MIRAMAR BEACH, Fla. -- (BUSINESS WIRE) -- Rainbow Coral Corp. (OTCBB: RBCC) and its joint venture partner, Therakine, Ltd., are pleased to announce that they have reached a major new milestone in the development of a revolutionary new drug delivery technology. This week, the companies reached terms to initiate Phase II of research and analysis on a new injectable, sustained-release technology poised to vastly improve patients’ use of a crucial drug in the fight against drug and alcohol dependence.
Naltrexone is a prescription opioid receptor antagonist used primarily in the management of alcohol and opioid dependence. Phase I of the joint venture’s research established excellent compatibility between the drug and Therakine’s hydrophobic injection matrix as well as a highly promising release profile. Phase II will focus on micronization of the technology as well as extension of its sustained release time.
RBCC has big plans for the breakthrough technology in 2014. If Phase II of research goes as well as Phase I did, the joint venture could soon supply the only intramuscular, programmable release of Naltrexone available anywhere in the $142.5 billion drug delivery industry.
“We believe this sustained-release tech is going to forever change the way addiction is treated around the globe,” said new RBCC CEO Kimberly Palmer. “We’re already in talks with Therakine about potentially acquiring an exclusive, international distribution license for this product. We’re expecting next year to be tremendously fruitful for our company and our investors.”
RBCC's biotech division, Rainbow BioSciences, is working with partners such as Therakine 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).
For more information on RBCC’s other biotech 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.
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