Novo Energies Corporation Files Name and Symbol Change to Reflect License Agreement With Immunovative Therapies Ltd.
8:02 AM ET 1/10/12 | Marketwire
Novo Energies Corporation ("Novo") (OTCBB: NVNC) today announced that it is in the process of taking the steps necessary to effect a name change of Novo Energies Corporation to Immunovative Inc. At the same time, Novo will request a new stock symbol. Pursuant to the licensing agreement signed in December, and outlined below, Novo has shifted its focus to commercializing immunotherapy drugs for cancer therapy and believes that this name and symbol change better reflect the new direction of the Company.
On December 15, 2011, Novo signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. ("Immunovative"), an Israeli biopharmaceutical company, developing a new class of immunotherapy drugs designed to harness the power of the immune system to treat cancer. Immunovative has two experimental immunotherapy products for the treatment of cancer in clinical development: AlloStim(TM) and AlloVax(TM) covered by Immunovative's 10 U.S. patents granted, 15 U.S. patents pending and 26 corresponding applications pending internationally. Under the terms of the License Agreement, Novo has been granted an exclusive, worldwide license to commercialize any products covered under Immunovative's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products including AlloStim(TM) and AlloVax(TM).
"Our new corporate identity signifies Novo's transformation into a biopharmaceutical company focused on commercializing immunotherapy drugs to treat cancer. We plan to reveal a more complete view of Immunovative and an updated website very soon in connection with the legal change in our corporate name and as we begin trading under a new anticipated symbol," stated Mr. Antonio Treminio, CEO & Chairman of Novo.
About Immunovative Therapies, Ltd.: Immunovative Therapies, Ltd. ("ITL") is an Israeli biopharmaceutical company that was founded in May 2004 with financial support from the Israel Office of the Chief Scientist. ITL is a graduate of the Misgav Venture Accelerator, a member of the world-renowned Israel technological incubator program. The company was the Misgav Venture Accelerator's candidate for the prize for the outstanding incubator project of 2006, awarded by the Office of the Chief Scientist. ITL specializes in the development of novel immunotherapy drug products that incorporate living immune cells as the active ingredients for treatment of cancer and infectious disease. Please visit ITL's website at: www.immunovative.co.il
About Novo Energies Corporation: Novo Energies Corporation is in the process of transforming into the cancer therapy area and intends to institute a name and symbol change to better reflect the new direction of the Company. The name and symbol change are not conditions to the License.
DISCLAIMER Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Novo's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which Novo has little or no control. Such forward-looking statements are made only as of the date of this release, and Novo assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Novo's Form 10-K for its fiscal year ended March 31, 2011, and other documents filed from time to time by Novo with the Securities and Exchange Commission.
For more information, please contact:
Mr. Antonio Treminio
Chairman & Chief Executive Officer
Novo Energies Corporation
New York: +1-212-315-9705
Email: Email Contact