Bio3 Research S.r.l. Signs LOI With Innova Onlus And Enters Discussions With A World-Class CRO Regarding An Equity-For-Services Investment

Online, February 13, 2013 (Newswire.com) - Bio3 Research S.r.l., a private early stage development biopharmaceutical company, today announced the signing of a Letter of Intent with Innova Onlus, a non-profit organization bridging the Italian scientific and investor communities, and the opening of discussions with a world-class CRO (contract research organization) regarding an equity-for-services investment.

Innova Onlus will promote, support and finance (directly or indirectly) Bio3 Research's R&D activities in the field of HMGB1 (High Mobility Group Box 1).

"Bio3 Research is a tangible example of an excellent discovery and development company with a promising pipeline based on a target, HMGB1, with a multifaceted potential. We look forward to working with the team at Bio3 Research to build a strong pipeline in connective tissue regeneration." said Dr. Filippo Surace, Innova Onlus President and CEO.

The CRO would provide strategic drug development services and regulatory advice related to the preclinical and clinical development, up to clinical Proof-of-Concept (PoC) of Bio3 Research's lead drug candidate the protein HMGB1 in connective tissue regeneration, specifically for Diabetic Foot and damaged Cartilage repair. This development work may produce "fall-out" results also for the use of the protein in healing of wounds, burns, and/or bed sores.

"We are very pleased to have started discussions with this leading clinical research organization. Their drug development resources and regulatory expertise would be extremely valuable in helping us accomplish objectives for HMGB1. We are also very glad to have finalised a LOI with Innova Onlus, a company with an excellent network in the financial community and a strong expertise in fund raising", said Mr. Francesco Paolo Pilato, Bio3 Research's President and Chief Executive Officer.

Bio3 Research has already obtained encouraging results with HMGB1 in wound healing in normoglycemic and diabetic mice and pigs (Vehicle and PDGF as control) which have confirmed the protein safety and high potential in tissue remodelling.

Thanks to these partnerships, Bio3 Research would also reinforce the role of HMGB1 in connective tissue regeneration, including its role for the treatment of damaged cartilage for which the company has already obtained encouraging results in a pilot animal study.

The ongoing relationships between Bio3 Research, Innova Onlus and the CRO will also enable Bio3 Research to pursue other investment resources that will leverage their future investments in Bio3 Research development projects in cardiovascular disorders (HMGB1 Antagonists).