ROCKVILLE, Md. H Advanced Biotherapy Concepts Inc. (ABCI)said it signed two letters of intent with an investment bankerfor help in launching two stock placements that would fundclinical trials of its blood-filtering therapy for AIDS.
Advanced Biotherapy (OTC:ADVB) aims to raise a minimum of$750,000 from a private stock placement. Proceeds would beused to conduct a Phase I trial of its extracorporealimmunosorbent columns for treating autoimmune diseases byfiltering from a patient's blood aberrant interferons, accordingto the company.
The FDA-approved Phase I trials would treat up to fivepatients with AIDS at the Georgetown University MedicalCenter in Washington, D.C., said Jeanne Kelly, ABCI's secretary-treasurer, said Wednesday. It is expected to take about three tosix months to complete, with additional time needed for theFDA to review the data.
After completing the initial clinical trial, ABCI plans to launch asecondary public stock offering to raise about $10 million forexpanded clinical trials, Kelly said. S.D. Cohn & Co. of New Yorkis managing both the private and public offerings.
ABCI was founded in 1985 by Simon Skurkovich to develop theextracorporeal immunosorbent columns to treat autoimmunediseases. The device uses antibodies adhered to a solid matrixthrough which blood is passed before it is returned to thepatient.
The company's stock is listed in the Pink Sheets and has tradedrecently around $1.50 a share, Kelly said. -- Ray Potter
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