BEVERLY, MA--(Marketwired - May 04, 2016) - NanoAntibiotics, Inc. (OTC PINK: NNAB) (the "Company," soon to be known as BioVie Inc.), a development stage company focused on the discovery, development, and commercialization of innovative drug therapies, announced today the appointment of Cuong Do, MBA, as an independent member of the Company's Board of Directors. Mr. Do is currently Executive Vice President, Global Strategy Group for Samsung, where he helps to set the strategic direction for Samsung Group's diverse business portfolio.
As the former Chief Strategy Officer for Merck, a leading US pharmaceuticals company, and having successfully built and sold a biotechnology company, Mr. Do brings highly relevant experience to NanoAntibiotics (BioVie). Prior to Merck he was a senior partner at McKinsey & Company, where over 17 years he helped build the healthcare, high tech and corporate finance practices. Mr. Do holds an MBA from the Tuck School of Business at Dartmouth.
"Cuong is very impressive, as evident years ago when we attended business school together and more recently when he acted as an advisor and investor in LAT Pharma LLC (recently acquired by NanoAntibiotics). He brings remarkable business acumen and corporate strategy expertise to the Company," commented Jonathan Adams, MBA, CEO of the Company. "Cuong is committed to advancing our CIP Terlipressin Technology for the benefit of desperately ill patients, and to creating substantial value for our shareholders."
The Company's goal is to commence a clinical trial program as early as 2017 upon FDA acceptance of an Investigational New Drug ("IND") application, currently being developed.
About Liver Cirrhosis and Ascites
About 1 million Americans and millions worldwide suffer from liver cirrhosis. Cirrhosis is the 12th leading cause of death due to disease in the US, killing an estimated 27,000 people each year. The condition results primarily from hepatitis, alcoholism, and fatty liver disease linked to obesity.
Ascites is a common complication of advanced liver cirrhosis, involving kidney dysfunction and the accumulation of large amounts of fluid in the abdominal cavity. With no medications approved by the FDA specifically for treating ascites, the prognosis for these patients is very poor, with an estimated 40% of patients dying within two years of diagnosis. Life-threatening complications of ascites include infection, sepsis, and circulatory dysfunction. Certain drugs approved for other uses may provide relief in the initial stages, but as ascites worsens, patients may fail to respond to drug therapy. This represents a critical unmet medical need. US treatment costs for liver cirrhosis, including ascites and other complications, are estimated at more than $4 billion annually.
About NanoAntibiotics (BioVie)
NanoAntibiotics, Inc. (soon to be known as BioVie Inc.) is a development stage company pursuing the discovery, development, and commercialization of innovative drug therapies. The Company is currently focused on commercializing CIP Terlipressin Technology, a novel approach to the treatment of ascites due to liver cirrhosis, acquired through the acquisition of LAT Pharma LLC. In early 2016 the Company held a pre-investigational new drug ("pre-IND") meeting with the FDA, which provided guidance for an IND submission. The Company's new drug candidate could potentially commence US clinical trials as early as 2017. Additionally, NanoAntibiotics has a collaboration with PharmaIN Corporation (Bothell, WA) to develop novel compounds targeting severe complications of liver disease.
Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause NanoAntibiotics' actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. NanoAntiobiotics has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are NanoAntibiotics' need for, and the availability of, substantial capital in the future to fund its operations and research and development. The fact that NanoAntibiotics' compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in NanoAntibiotics' filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. NanoAntibiotics undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.