HOUSTON–Edgeline Holdings, Inc. (OTCBB:ELHI – News) announced today that it now expects to close on its acquisition of Intertech Bio by the end of the month. Intertech Bio will initially focus on developing novel cancer treatments specifically targeting the brain, pancreatic and ovarian tumors. The market for cancer therapies is greater than $8 billion and will continue to increase as the population ages. The forecasted sales for cancer related therapies are $25.2 billion by 2015.
“This acquisition will bring an experienced team of scientists that have many years in this industry.” stated Leonard Ivins, Chief Executive Officer of Edgeline Holdings. “We believe that the acquisition of Intertech Bio will significantly enhance the value of our company in the short and long term. We will continue to look at new opportunities to add to our portfolio holdings and evaluate industry partner relationships to ultimately maximize shareholder value.”
Acquisition Details
Intertech Bio is a developmental stage biopharmaceutical company with a primary focus on developing products to treat cancer, infectious diseases and other medical conditions associated with compromised immune systems. Cancer is a group of diseases characterized by uncontrolled cell division resulting in the development of a mass of cells, commonly known as a tumor, as well as the invasion and spreading of these cells. Cancerous tumors can arise in any tissue or organ within the human body. Cancer is believed to occur as a result of a number of factors, such as genetic predisposition, chemical agents, viruses and irradiation. These factors result in genetic changes affecting the ability of cells to regulate their growth and differentiation normally. When a normal cell becomes cancerous, it can spread to various sites in the body.
The most common methods of treating patients with cancer are surgery, radiation and drug therapy. A cancer patient often receives treatment with a combination of methods. Surgery and radiation therapy are particularly effective in patients where the disease is localized and has not spread to other tissues or organs. The most common method of treating patients with cancer that has spread beyond the primary site is to administer anticancer drugs by mouth or intravenously. In general, drugs used to treat cancer are classified as chemotherapy. Chemotherapy seeks to damage and kill cancer cells or to interfere with the molecular and cellular processes that control the development, growth and survival of malignant tumor cells. In many cases, chemotherapy consists of the administration of several different drugs in combination. Chemotherapy can cause patient weakness, loss of appetite, nausea and vomiting, and damage to various organs that can result in loss of normal body functions. Current treatment for most kinds of cancer is inadequate. Therefore, a significant need exists for new therapies which are more effective and/or have reduced side effects.
About Edgeline Holdings, Inc.
Headquartered in Houston, Texas, Edgeline Holdings, Inc. is a publicly traded holding company that specializes in the area of discovering and acquiring leading-edge niche technologies. These technologies will be incubated and nurtured into market ready applications. Edgeline’s current and prospective portfolio consists of early stage companies that require management expertise to further develop the technology to ultimately maximize the value of such technologies by bringing them to market through licensing arrangements and partnerships.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company’s ability to successfully acquire and develop technologies that are and may be acquired. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Edgeline’s future business and financial results, refer to Edgeline’s Annual Report on Form 10-KSB for the year ended March 31, 2007 and Form 10-QSB for the quarter ended June 30, 2007. Edgeline Holdings undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
Contact:
Edgeline Holdings, Inc., Houston
J. Leonard Ivins, 713-621-5208
Investors@edgelineholdings.com
Source: Edgeline Holdings, Inc.
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