brown, 813-367-9511
President and CEO
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