MIRAMAR BEACH, Fla. -- (BUSINESS WIRE) -- Work continues on a new injectable, sustained-release technology that Rainbow Coral Corp. (OTCBB: RBCC) hopes can help prevent a deadly epidemic of prescription narcotic overdoses.
In a statement to the press reported by Benzinga earlier this month, National Institute on Drug Abuse (NIDA) Director Nora Volkow said that opioid-receptor blocker Naltrexone can improve lives and reduce risks of overdose. Volkow called such medication-assisted therapies “markedly underutilized.”
According to NIDA figures, drug overdose deaths in the U.S. are over 30,000 annually. In the past 20 years, overdoses of narcotic pain relievers have tripled, with an estimated 2.1 million people in the U.S. abusing opioid pain relievers.
RBCC is working on a new technology to help address the growing problem. Through its biotech subsidiary, Rainbow Biosciences, the company formed a joint venture with TheraKine, Ltd., to deliver a new injectable, sustained-release technology poised to vastly improve patients' use of Naltrexone. 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 focused on micronization of the technology as well as extension of its sustained release time.
This summer, RBCC will focus on demonstrating the new technology’s readiness for market as the number of prescriptions rise due to the Affordable Care Act.
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. (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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