DEL MAR, Calif., April 19, 2010 (GLOBE NEWSWIRE) -- Ernest B. Remo, Chairman/CEO of American Diversified Holdings Corporation (Pink Sheets:ADHC - News) announced today that the company has finalized details of the previously announced alliance agreement to acquire an equity interest in INVENT Pharmaceuticals, a development phase biotech company. Invent Pharmaceuticals has over 7 novel products involving Alzheimer's Disease. The management team of ADHC and Invent Pharmaceuticals is currently engaged in negotiations with leading wall street based financial institutions to facilitate the funding requirements provided by the Invent business plan.
INVENT Pharmaceuticals develops breakthrough small molecule drugs for the treatment of Alzheimer's disease, cancer, diabetes, hypertension, pulmonary arterial hypertension, anxiety and insomnia. INVENT designs, discovers and develops first and best-in-class novel small molecule therapeutics for diseases with significantly large unmet medical needs. INVENT expects to earn revenues in the form of significant upfront fees, FTE funding, milestones payments and royalties by strategically partnering its drug candidates with pharmaceutical and biotech companies for clinical development and by providing innovative drug discovery and development platform technology. The projected market share for INVENT's drugs is nearly $10 billion. INVENT Pharmaceuticals owns 100% of its intellectual property on its proprietary drug candidates.
INVENT'S innovative drug pipeline currently is targeting high-value clinically validated development targets for the treatment of major chronic diseases with the focus of advancing these candidates into human clinical trials within 9-12 months. INVENT is focused on advancing its first line of innovative drug candidates into human clinical trials within 9-12 months. Some of these drugs include, but are not limited to, Alzheimer's Disease, Hypertension, Breast, Lung, Liver and Pancreatic cancers.
INVENT Pharmaceuticals is focused on advancing its first line of innovative drug candidates into human clinical trials within 9-12 months. The development timeline for INVENT's pipeline of drug candidates and their potential share of the world market is estimated at up to $10 Billion.
INVENT's management team is experienced with a proven track record in drug discovery and development, and in the management and success of several publicly listed pharmaceutical and biotech companies. Dr. Dale Dhanoa, PhD, President and CEO of INVENT has over 20 years experience with major pharmaceutical and biotech companies including Merck where he designed and developed cardiovascular and pulmonary hypertension drugs. He has also been associated with Predix Pharma, 3-Dimensional Pharmaceuticals, Alanex and Synaptic Pharmaceutical, all of which either went public or were acquired by large pharmaceutical companies.
Recent transactions in INVENT"S drug development space include GlaxoSmithKline's $1.2 Billion alliance with Epix Pharmaceuticals for their Alzheimer's drug discovered by Dr. Dhanoa, Syryxx $300 million acquisition by Takeda, Novartis $880 million acquisition of Speedel Pharma and Gilead's acquisition for $2.2 billion of Mycogen.
About INVENT Pharmaceuticals
INVENT Pharmaceuticals is an innovative biotech company focused on inventing new first-in-class and best-in-class drugs for the treatment of diseases with significantly large unmet medical needs including CNS, cardiovascular and other diseases. INVENT has discovered and developed its proprietary new drug candidates by applying its broadly applicable site-specific drug design platform that is capable of discovering novel small molecule therapeutics for virtually any drug target and therapeutic areas.
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates.
American Diversified Holdings Corporation
Ernest B. Remo, Chairman/CEO
INVENT Pharmaceuticals, Inc.
Dr. Dale S. Dhanoa, President and CEO