NOKOMIS, Fla. -- (BUSINESS WIRE) -- Rainbow BioSciences, the fast-growing biotech subsidiary of Rainbow Coral Corp. (OTCBB: RBCC), is close to delivering a revolutionary new product poised to potentially change the lives of millions of drug and alcohol addicts around the globe.
Alongside joint venture partner TheraKine, RBCC is moving forward with Phase II of development on a groundbreaking new drug delivery technology for Naltrexone, a pharmaceutical used to help treat alcohol and opioid dependence. The drug works by blocking the effects of narcotics, especially the cravings that keeps many addicts returning to opiates and alcohol again and again.
RBCC and TheraKine are developing a tunable, sustained-release, intramuscular injection system for Naltrexone that eliminates the need for regular injections or surgical implants. Once development is complete, it will be the only technology of its kind on the market in the $142.5 billion drug delivery industry.
RBCC reported last week that Phase I of the joint venture’s feasibility study yielded better-than-expected results. Phase II will focus on the micronization of the drug, approaches to further extend release kinetics and the initiation of a clinical development plan.
Rainbow BioSciences is working with a variety of partners to capitalize on the incredible growth of the global drug delivery market by delivering new medical and research technology innovations in order to compete alongside companies such as Bristol Myers Squibb Co. (NYSE: BMY), Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Valeant Pharmaceuticals International (NYSE: VRX).
RBCC is dedicated to delivering new medical research and technologies to a booming global health marketplace. For more information on RBCC's initiatives, please visit www.rainbowbiosciences.com.
About Rainbow Biosciences
Rainbow Biosciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The Company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit www.RainbowBioSciences.com. For investment information and performance data on the Company, please visit www.RainbowBioSciences.com/investors.html.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.