Full Press Release Details
PlasmaTech Biopharmaceuticals
Announces Name Change to Abeona Therapeutics to Reflect
New York, NY, June 19 2015 -
PlasmaTech Biopharmaceuticals, Inc. (Nasdaq: PTBI), a biopharmaceutical company focused on developing and delivering gene therapy
and plasma-based products for severe and life-threatening rare diseases, today announced
a name change to Abeona Therapeutics, Inc. to reflect its broader rare disease commitment. The Company expects that its
common stock will begin trading on NASDAQ on Monday, June 22, under the ticker symbol ABEO, along with announcing Abeona Therapeutics
to ring the Nasdaq Stock market closing bell on Monday, June 22nd at 4:00 pm ET. Live streaming can be found at: https://new.livestream.com/nasdaq/live)
"Abeona was forged from the company's
close collaborations with key stakeholders, all dedicated to transforming new biotechnology insights into breakthrough treatments
for rare diseases," stated Steven Rouhandeh, Executive Chairman. "Most importantly, we have established a dedicated
team of world class professionals led by Dr. Tim Miller, who will be critical to building and accelerating value for patients and
A rare disease is one that affects
fewer than 200,000 people in the United States. There are nearly 7,000 rare diseases, which may involve chronic illness, disability,
and often, premature death. More than 25 million Americans and 30 million Europeans have a rare disease. While rare diseases can
affect any age group, about 50% of people affected are children (15 million); and rare diseases account for 35% of deaths in the
first year of life. These rare diseases are often poorly diagnosed, very complex, and have no treatment or not very effective treatment-over
95% of rare diseases do not have a single FDA or EMA approved drug treatment. However, most rare diseases are often caused by changes
in genes-80% are genetic in origin and can present at any stage of life.
"Effectively developing therapies
for rare disease requires innovative approaches and strong collaboration between researchers, industry, regulators and patient
groups," noted Tim Miller, Ph.D., President & CEO. "We believe emerging insights in gene therapy and advances in
biotechnology provide significant opportunities to develop breakthrough treatments for rare diseases. Our focus is transforming
the promise of our products and platforms into new treatments for severe and life-threatening rare diseases such as Sanfilippo
syndromes types A and B, juvenile Batten disease, and Fanconi anemia."
About the Abeona Name Change: Abeona
(pronounced ey-bee-ohn-uh) is the Roman Goddess who protects children as they take their first steps away
About Abeona Therapeutics, Inc.:
Abeona Therapeutics is focused on developing and delivering gene therapy and plasma-based products for severe and life-threatening
rare diseases. Abeona's lead program is an adeno-associated virus (AAV)-based gene therapy for Sanfilippo syndrome (MPS IIIA
and IIIB) in collaboration with patient advocate groups, researchers and clinicians. Clinical trials for Sanfilippo types A and
B are anticipated to begin in 2015. The Company recently licensed an AAV-based gene therapy program in juvenile Batten disease
(JBD) from the University of Nebraska Medical Center; and licensed an AAV-based gene therapy program for Fanconi anemia (FA) disorder
and other rare blood diseases using CRISPR/Cas9 gene editing from the University of Minnesota. In addition, the company is pursuing
two additional proprietary platforms, Salt Diafiltration (SDF ) Process and Polymer Hydrogel Technology (PHT ), and
is active in the development and commercialization of human plasma-derived therapeutics, including its proprietary alpha-1 protease
inhibitor, SDF Alpha . For more information, visit www.abeonatherapeutics.com.
Company and Media Contact:
Director of Communications
Abeona Therapeutics, Inc.
This press release contains certain
statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, and that involve
risks and uncertainties. These statements include, without limitation, development and internationalization of clinical programs,
information regarding the future performance of the combined company, the outlook on medical needs, future pipeline expectations,
management plans for the Company, the anticipated closing of the transaction, and general business outlook. These statements are
subject to numerous risks and uncertainties, including but not limited the satisfaction of closing conditions for the transaction,
the parties' ability to successfully integrate and operate the new company, and achieve expected synergies and other benefits;
the impact of competition; the ability to develop products and technologies; the ability to achieve or obtain necessary regulatory
approvals; the impact of changes in the financial markets and global economic conditions; and other risks as may be detailed from
time to time in the Company's Annual Reports on Form 10-K and other reports filed by the Company with the Securities and Exchange
Commission. The Company undertakes no obligations to make any revisions to the forward-looking statements contained in this release
or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information,
future developments or otherwise.