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Power3 Medical Using Biomarkers for Early Detection of Neurodegenerative Diseases

Posted on: Tuesday, 16 May 2006, 12:00 CDT

Steven B. Rash, the CEO of Power3 Medical Products, Inc., a leading proteomics company that develops and commercializes early detection diagnostic tests for cancer and neurodegenerative diseases, doesn't live up to his name . . . he doesn't make "rash" statements. That's one reason that he caused a bit of a stir recently in describing his company's work by using a reference to an immensely popular book and upcoming movie.

"We're not solving the Da Vinci Code - it's more important than that," he said. "Power3 Medical has discovered biomarkers in blood that indicate a presence of breast cancer, ALS (Lou Gehrig's Disease), Alzheimer's Disease or Parkinson's Disease."

Diagnosis Even Without Symptoms

Mr. Rash said that Power3's "recent discoveries hold the promise that our technology may indicate the presence of these diseases even before symptoms appear.

"Biomarkers have existed far longer than the so-called Da Vinci code or any other codes," he said. "At Power3, we feel it is absolutely essential that they be identified and used to help fight deadly diseases as soon -- and as early -- as possible."

From Science to Business

Mr. Rash said Power3's management is spearheading a transition in the company, taking it from a scientifically-driven organization "to become a real business, with customers, revenues and profits.

"R&D is the backbone of science, but it needs sustenance to perpetuate itself. That means commercial success to fund future R&D, which in turn breeds success, which fund more R&D, and so on," he said. "That's a fact of life, a fact of business life, and the way of the world today."

Mr. Rash said Power3 is currently implementing a strategy aimed at meeting important global clinical needs in diagnostics and drug targets while achieving commercial success. The company is continuing to focus on early detection screening for breast cancer, neurodegenerative disease and drug resistance by developing and commercializing solutions to critical challenges facing pharmaceutical and diagnostic companies worldwide through its discoveries and patent-pending tests and biomarkers.

Power3, said Mr. Rash, is working to be first-to-market with its new non-invasive breast cancer blood serum test.

"This breakthrough test will help clinicians with early diagnosis and treatment options, and gain support from women's groups, media and eventually the associated woman's demographic," he said. "The first company to successfully focus on this market by providing accurate, user-friendly early detection tests will be a big winner in revenue, market share and brand awareness. We are working to be that company."

Helping Drugs Help Fight Disease

Mr. Rash said Power3 is also using biomarkers and proteomics to identify resistance to drugs, or the building of resistance to drugs. In April it filed for a provisional U.S. Patent for a test identifying which determines if patients with Chronic Myelogenous Leukemia (CML) are resistant to - or are likely to build resistance to - imatinib mesylate (Gleevec(R)), the leading drug used to treat CML. Power3's filing said if drug resistance is indicated, it can offer drug design specifications that can overcome that resistance.

Earlier this month, Power3 filed for another patent for its first generic, blood-based diagnostic test for neuromuscular disorders, including ALS - Amyotropic Lateral Sclerosis, known as "Lou Gehrig's Disease," and Parkinson's Disease. The application was filed in conjunction with major research institutions in the Houston area, with Power3 having an exclusive license to commercialize the technology involved.

To date, Power3 has 20 patents (or patents pending) for its proprietary work developing testing methods and technologies for neurodegenerative diseases including ALS, Alzheimer's, Parkinson's and breast cancer, as well as drug resistance.

The Proof is in the Marketplace

"There is a saying that the 'proof is in the pudding'," Mr. Rash said. "In business, even the science business, that proof is not so much in the laboratory as it is in the marketplace. Today, Power3 is entering an exciting phase in its existence with the move from the lab to proof of concept in the commercial marketplace.

"Through the use of biomarkers and proteomics, through endless efforts of our R&D team working with thought leaders and top institutions in Houston and around the world, our discovery platform has emerged, and we are moving forward," he said.

Mr. Rash said Power3 is currently meeting with several healthcare industry organizations regarding partnership and investment opportunities, and is continuing to work with New York City-based Glocap Advisors to evaluate strategic alternatives.

"There has never been more excitement about Power's work and progress than there is today," he said.

About Power3 Medical Products, Inc.

Power3 Medical Products, Inc. (OTC:PWRM)(www.power3medical.com) is a leading proteomics company engaged in the discovery of protein footprints, pathways, and mechanisms of diseases. Power3's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and treatment of disease, and its identified protein biomarkers, drug targets, and diagnostic tests are targeted toward markets with critical unmet needs in areas such as breast cancer and neurodegenerative disease. Power3 operates a state-of-the-art proteomics laboratory in The Woodlands (Houston), Texas.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.

Gleevec is a trademark of Novartis AG

Source: Business Wire

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