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Cosmos Health Strengthens Global Brain Tumor Market Position by Entering Agreement to Acquire Remaining Rights to WIPO-Filed CNS Cancer Drug Patent
CHICAGO, IL / ACCESSWIRE / June 18, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / June 18, 2024 / Cosmos Health Inc. (\"Cosmos Health\" or the \"Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has entered into an agreement to acquire all remaining rights arising from the patent filed with the World Intellectual Property Organization (WIPO) under reference code PCT/EP2023/071865. This follows the agreement announced on December 7, 2023, where Cosmos Health had acquired 60% of the rights.One of the sellers, the prestigious National Hellenic Research Foundation, founded in 1958, is among the largest research centers in Greece. As a non-profit organization supervised by the General Secretariat for Research and Innovation (GSRI) of the Ministry of Development, the foundation has played a crucial role in the development phase. It will continue to support Cosmos Health as it transitions to sole ownership and pursues its commercial objectives.Acquiring full rights to the patent is expected to enhance Cosmos Health's role in the global brain tumor treatment market, which, according to Future Market Insights, is projected to double from $3.1 billion in 2023 to $6.2 billion by 2033, representing a compound annual growth rate of 7.2%.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We are thrilled to have entered into an agreement to acquire full rights to what we believe is a groundbreaking treatment for CNS cancers, focusing on brain tumor-related issues. This acquisition comes at a crucial time when the rising incidence of these cancers and the growing geriatric population highlight the urgent need for effective solutions. We expect to accelerate our initiatives in the R&D space, fueled by our recent hiring of best-in-class scientists and our strategic acquisition of Cloudpharm, enabling us to revolutionize pharmaceutical products through AI-aided, advanced drug repurposing technologies. This approach allows us to deliver medicines faster and more efficiently. We would also like to thank the exceptional team at the National Hellenic Research Foundation for their continued support.\"About the Patent on Drug Targeting CNS Cancers:The pate...