Rainbow Coral Corp. (OTCBB: RBCC) announced today that its joint venture partner, drug delivery innovator TheraKine, reached an exciting new research milestone that could soon lead to big profits.
TheraKine is dedicated to developing an injectable, sustained-release technology that will allow any biological drug to be formulated for months of stable, controlled release. It’s a platform that could soon make local delivery of biologic agents and small molecules safer, more effective and more convenient than ever before, and the technology took a big step closer to entering the healthcare market this week.
TheraKine achieved better-than-expected results in its preliminary testing of the duration of a matrix release of the drug Naltrexone, an opioid receptor antagonist used primarily in the management of alcohol and opioid dependence. If further testing of the sustained-release system goes as well, TheraKine could soon supply the only inter-muscular, programmable release of Neltraxone available anywhere.
“TheraKine is very close to marketing a new drug-release technology that could change the lives of millions of drug and alcohol addicts,” said RBCC CEO Patrick Brown. “We’re thrilled by their incredible progress and we’re proud to assist in the marketing and development of such a groundbreaking new product.”
RBCC's biotech division, Rainbow BioSciences, is working with partners such as TheraKine to capitalize on the incredible growth of the global drug delivery market by delivering new medical and research technology innovations in order to compete 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.
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.
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, 850-269-7230
President and CEO
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