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Prior to the purchase, US Rare Earth Minerals, was formerly engaged in the sales and distribution of products derived from the company’s mining activities in Nevada.
US Rare Earth Minerals (OTCMKTS:USMN) has announced its plans to acquire Bioxytran Inc., a developmental stage biotechnology company, creating a first-in-class oxygen delivery platform targeting the rapid and simplified treatment of victims with brain stroke trauma.
Prior to the purchase, US Rare Earth Minerals, was formerly engaged in the sales and distribution of products derived from the company’s mining activities in Nevada.
As quoted from the press release:
The company’s lead product candidate, BXT-25, will be tested as a potent resuscitative agent to treat strokes during the first hour of a stroke and for other brain trauma. The product is based on a new molecule reversing hypoxia, or oxygen deficiency. The molecule is expected to be injected intravenously and bind to oxygen in the lungs. The molecule then carries the oxygen and delivers it to the area in the brain blocked by the clot. During the next 18 months, the Company plans to submit an Investigational New Drug Application (IND) to the Food and Drug Administration (FDA) and, immediately thereafter, begin clinical trials on brain stroke patients. In addition, the company will be working on additional applications to treat ischemia, an inadequate blood supply to an organ or part of the body, with a focus on the heart. The compound is also expected to be effective in healing wound.
Bioxytran’s management team brings over 40 years of industry experience as well as a track record of high-profile projects in biotechnology. Dr. David Platt will serve as the new chairman and CEO of the company.
Dr. Platt had previously founded four publicly traded companies, creating as much as US$1 billion in market-cap for investors. He led the development of four drug candidates from concept through phase II clinical trials.
Dr. Platt commented, “developing drugs is an extremely complicated process and I will utilize my experience to make a profound difference in the rapid treatment of brain stroke and trauma victims. I look forward to developing a new drug that has the potential to change peoples’ lives in a profound manner.”
The company plans to change its name to Bioxytran, Inc., and apply for a new symbol.