NEW YORK, Feb. 03, 2016 (GLOBE NEWSWIRE) -- Ember Therapeutics, Inc., a New York-based biopharmaceutical company that is developing targeted therapies for osteoarthritis, kidney fibrosis, and other indications using Bone Morphogenetic Protein (BMP)-7, announced today the successful completion of its merger with American Home Alliance Corp. (OTC:AHLL). The combined company will be called Ember Therapeutics, Inc., and will trade on the OTC Markets under the symbol “AHLL”. The Company has submitted an application to change its trading symbol.
As a result of this transaction, the Company has a total of 40,000,000 shares outstanding.
“We believe that our lead product candidate, BMP-7, presents a unique opportunity to address the large unmet medical need in the treatment of osteoarthritis and has significant potential in a variety of other indications. We expect that the transition to a public company will provide increased access to capital to accelerate the clinical development of BMP-7 both in OA and other areas,” said Joseph Hernandez, Director, and Executive Chairman of Ember Therapeutics.
Following the reverse merger, Ember Therapeutics will continue to develop BMP-7, which achieved promising results in a Phase II(a) trial, which evaluated the local administration of BMP-7 in patients with osteoarthritis of the knee.
About Bone Morphogenetic Protein-7 (BMP-7)
BMPs are a group of growth factors also known as cytokines and as metabologens. Originally discovered by their ability to induce the formation of bone and cartilage, BMPs are now considered to constitute a group of pivotal morphogenetic signals, orchestrating tissue architecture throughout the body. For example, previous studies have demonstrated that BMP-7 can facilitate effective joint cartilage formation, inhibit and reverse organ fibrosis in the kidney, heart, and lung due to injury or disease, and diabetic diseases related to glucose metabolism.
About Ember Therapeutics, Inc.
Ember Therapeutics, Inc. is a clinical stage biopharmaceutical company whose primary focus is on utilizing Bone Morphogenetic Protein-7 to catalyze cartilage regeneration for disease modification of Osteoarthritis (OA) and the inhibition and reversal of organ fibrosis in diseases such as Chronic Kidney Disease (CKD) and Alport Syndrome. In particular, Ember has acquired over 450 patents covering BMP-7 and its related family of BMPs, variants, novel formulations, delivery technologies, associated clinical data, and cGMP manufactured material from Stryker Corporation. For more information, please visit www.embertx.com.
Ember Therapeutics Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Ember Therapeutics’ business and Ember Therapeutics undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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Source: Ember Therapeutics