SOURCE: Immunotech Laboratories, Inc.
PASADENA, CA--(Marketwire - Sep 5, 2012) - Immunotech Laboratories, Inc. (PINKSHEETS: IMMB) signed a contract with strategic partners in Bulgaria to register a company called Immunotech Laboratories B.G. LLC. Immunotech Laboratories, Inc. will own 34% of the Bulgarian subsidiary. The goal of Immunotech Laboratories BG is to conduct pre-clinical testing, clinical trials phase I, phase II, and phase III to reach registration of the product based on IPF platform called ImmuneH for treatment of Hepatitis C. Furthermore Immunotech Laboratories B.G. will obtain rights for the eventual production in Bulgaria.
In March 2012, Immunotech Laboratories, Inc. and collectively the Zhabilov Group, entered into a binding Release and Settlement Agreement with Viral Genetics Inc. and collectively the Viral Group and its principals that was approved by the court. The Settlement ends the almost 5-year-old lawsuit between the parties, dismissing all claims without admission of liability by any party.
The Company's HIV/AIDS technology and intellectual property portfolio have grown considerably in these last five years. As a result, both the Company and the Zhabilov Group are now free to pursue possible partnerships and joint ventures at a much higher level that better reflect the value of the work.
According to its President and Chief Science Officer, Harry Zhabilov, "With this arduous and time-consuming process behind, Immunotech Laboratories, Inc. is now completely free to focus on the development of new drug candidates."
Immunotech Laboratories, Inc. has completed an in depth double-blind, placebo-controlled study of ITV-1 for the treatment of HIV and AIDS, which has showed positive results. Results indicate statistically significant reductions in viral load (the amount of HIV in the blood) in some patients, with no adverse events attributed to the drug, and a mechanism of action that appears to be markedly different than existing HIV therapies.
Immunotech Laboratories, Inc. is working toward a therapy that could have a positive impact on the large numbers of people infected with HIV. The marketable and therapeutic value which ITV-1 brings to the arsenal of fighting HIV/AIDS globally, is its regimen's simplicity, short duration and cost effectiveness. "The initial Pilot test studies are intriguing as there appears to be some antiviral effect that is sustained well after the last administration of ITV-1. It is important to conduct further studies to determine the precise mechanism of action and whether these initial effects can be enhanced. ITV-1 may have a totally different mechanism of action from existing antiretrovirals," said Harry H. Zhabilov, President and Chief Science Officer of Immunotech Laboratories, Inc.
Pursuant to significantly positive results with its patient population targeting full blown AIDS patients, the company has completed numerous clinical contracts with Mexican hospitals to initiate a full blown effort of clinical trial protocol preparation for its HIV/AIDS drug candidate. The successful outcome of these efforts will eventually provide the necessary regulatory means for its product's registration approval in the Republic of Mexico and eventually open a venue to most of the central and South American markets.
Further information can be obtained from www.immunotechlab.com
This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Immunotech Laboratories, Inc. from time to time in its periodic reports filed with the SEC. IPF is not approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world. While Immunotech Laboratories believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Immunotech Laboratories to establish the efficacy of IPF in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of IPF in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, Immunotech Laboratories or any other person that the objectives and plans of Immunotech Laboratories will be achieved should not regard the forward-looking statements as a representation.