subject: Definitive Agreement Involves Prot For A New Facility In The United Arab Emirates: From Pennytobuck. [print this page] Proteonomix, Inc.; PROT Proteonomix, Inc.; PROT
On August 10, 2010, Proteonomix, Inc. (OTCBB:PROT) entered into an agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates (U.A.E.). The Investor Group has committed to invest $5 million on or before September 10, 2010. The Joint Venture company, XGen Medical LLC ("XGen"), a Nevis Island limited liability company, will be owned 51% by Proteonomix and 49% by the Investor Group.
The Investor Group assumes a variety of operational duties under the agreement, including some regulatory responsibility in the U.A.E., physician recruitment and cooperative management of the local entity. The Investor Group's $5 million cash investment includes the purchase of $1 million of cellular material from Proteonomix.
Additionally, as part of the agreement PROT will license to XGen, both a use and treatment license in the U.A.E., as well as a license to manufacture the cellular material. The agreement also anticipates the formation of treatment facilities in other locations to be jointly agreed upon between PROT and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5 million.
The agreement calls for PROT, through its wholly owned subsidiary, StromaCel, Inc. to receive $ 7,500 per treated patient.
There is also provision made for the distribution of Proteoderm, PROT's new Anti-aging line of skin care products. including Proteoderm's Matrix NC-138 (goto http://www.proteoderm.com/White%20Paper.pdf) anti-aging products.
XGen will purchase Proteoderm at a wholesale price of 50% of the Manufacturer's Suggested Retail Price (MSRP).
XGen will maintain exclusive distribution rights of Proteoderm in the U.A.E. provided the Joint Venture purchases a minimum order of 5,000 units the first year, and increases purchases at a rate of 20% per annum until reaching 10,000 units per year.
About PROTEONOMIX, INC.
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. Proteoderm, Inc. a wholly owned subsidiary of Proteonomix that has recently opened its retail web site, Proteoderm.com, and begun accepting pre-orders for its anti-aging skin care products.
StromaCel, Inc.s goal is the development therapeutic wowmodalities for the treatment of Cardiovascular Disease (CVD). StromaCel, Inc. is pursuing the licensing of other technologies for therapeutic use. National Stem Cell, Inc. is Proteonomixs operating subsidiary. The Sperm Bank of New York, Inc. is a fully operational tissue bank.
Proteonomix Regenerative Translational Medicine Institute, Inc. (PRTMI) intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies. Please also visit http://www.proteonomix.com/, http://www.proteoderm.com/, http://www.otcmarkets.com/ and http://www.sec.gov/.
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