August 14, 2008
GeneThera Updates Shareholders As to Recent Developments
GeneThera, Inc. (PINKSHEETS: GTHR), a molecular biotechnology company focused on the detection and treatment of disease in live animals using state-of-the-art technology, is pleased to issue this informational release to its shareholders.
In the past month, GeneThera has made important progress in its long-term goal to become a profitable, dynamic biotech business. The increased value of our stock after last month's reverse split has positioned GeneThera to seriously consider a strategic acquisition. Indeed, GeneThera is actively pursuing a strategic acquisition of a biotechnology company that will help us achieve our goals of aggressively moving into the human DNA vaccine platform. By merging with a company with existing revenues, requirements to apply for the American Stock Exchange or NASDAQ listing would also be met. The Company believes that this strategy may help its long-term goal of providing stability to our share price and value to our shareholders.
We evaluated more than 10 target companies predominantly located in the UK. We decided to focus our effort on Oxford Biomedica PLC, a biotechnology company trading on the London stock exchange. Oxford Biomedica is a gene therapy company working on several DNA vaccine related therapeutics in different phases of clinical trials. One of these clinical trials -- Trovax -- targets renal cancer patients. Oxford Biomedica has an agreement with Sanofi-Aventis to commercialize this vaccine. However, this clinical trial was halted last month because it failed to show efficacy when compared to existing treatments.
On July 25th Dr. Milici and his collaborators met scientists and management of Oxford Biomedica in Oxford, England. The previously scheduled 2-hour meeting lasted 4.5 hours. At the request of Oxford Biomedical's CEO, GeneThera representatives agreed to keep the proceedings of the meeting confidential. After the meeting, Dr. Milici felt that GeneThera might be in the position to address the issues related to the failure of the Trovax clinical trial, and possibly restart the clinical trial utilizing GeneThera's more powerful technology.
Based on this premises, a formal offer to purchase Oxford Biomedica was tendered to the Board of Directors. However, Oxford Biomedica's Board of Directors rejected the offer without presenting it to its shareholders. GeneThera's Board of Directors is presently evaluating its available options.
ABOUT GENETHERA, INC.:
GeneThera, Inc. is a molecular biotechnology company located in Wheat Ridge, CO. The Company provides genetic diagnostic solutions for the veterinary and agricultural industries with future plans to include the health-care industry. The Company's proprietary diagnostic solution is based on a genetic expression system, GES, a protocol designed to function on a highly automated Fluorogenic PCR platform. This platform enables GeneThera to offer tests that are presently not available from other technologies. The GES is designed for a host of individual diseases, the current priority being Mad Cow disease, Chronic Wasting Disease, a disease affecting elk and deer in North America; E. Coli 0157:H7 and Johne's Disease, diseases affecting cattle worldwide.
"Safe Harbor" Statement: Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital
GeneThera, Inc. Dr. Tony Milici 303-463-6371 http://www.genethera.net JR Dopkin & Associates 516-884-3200 [email protected]
SOURCE: GeneThera, Inc.