Tauriga Sciences, Inc. Enters Into Memorandum of Understanding With Cambridge, Massachusetts-based Constellation Diagnostics Inc. to Develop and Commercialize Novel Diagnostic Platform for Use in Predictive and Preventative Oncology


CAMBRIDGE, Mass., May 2, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTCQB:TAUG) ("Tauriga" or the "Company"), a life sciences holding company creating a diversified portfolio of medical technology assets, today announced that it has signed a Memorandum of Understanding ("MOU") with Cambridge, Massachusetts-based Constellation Diagnostics Inc. ("Constellation"). Under terms of the MOU, Tauriga and Constellation will establish a Joint Venture Partnership ("Joint Venture") to develop and commercialize a novel, imaging-based diagnostic technology for use in predictive and preventative oncology. The technology is focused on early and comprehensive diagnoses for prevention of certain skin cancers. Constellation has already begun product development in collaboration with professors at the Massachusetts Institute of Technology ("MIT") and Harvard University ("Harvard"). The goal of the Joint Venture is to complete a working prototype during calendar year 2013 and subsequently submit for FDA approval through the 510K regulatory path. In preparation for the public announcement of its technology platform and product features (expected in mid-May), Constellation is constructing a corporate website which will also provide an overview of the market potential and value proposition.

Thus far Tauriga has invested an initial $100,000 USD into Constellation in exchange for equity, and the Company plans to invest additional capital based on milestones, the terms and conditions of the MOU, and any subsequent definitive agreement. In aggregate, Tauriga has the potential to acquire up to a 35% equity interest in Constellation based on two proposed tranches of future investment.

Both companies expect to progress to a definitive Joint Venture Agreement within the next 90-120 days with an accompanying investment tranche of $1,000,000 USD into Constellation by the Company. The principal use of proceeds of the $1,000,000 USD investment tranche is to complete the demonstrative prototype of the system. Upon completion of the prototype, the MOU stipulates for a milestone-based investment tranche of up to $1,400,000 USD by the Company. In total the Company can acquire up to a 35% equity stake in Constellation if the full total of $2,500,000 USD is invested into Constellation pursuant to the terms of the proposed Joint Venture.

Tauriga's Chief Operating Officer, Dr. Stella M. Sung, commented, "The Company is excited to partner with Constellation Diagnostics Inc. and its collaborators at world class academic institutions to develop a commercially-viable product that utilizes next generation imaging technologies to enable early and thorough detection of skin cancers. Early detection makes an enormous difference in survivability, and this technology would address an important medical need."

Constellation's President, Christian Bailey, stated, "Our team is enthusiastic about partnering with Tauriga Sciences because they share our vision and our passion for developing high-impact technologies. We expect this project to have significant impact on predictive and preventive oncology. Our chances for success are greatly enhanced with a dedicated partner supporting us with both capital and expertise as we focus on product development."

About Tauriga Sciences, Inc.:

Tauriga Sciences, Inc. is a life science holding company that focuses on proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare. The mission of the Company is to acquire and build a diversified portfolio of medical technology assets that is capital efficient and of significant value to the shareholders. The Company's business model includes the acquisition of licenses, equity stakes, rights on both an exclusive and non-exclusive basis, and entire businesses. Management is firmly committed to building lasting shareholder value in the short, intermediate, and long terms. The Company's new corporate website can be found at  www.taurigasciences.com.

About Constellation Diagnostics, Inc.

Constellation Diagnostics Inc. is developing a novel, imaging-based diagnostic technology for use in predictive and preventative oncology. The technology is focused on early and comprehensive diagnoses for prevention of certain skin cancers.

DISCLAIMER:

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on TAUG's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which TAUG has little or no control. Such forward-looking statements are made only as of the date of this release, and TAUG assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by TAUG with the Securities and Exchange Commission.



            

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