Millenia Hope Inc., a biopharma corporation, announced that its Canadian subsidiary, Millenia Hope Biopharma (MH-B), has purchased the intellectual property, scientific expertise and the research facilities of the former Avance Pharma. Avance Pharma is a leading bio-research firm in phytomic technology, the commercialization of plant cell cultures. Avance has spent over US$30 million to create its unique technology, including a collection of highly purified phyto-chemical fractions to be utilized in the pharmaceutical, cosmetic and nutraceutical industry.
The company says that because of its cutting-edge technology, it has been the recipient of several R&D grants. MH-B, retaining Avance's world-class research personnel and all of its operating assets and facilities, reportedly is working to complete the initial commercialization of several projects with leading multi-national corporations. These projects will produce immediate revenues, milestone payments and future royalties, based on specific criteria.