Victory Square Technologies (CSE:VST) has announced that pursuant to an investment agreement between Victory Square Health an, a wholly-owned subsidiary of the company, and Personalized Biomarkers, Victory Square Health has acquired 33 percent of the issued and outstanding shares of PBI in exchange for an investment of $500,000.
As quoted in the press release:
PBI develops test kits that reliably predict the expected response to a number of therapies prior to prescription, with an initial focus on diabetes. Within this field, five potential biomarkers have been identified with GLP-1 receptor agonist therapy to be the first targeted biomarker, allowing PBI to enter a $4 billion market opportunity.
“We are excited for the opportunity to partner with Personalized Biomarkers as they have correctly identified a massive market opportunity, and have formed an exceptional team of industry leaders,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “This is another investment that is fully aligned with our newly created subsidiary, and one we expect to significantly impact the landscape of personalized medicine.”
PBI is the result of collaborative efforts between world-leading research programs at the University of British Columbia (“UBC“) and BC Diabetes. PBI has assembled a team of industry and research veterans including Ammad Shor, Chief Executive Officer of PBI, Dr. Tom Elliott, a leading endocrinologist and founder of BC Diabetes, Dr. Bruce McManus, Chief Executive Officer of the PROOF Centre of Excellence, and Dr. Pieter Cullis, Director of the Life Sciences Institute at UBC. The team has a strong track record of medical, scientific and business excellence with six drugs in clinic, nine drugs in trials, and 16 drugs in development. The team combined has also 95 patents, started over 15 companies, and has raised over one billion dollars for drug research and commercialization.
“Our team at PBI is excited for the opportunity to partner with Victory Square Technologies and its Victory Square Health subsidiary,” said Dr. Tom Elliott. “The ability to predict outcomes to therapy before filling a prescription is a key part of personalized medicine, allowing consumers and payers to generate cost savings and reduce harm by avoiding therapies that are either ineffective or likely to cause serious side effects. Working with Victory Square Health will allow us to accelerate the GLP-1 biomarker development, enabling prescribing doctors to optimize and tailor treatment based on biomarker test results.”