MELBOURNE, Australia, Oct. 4, 2018 /PRNewswire/ -- Propanc Biopharma, Inc. (OTCQB: PPCB) ("Propanc Biopharma" or the "Company"), a clinical stage biopharmaceutical company focusing on development of new and proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, today announced initiation of European (EP) validation of its lead patent in most major commercial markets in Europe. EP validation is the process of converting a single granted European patent application into a national patent in one or more contracting member and extension states of the European Patent Convention.
The Company's lead patent, which describes a pharmaceutical composition for treating cancer, is currently undergoing validation in 14 European countries – Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Turkey and the United Kingdom. Once validated, the Company will have the rights associated with a granted patent in each of these 14 European countries.
"We continue to make significant progress with the growth of our intellectual property portfolio this year. In addition to commencing validation of our lead patent in Europe, we entered national phase with another two patents and are planning to enter a third into national phase later this year," said James Nathanielsz, the Company's Chief Executive Officer. "A strong intellectual property portfolio is a cornerstone to a biotech company and will serve to increase the value of ours. In addition to growing our IP portfolio, we also recently initiated the next phase of our POP1 drug discovery program with the University of Jaén, our research partner, to develop a backup compound to our lead product candidate, PRP, which is set to enter clinical development. We continue to build a strong foundation for our Company and its potential for future growth for our shareholders, which is most important."
To view Propanc Biopharma's "Mechanism of Action" video on anti-cancer product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video
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About Propanc Biopharma, Inc.:
Propanc Biopharma, Inc. (the "Company") is a biopharmaceutical company developing new cancer treatments initially for patients suffering from pancreatic, ovarian and colorectal cancers. The Company has developed a formulation of anti-cancer compounds, which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body by targeting and eradicating cancer stem cells. The Company's products involve or employ pancreatic proenzymes, which are inactive precursors of enzymes. In the near term, the Company intends to target patients with limited remaining therapeutic options for the treatment of solid tumors. In the future, the Company intends to develop its lead product candidate, PRP, to treat early stage cancer and pre-cancerous diseases, and as a preventative measure for patients at risk of developing cancer based on genetic screening.
PRP is a solution for intravenous administration of a combination of two pancreatic proenzymes trypsinogen and chymotrypsinogen. Progressing towards a first-in-human study, PRP seeks to prevent recurrence and metastasis from solid tumors by targeting and eradicating cancer stem cells. Eighty percent of cancers are solid tumors and metastasis is the main cause of patient death from cancer. According to the World Health Organization, 8.2 million people died from cancer in 2012. A report by IMS Health states innovative therapies are driving the global oncology market to meet demand, which is expected to reach $150 billion by 2020. The Company's initial target patient populations are pancreatic, ovarian and colorectal cancers, representing an estimated combined market segment of $14 billion in 2020, according to GBI Research.
For more information, visit the Company at www.propanc.com.
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company's ability to continue as a going concern absent new debt or equity financings; the Company's current reliance on substantial debt financing that it is unable to repay in cash; the Company's ability to successfully remediate material weaknesses in its internal controls; the Company's ability to reach research and development milestones as planned and within proposed budgets; the Company's ability to control costs; the Company's ability to obtain adequate new financing on reasonable terms; the Company's ability to successfully develop PRP, its lead product candidate; the Company's ability to obtain and maintain patent protection; the Company's ability to recruit employees and directors with accounting and finance expertise; the Company's dependence on third parties for services; the Company dependence on key executives; the impact of government regulations, including FDA regulations; the impact of any future litigation; the availability of capital; changes in economic conditions, competition; and other risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the "SEC") on September 17, 2018, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
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SOURCE Propanc Biopharma, Inc.
Released October 4, 2018