On Friday, Amarantus BioSciences Inc (OTC:AMBS) seen an upswing after the Company announced Mr. Gerald Commissiong, the co founder to replace Martin D. Cleary as the President & Chief Executive Officer.
Mr. Commissiong had co-founded Amarantus with Dr. John Commissiong in 2008 and had been serving the Company as a Chief Business Officer and later as a Chief Operating Officer since then. During his tenure as a Chief Officer he had attracted seed capital, acquired the intellectual property rights to MANF, and recruited scientific and executive talent to Amarantus.
The Company’s drug candidate- MANF- is a protein that corrects protein misfolding, cited as a major cause of apoptosis. The MANF is being developed for treatment of Parkinson’s disease as it can be applied as a first-in-class disease–modifying therapeutic protein that mitigates an underlying cause of cell death.
Amarantus had on October 20, 2011 announced that it has received a Notice of Allowance from the United States Patent & Trademark Office granting the Company the claims to the discovery of mesencephalic astrocyte-derived neurotrophic factor (MANF). The patent also includes compositions of matter and methods of use for MANF, and other related compounds.
Shares of Amarantus BioSciences Inc (OTC:AMBS) has soared about 70%, since the acquisition of IPR for MANF and the appointment of Mr. Commissiong as President & Chief Executive Officer made its shares bounce 30% or $0.045. 151.43 shares traded hands which is 12 times its average trading volume of 11.761K shares. The stock has jumped 63% in the past couple of trading sessions.
Amarantus BioSciences, Inc., formerly Jumpkicks, Inc., is a development-stage biotechnology company. The Company focuses on developing its intellectual property and technology to develop drug candidates to treat human disease.
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