RICHMOND, BC / ACCESSWIRE / January 18, 2016 / Avapecia Life Sciences Corp. ("Avapecia") (CNSX: VVS) is pleased to announce it has entered into an expanded agreement ("Expanded Agreement") with Oceans Five-O Development Corp. ("Licensor") to expand its licensed field of use for proprietary patent-pending cell isolation and enrichment technology ("Enrichment Technology") that produces potent biopharmaceutical stem cell candidates for a multitude of indications and conditions that have significant potential for use in stem cell therapies.
Under the terms of the Expanded Agreement, the Licensor has expanded an exclusive worldwide license (except China) to develop and commercialize the Licensor's Enrichment Technology for the production of biopharmaceutical stem cell candidates in the fields of urology, gastrointestinal diseases, respiratory medicine, neurodegenerative diseases, ophthalmology, spinal cord injuries and certain autoimmune diseases. The expanded fields will have a minimum royalty rate of 3% increasing to a maximum of 9.8% of net revenues by 2020. Five-O Development Corp. is a related party of Avapecia by virtue of common controlling shareholders.
"This Expanded Agreement supports the global commercialization of our revolutionary adipose cell enrichment technology," noted Dr. Peter Neweduk, Chief Executive Officer of Avapecia. "The potent biopharmaceutical stem cell candidates produced by our technology are the best in the world and will be targeted for collaboration and adoption by the best leading medical and research organizations in the world. This technology is vital to enable clinicians to start with the best stem cell biopharmaceutical candidates to produce the most effective stem cell therapy regimes."
To facilitate continued rapid development of the Company as a result of the Expanded Agreement, the Board of Directors has appointment of Norman Tsui as Director and Mr. Alan Tam as CFO and Director. Jason Fuller has resigned as CFO and Director and Michele Chang has resigned as Director. The Board of Directors wishes to thank the departing Directors for their service to the Company and wish them the best in their future endeavors.
Norman Tsui is the CEO and Director of Avagenesis Corp. (TSXV: VVA) and has led the company in that capacity since December 2010. Mr. Tsui has been a senior executive in private companies, publicly traded companies and government related organizations. Mr. Tsui is a Chartered Professional Accountant (CPA, CA) and holds a M.Sc. degree in Bio-Resource Engineering as well as a B.Sc. degree in Biology from the University of British Columbia. Mr. Tsui is an alumnus of KPMG where he served professionally with KPMG LLP, KPMG Consulting LP and KPMG Corporate Finance Inc.
Alan Tam is the CFO of Avagenesis Corp. (TSXV: VVA) and possesses over 17 years of financial management and accounting experience. Mr. Tam is a Chartered Professional Accountant (CPA, CA), holds a financial planning designation and an economics degree from Simon Fraser University. Previously, Mr. Tam provided financial reporting, strategic planning, tax and internal control advice as a business advisor for a mid-sized accounting firm and previous to that, was also an advisor with RBC Financial Group. Mr. Tam will provide his services to the Resulting Issuer as an independent contractor.
About Avapecia Life Sciences Corp.
Avapecia is a biotechnology company engaged in the research, development and commercialization of regenerative stem cell technologies and therapy solutions for use in urogynecology, urology, hair loss (prevention, maintenance, and regeneration), gastrointestinal diseases, respiratory medicine, neurodegenerative diseases, ophthalmology, spinal cord injuries and certain autoimmune diseases. Avapecia's bioprocessing platform provides third party validated standardized isolation of safe, high quality, viable, and potent stem cells from a patient's own fat, or adipose tissue, for use in current and future cell therapy applications. For licensing and strategic reasons, all patent registrations, FDA registrations and other regulatory certificates are arranged through an exclusive licensing agreement with a related and affiliated company.
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Further Information:
For further information, please contact:
Avapecia Life Sciences Corp.
Alan Tam, CPA, CA
Chief Financial Officer and Director
Telephone: (604) 227-9287
SOURCE: Avapecia Life Sciences Corp.
