According to Proteonomix, the new name and symbol reflect the company’s core focus on proteomics and the identification and commercialization of new proteins for use in therapeutics and cosmetics.
The name change is said to mark Proteonomix’s turning point, from an R&D only company to a company which combines commercial product development and R&D. Proteonomix plans to commercialize its proprietary cell expansion line in 2008.
Additionally, the company has introduced its new cosmoceutical product line, through its subsidiary, Proteoderm in July 2008. Proteoderm plans to scale its proprietary proteins, derived from non-embryonic stem cells, into an extensive array of specialty skin care products.
Management believes that the new corporate restructure, together with the name change, will position Proteonomix to raise capital in this very challenging financial environment for product commercialization.