NOKOMIS, Fla., Nov 15, 2012 (BUSINESS WIRE) -- Rainbow Biosciences, the biotechnology subsidiary of Rainbow Coral Corp. (RBCC), is pleased to announce that its joint venture target, Amarantus BioSciences (AMBS) has secured over $1.1 million in funding through two separate transactions.
In addition to strengthening the company's balance sheet, financing will go toward funding Amarantus' ground-breaking new treatments and diagnostics for neurological diseases including Parkinson's, Traumatic Brain Injury (TBI), Alzheimer's and more.
RBCC and Amarantus finalized the framework of their proposed joint venture last week.
"This capital infusion will go a long way toward helping to bring Amarantus's incredible breakthroughs to a market that is desperate for a cure," said RBCC CEO Patrick Brown. "This is a company with tremendous upside, and we continue to look forward to participating in its rise."
The JV's first priority will be to advance Amarantus's NuroPro Parkinson's Diagnostic Blood Test ("NuroPro") towards commercialization. NuroPro works by identifying differentiated levels proteins and peptides in the blood of patients who have Parkinson's disease, versus those who do not.
RBCC plans to invest in the ongoing development of NuroPro and to be repaid for their investment out of proceeds from the sales generated by the diagnostic. RBCC will then share in its revenues once the initial investment is repaid.