VERNON HILLS, IL--(Marketwire - December 22, 2009) - Applied NeuroSolutions, Inc. (OTCBB: APSN)
(www.AppliedNeuroSolutions.com), a biotechnology company focused on the
development of products for the early diagnosis and treatment of
Alzheimer's disease ("AD"), today announced that it has reached agreement
with Eli Lilly and Company to increase the scope of its drug discovery
collaboration.
In addition to the financial terms from the original collaboration
agreement with Lilly announced in 2006, Applied NeuroSolutions will receive
an up-front cash payment of $750,000 and may receive up to $25.5 million
based on achievement of identified milestones. Royalties would be paid to
Applied NeuroSolutions for any AD therapies brought to market that result
from this addition to the original collaboration agreement.
"We are expanding our collaboration with Eli Lilly and Company focused on
the development of new treatments for patients suffering from Alzheimer's
disease," commented Craig S. Taylor, Ph.D., Applied NeuroSolutions'
President and CEO. "Lilly continues to see the value in collaborating with
Applied NeuroSolutions and our founding scientist, Dr. Peter Davies, a
world renowned leader in Alzheimer's disease research. In total, our
collaboration has the potential to produce multiple drug candidates, each
targeting unique mechanisms."
"APNS has developed valuable reagents for understanding tau biology. We
look forward to utilizing these tools, along with Professor Davies'
expertise, to accelerate development of therapies that target tau in
Alzheimer's disease," said Dr. Michael Hutton, Chief Scientific Officer of
the Neurodegeneration Drug Hunting Team at Lilly.
About Applied NeuroSolutions:
Applied NeuroSolutions, Inc. (OTCBB: APSN) is developing diagnostics and
therapeutics to detect and treat Alzheimer's disease (AD) building on
discoveries originating from the Albert Einstein College of Medicine.
Applied NeuroSolutions is in a collaboration with Eli Lilly and Company to
develop novel therapeutic compounds to treat the progression of AD. For
its diagnostic pipeline, Applied NeuroSolutions is focused on both serum
and cerebrospinal fluid (CSF) tests to detect AD at a very early stage.
The CSF based P-Tau 231 test now being offered for use in clinical trials
can effectively differentiate AD patients from those with other
neurological diseases that have similar symptoms. There is currently no FDA
approved diagnostic test to detect AD. Alzheimer's disease currently
afflicts over five million Americans, and the world market for AD therapy
is currently estimated to be nearly 35 million patients. For more
information, visit www.AppliedNeuroSolutions.com
This press release contains forward-looking statements about Applied
NeuroSolutions. The company wishes to caution the readers of this press
release that actual results may differ from those discussed in the
forward-looking statements and may be adversely affected by, among other
things, the risks associated with new product development and
commercialization, clinical trials, intellectual property, regulatory
approvals, potential competitive offerings, and access to capital. For
further information, please visit the company's website at
www.AppliedNeuroSolutions.com, and review the company's filings with the
Securities and Exchange Commission.
