OXIS International, Inc. (OTCMKTS:OXIS) has appointed Dr. Stephen M. Chang to its scientific advisory board and has also filed a patent for its lead compound OXS-4235. The drug is essentially a p62 inhibitor, which demonstrates inhibition of myeloma cell growth, without toxicity to bone marrow stromal cells. The product is expected to target the cancer formation in white blood cells.
OXIS International is a biotech company that focuses on the development of cannabinoid therapies. Dr. Stephen currently holds the posts of VP of R&D at New York Stem Cell Foundation, CSO at Stemgent Inc and Director at Multicell Technologies. He also has a history of holding administrative positions in different companies at the same time. Tony Cataldo, CEO of OXIS, stated that Dr. Stephen was chosen due to his vast experience. He also hoped that the new appointment would add value to the company. In particular, it was his experience in the development of patents during his time at Schering-Plough Healthcare that made him the right candidate for this position.
The recent filing for the patent of the p-62 inhibitor is underway and the company could use someone as experienced as Dr. Stephen to get the product through. In the US alone there are a total of 26,850 patients who suffer from multiple myeloma annually, resulting in 11,240 deaths. P-62 is a protein that serves multiple biological roles and is the key behind OXIS’s novel treatment for multiple myeloma. By injecting this protein into the myeloma cells, the company aims to induce stress in them. This causes the cancerous cells to self-destruct. Once destroyed, the protein can decrease the number of lesions to restore the bones to their normal health. Once the patent is approved, the company can start cashing in on this therapy.
OXIS International, Inc. (OTCMKTS:OXIS) reported a share price of $0.0238, at the end of the June 18 session. The company saw a total of 600 million shares being traded during the session, only to register a drop of 0.83% in share value.