Current report Proteo Inc

8-K - Current report

Published: 2007-08-09 18:53:16
Submitted: 2007-08-10
Period Ending In: 2007-08-09
proteo_8k-080907.txt
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 --------------

                                    FORM 8-K

                                 --------------

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): AUGUST 9, 2007

                                  PROTEO, INC.

             (Exact name of registrant as specified in its charter)

           NEVADA                      000-32849                 88-0292249
(State of other jurisdiction    (Commission File Number)        (IRS Employer
     of incorporation)                                       Identification No.)

              2102 BUSINESS CENTER DRIVE, IRVINE, CALIFORNIA 92612
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (949) 253-4616

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)

                                 --------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

|_|  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425).
|_|  Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR
     240.14a-12)
|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR.14d-2(b))
|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

================================================================================

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ITEM 1.01  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
           -------------------------------------------

     Proteo, Inc. announced today that it had entered into a license agreement
with Rhein Minapharm relating to the clinical development, production and
marketing of Elafin. Rhein Minapharm will exclusively market Elafin in Egypt,
Middle Eastern and African countries. Proteo will receive an upfront payment,
milestone-payments and royalties on net product sales. In addition, Minapharm
will take over the funding of clinical research activities for the designated
region. The agreement schedules the transfer of the biotechnological production
process of Elafin to Cairo.

     A copy of the press release is attached to this Current Report as Exhibit
99.1.

9.01  FINANCIAL STATEMENTS AND EXHIBITS.
      ----------------------------------

     (c) Exhibits. The following materials are filed as exhibits to this Current
report on Form 8-K:

     Exhibit Number
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       99.1     Press release dated August 9, 2007


                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                         PROTEO, INC.


Date: August 9, 2007                     By: /s/ BIRGE BARGMANN
                                             --------------------------------
                                             Birge Bargmann
                                             Chief Executive Officer
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proteo_8k-ex9901.txt PRESS RELEASE
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EXHIBIT 99.1

PRESS RELEASE                                          Source: Proteo Biotech AG

PROTEO, INC./PROTEO BIOTECH AG - MINAPHARM/RHEIN MINAPHARM BIOGENETICS SAE:
PROTEO BIOTECH, GERMANY AND MINAPHARM, EGYPT ENTER INTO DEVELOPMENT AND LICENSE
AGREEMENT FOR ELAFIN

Thursday August 9, 12:25 pm ET

PROTEO BIOTECH AG / CONTRACT/ALLIANCE

IRVINE, Calif./KIEL, Germany/CAIRO, Egypt--(BUSINESS WIRE)--Proteo, Inc. (OTCBB:
PTEO; Frankfurt Freiverkehr: WKN: 925981) and its wholly-owned subsidiary Proteo
Biotech AG together with Minapharm Pharmaceuticals SAE (Cairo and Alexandria
Stock Exchange: MIPH) and its subsidiary Rhein Minapharm Biogenetics SAE
announced today:

Proteo and Rhein Minapharm have entered into a license agreement for clinical
development, production and marketing of Elafin. Rhein Minapharm will
exclusively market Elafin in Egypt, Middle Eastern and African countries. Proteo
will receive an upfront payment, milestone-payments and royalties on net product
sales. In addition, Minapharm will take over the funding of clinical research
activities for the designated region. The agreement schedules the transfer of
the biotechnological production process of Elafin to Cairo. This process is
based on Hansenula polymorpha, a yeast technology licensed by ARTES
Biotechnology GmbH, Germany.

Elafin is a protein that is produced naturally in the skin, lung and breast,
protecting the respective tissue from destruction by the immune system. Elafin's
ability to block the activity of destructive enzymes that are involved in
inflammatory reactions makes it a highly promising active compound for the
treatment of inflammatory lung diseases or severe reperfusion injuries occurring
after heart attacks, serious injuries and organ transplantation. The excellent
tolerability of Elafin in human subjects was demonstrated in a Phase I clinical
single dose escalating study.

Birge Bargmann, CEO of Proteo: "This license agreement is an important step to
make our innovative drug development available to patients in the near future.
With Minapharm, we have won a renowned company to market Elafin in the MENA
region."

Wafik Bardissi, M.D., Chairman & CEO of Minapharm: "Adding up Elafin to our
pipeline is a significant boost to our clinical development and R&Dprogramme
with a promising new molecular entity. The success of Minapharm's currently
marketed, novel but still affordable, recombinant DNA products has impressed the
medical and business community at large while refuting the perceived dichotomy
of financial gains versus moral obligations. We pledge to bridge the gap between
innovative therapeutic proteins and needy patients in our part of the world"

About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded in April 2000
and in the same year was taken over by the US-American holding company PROTEO
Inc. The company researches, develops and markets compounds for biological and
medical research as well as for use as pharmaceuticals. PROTEO holds the
production and utilization rights for recombinant human Elafin. PROTEO intends
to out-license selected indications and to establish international strategic
alliances in order to open up new fields of application and for marketing. On
recommendation of the European Medicines Agency (EMEA), Proteo Biotech AG
received orphan drug status from the EU commission for its candidate drug Elafin
for the treatment of pulmonary arterial hypertension (PAH) and chronic
thromboembolic pulmonary hypertension early in 2007. This will safeguard the
company's exclusive marketing rights within the EU for a period of 10 years
after acquiring approval. The federal state of Schleswig-Holstein funds the
innovative development venture of PROTEO Biotech AG with money from the European
Fund for Regional Development (EFRE).

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About Minapharm Minapharm, headquartered in Cairo with its production facilities
in the tenth of Ramadan, is among the leading prescription medicine companies in
Egypt and the Middle East. The company is specialized in the manufacture and
marketing of innovative pharmaceuticals and through its subsidiary
Rhein-Minapharm-Biogenetics, in the research, development and manufacturing of
biopharmaceuticals. Its biotech subsidiary is focussing on the core therapeutic
areas of liver disease and thrombosis & haemostasis. With three therapeutic
proteins already marketed and several in the pipeline, Minapharm's competence
lies in decreasing time to market without compromising ethical and safety
standards. By combining its expertise in pharmaceuticals and leadership in
biopharmaceuticals Minapharm, along with its worldwide strategic alliances,
contributes significantly to the quality of life of many people in the region.
Minapharm employs a collective workforce of over 700 and is listed on the Cairo
and Alexandria stock exchange (www.minapharm.com)

Forward-Looking Statements Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under the Securities
Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are
subject to the safe harbor created by those rules. All statements, other than
statements of fact included in this release, including, without limitation,
statements regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Technical complications that may arise could prevent the prompt implementation
of any strategically significant plan(s) outlined above. The company cautions
that these forward looking statements and risks and uncertainties involved are
further qualified by other factors including, but not limited to those set forth
in the company's Form 10-KSB filing and other filings with the United States
Securities and Exchange Commission. The company undertakes no obligation to
publicly update or revise any statements in this release, whether as a result of
new information, future events or otherwise.

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0001019687-07-002473.txt   Complete submission text file   11852

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