Company Formerly Known as U.S. Rare Earth Minerals, Inc. Focusing on First-In-Class Ischemic Stroke Treatment
Boston, MA -- (SBWIRE) -- 11/16/2018 -- U.S. Rare Earth Minerals, Inc. today announced that it has changed its name to Bioxytran, Inc. in order to more closely communicate the company's core mission: to treat stroke and other brain injuries through the improved delivery of oxygen to deprived tissues. The company's board of directors implemented the name change, which was subsequently authorized by the company's shareholders.
Bioxytran Inc., a developmental stage biotechnology company, is working towards a first-in-class oxygen treatment platform for victims of brain stroke trauma. The first product to proceed to testing is BXT-25, which will be evaluated as a resuscitative agent to treat strokes, especially during the all-critical first hour following a stroke. The product will also be evaluated for its efficacy in treating other brain trauma issues.
BXT-25 is based on a new molecule that seems to reverse hypoxia, or oxygen deficiency. During a hypothetical treatment following hypoxic brain injuries such as ischemic strokes, this molecule could be injected intravenously and then bind with oxygen molecules in the lungs in order to carry the oxygen and deliver it to the area blocked by a blood clot, for example.
According to David Platt, Ph.D and CEO of Bioxytran, Inc., the company is primarily motivated by the need for treatments that can be quickly deployed to save critical brain tissue from oxygen starvation. "We are enthusiastic about our stroke treatment program for patients in the 'golden first hour after stroke,' to save the part of the brain which does not get oxygen," he stated. That "golden hour" is mission-critical, Platt says. "Time is literally brain tissue. The longer patients wait before the flow of oxygen to impacted areas is restored, the worse the outcomes can be."
During the next 18 months, the company plans to submit an Investigational New Drug Application (IND) to the Food and Drug Administration (FDA). Immediately after that submission, the company hopes to initiate clinical trials with brain stroke patients.
Additionally, the company plans to develop additional applications to treat ischemia, an inadequate blood supply to an organ or part of the body, with a focus on the heart. Other potential applications of the company's work include the treatment and healing of wounds, as well as for the recovery of brain cell health following the damage that often occurs as a result of stroke and other kinds of brain injury.
"We anticipate exciting new developments in each of the programs in our promising portfolio of compounds to treat stroke patients," Platt says.
Based in Newton, MA, Bioxytran Inc. is a developmental stage biopharmaceutical company developing anti-necrosis drugs that treat hypoxia by delivering oxygen. Hypoxia, a condition resulting in an insufficient supply of oxygen to bodily tissues, causes a variety of severe, harmful medical conditions including cancer growth.
The company is focusing on the development and commercialization of first-in-class treatments to prevent brain damage resulting from hypoxic conditions following brain stroke and trauma. The Company's lead product candidate, BXT-25, is an anti-necrosis drug that carries oxygen to tissues when the flow of blood is blocked. It will be tested as a potent resuscitative agent to treat ischemic brain strokes, caused by severely reduced blood flow to the brain. In addition, the company plan to test another drug candidate, BXT-252, as a resuscitative agent in a variety of wound-healing applications, as well as in organ transplantation and cancer contexts.
Forward Looking Statements:
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law. established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in the brain in case of ischemia and other brain disease like cancer and other brain damage medical conditions. Additional information is available at www.bioxytraninc.com.
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