Intellect Neurosciences, Inc. Files Lawsuit Against Pharmaceutical Licensee for Non Payment of $2 Million Milestone

NEW YORK, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment of Alzheimer's and other neurological diseases, announced today it has filed a lawsuit in the New York State Supreme Court against a top tier global pharmaceutical company for breach of the licensing agreement between the parties.