Minnesota-based Bioenergy, Inc. today announced that it has changed its name to RiboCor, Inc. (pronounced 'ri-?bo 'kor), and moved its headquarters from Ham Lake, MN to Minneapolis, MN. These changes are a part of a series of strategic moves the company has implemented, reflecting its long-term plans to focus solely on medical applications of its proprietary technologies, including the development of pharmaceutical products to treat fibromyalgia and cardiovascular diseases, and biologic products for the enhancement of the functionality of red blood cells and platelets.
In furtherance of this strategy, in 2011, RiboCor licensed its CorvalenÂ® business for health care practitioners to Atrium Innovations, Inc., a Quebec-based nutraceutical company, and divested its bulk ingredient business for dietary supplement and food and beverage use to Chengzhi Life Sciences Company, a China-based nutraceutical company.
RiboCor is currently conducting a double-blind, placebo controlled study in patients suffering from fibromyalgia under an Investigational New Drug application (IND) submitted to the Food and Drug Administration. Enrollment for this study is nearly complete.
Additional applications in areas of cardiovascular medicine to address significant unmet needs are planned. In parallel, RiboCorâ€™s subsidiary, Viacell, LLC, is developing products to enhance the effectiveness and viability of red blood cells and platelets.
â€śWe have achieved our long-term goal of becoming a pharmaceutical company, exclusively,â€ť says Dr. Raj Khankari, RiboCor CEO. â€śAt this stage, our resources are entirely focused on developing products that will yield the highest value to our shareholdersâ€ť.
â€śWe are excited about our development programs because they target several serious diseases for which treatment options are limited,â€ť adds RiboCor Vice President of Product Development, Jeff Thompson. â€śWe have made significant progress in fibromyalgia and plan to begin clinical work for our cardiovascular applications soon.â€ť
RiboCorâ€™s new global headquarters reside at 7077 Northland Circle North, Suite 100, Minneapolis, MN, 55428. For more information, visit RiboCor.com.Business Wire
Last updated on: 03/04/2012