Endovasc Inc. (EVSC) Issues Update On Angiogenix; Cease Funding Research By Its Subsidiary, Angiogenix Limited, Inc.
10/19/2005 5:09:46 PM
MONTGOMERY, Texas--(BUSINESS WIRE)--May 25, 2005--Endovasc Inc. (OTCBB: EVSC), announced today that the Company will cease funding research by its subsidiary, Angiogenix Limited, Inc. and that Angiogenix has terminated its licensing agreement with Leland J. Stanford University dated February 1, 2000 relating to the use of a nicotine receptor agonist (NRA).
Endovasc's Board of Directors cite two reasons for the decision: firstly, ceasing research efforts for Angiogenix will allow the Company to concentrate its resources on funding future clinical studies for Liprostin, and secondly, the current licensing agreement contained unrealistic deadlines for the commercialization of NRA.
According to Diane Dottavio, "Endovasc has clearly been focusing its attention and capital resources toward furthering Liprostin's clinical development. Having recently completed a promising international Phase II FDA study, we feel it is in the best interest of the Company to dedicate the majority of its resources Liprostin to make this drug available to the many patients suffering from PAOD who currently have limited treatment options."
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