VANCOUVER, BRITISH COLUMBIA, May 9, 2017 –Pascal Biosciences Inc. (formerly bioMmune Technologies Inc.) (TSX.V/PAS) (“Pascal” or the “Company”), a biotechnology company that specializes in drug discovery and development, is pleased to announce that the Company has created a new, wholly owned subsidiary, Pascal Biosciences (US), Inc. to create advanced laboratory space in Seattle WA to provide ongoing research and development and collaboration space for the Company. The new lab space will provide Pascal with greater control over the discovery and development process of the Company’s pre-clinical assets and enhance Pascal’s ability to expedite its therapeutic candidates into clinical development. Initially, four scientists will be employed at the Facility, which will constitute the key development group for Pascal.
To date, Pascal has licensed three separate technologies from Dr. Wilfred Jefferies at the University of British Columbia. These technologies have laid the foundation for therapeutic discoveries that promote the immune recognition and destruction of tumour cells and infectious agents. The Seattle laboratory will advance these discoveries into clinical stage products ready for testing in patients.
“We are very pleased to initiate our development activities in Seattle,” commented Dr. Patrick Gray, CEO of Pascal. “The purpose of this lab is to move discoveries from the lab bench to the clinic as soon as possible, and this new facility is a great investment in the Company’s future. Pascal’s scientists each, on average, have over 20 years of experience in the biotechnology industry and have worked on multiple approved drugs. This is consistent with our goal of building a platform to expedite the commercialization of our novel therapeutics.”
ABOUT PASCAL BIOSCIENCES INC.
Pascal focuses on cancer, autoimmunity, and infectious disease. The Company’s three significant technologies are:
- Utilizing proprietary screening systems for identifying novel compounds that are able to restore immune recognition and killing of cancer cells,
- Exploiting the regulation of specific calcium channels expressed by cells of the immune system. By regulating these calcium channels, immune activity can be controlled to combat cancers, infections and autoimmune diseases, and
- Modulating CD74, a protein involved in the immune system, to promote immune responses to cancer and pathogenic microbes. Finding molecules that regulate CD74 activity will aid the immune system to combat infections and cancers and to control autoimmune diseases.
Forward Looking Statements
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may we may not be successful in either preclinical or clinical trials and not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward- looking statements and information to reflect subsequent events or circumstances, except as required by law.
On Behalf of the Board of Directors
Dr. Patrick Gray, President and CEO
For more information contact: Dr. Patrick Gray
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