Intellect Neurosciences, Inc. Obtains Validation of European Patent for Clinical Candidate in 18 Countries
NEW YORK, June 25 /PRNewswire-FirstCall/ -- Intellect Neurosciences, Inc. , a biopharmaceutical company focused on development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and related disorders, announced today that European Patent No.1056452 covering the use of indole-3-propionic acid to treat multiple indications has been validated in several Europe countries. The opposition period for the patent expired on April 19, 2007, with no oppositions having been filed. Intellect Neurosciences is the exclusive licensee of the patent, which is owned jointly by New York University and the University South Alabama. The patent has also been granted in the United States and several other countries.
"The validation of the patent in Europe strengthens our patent portfolio in an important therapeutic area. We are especially excited about the prospect of this promising drug candidate which is anticipated to enter Phase II clinical trials in AD patients by the middle of 2008 having recently successfully completed Phase I clinical trials in healthy elderly volunteers," commented Dr. Daniel Chain, Intellect's Chairman and Chief Executive Officer.
"We think that the drug acts through unique modes of action appearing to target key steps in a molecular cascade that leads ultimately to learning and memory deficits in patients with Alzheimer's disease," commented Professor Kelvin Davies, Chairman of the Company's Scientific Advisory Board. Dr Davies is the James E. Birren Chair in Gerontology and is Professor of Molecular & Computational Biology and former Associate Dean for Research at the University of Southern California. Dr. Davies added: "OXIGON(TM) has the potential to treat numerous diseases in which tissues are damaged by an imbalance of free radicals leading to oxidative stress."
About Intellect Neurosciences, Inc.
Intellect Neurosciences, Inc. is a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease. The Company recently completed successful Phase I clinical trials for OXIGON(TM), a unique antioxidant and anti-amyloid compound that is a potentially disease modifying drug for AD, Huntingdon's, Parkinson's and other indications. Data from these clinical trials are expected to be available during this calendar quarter.
Intellect has broad proprietary immunotherapy platforms for both passive and active immunization against Alzheimer's disease, which have generated patented drug candidates designed to overcome key safety issues. Major pharmaceutical companies have conducted early stage human trials of similar drug candidates with evidence of efficacy. Intellect's patent estate contains issued and pending claims covering major pharma products in Phase II clinical development.
About Alzheimer's disease
Alzheimer's disease, the most common form of dementia, is characterized by progressive loss of memory and cognition, ultimately leading to complete debilitation and death. A hallmark feature of Alzheimer's pathology is the presence of insoluble protein deposits known as beta-amyloid on the surface of nerve cells, which results from the accumulation of soluble beta-amyloid in the brain. The effects of the disease are devastating to the patients as well as the caregivers, with significant associated health care costs. It is estimated that there are over 24 million people suffering from Alzheimer's disease in the major markets worldwide with the number projected to increase to 80 million by 2040 as the global population ages. Currently marketed drugs transiently affect some of the symptoms of the disease, but there are no drugs on the market today that slow or arrest the progression of the disease. These symptomatic drugs are projected to generate approximately $4 billion in sales by 2008, indicating both the size of the market and the demand for effective treatment beyond symptomatic improvements.
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Intellect Neurosciences, Inc.CONTACT: Elliot Maza, President & Chief Financial Officer of IntellectNeurosciences, Inc., +1-212-448-9300
Web site: http://www.intellectns.com//