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Ludwig Institute For Cancer Research (LICR) Issues Statement Concerning Prospect Therapeutics, Inc.'s GCS-100 Molecule


6/5/2009 10:45:04 AM

WELLESLEY HILLS, Ma., June 5 /PRNewswire/ -- Joseph F. Finn, Jr., C.P.A. ("Finn") announced today that he has received a statement from Ludwig Institute of Cancer Research Ltd., Brussels Branch. The statement is quoted in its entirety below.

"Prospect Therapeutics' lead product candidate, GCS-100, is a carbohydrate molecule which inhibits the activity of Galectin-3, a protein found in high concentration in a broad range of human cancers. Prospect reported that GCS-100 could induce apoptosis of cancer cells and that clinical trial results indicated that reduction in leukemic cell number could be obtained without severe side effects.

"In addition to its direct effect on tumor cells, GCS-100 could have an important role on the immune system of cancer patients. A team at the Brussels Branch of the Ludwig Institute has found that human tumors contain a large number of T lymphocytes which are directed against specific antigens of the tumor cells, but that these lymphocytes are in a state of paralysis. An important component of this paralysis appears to be the trapping of T cell receptors in a galectin-3 lattice on the cell surface. The function of these T lymphocytes could readily be restored in vitro by addition of Galectin-binding sugar molecules, including GCS-100. This suggests that GCS-100 could be used in combination with anti-tumoral vaccination to induce the rejection of cancer cells in patients."

The intellectual property, regulatory dossier, fixed assets and clinical inventory of Prospect will be sold at auction on Monday, June 29, 2009 at 12:00 noon ET.

Persons interested in bidding must sign a Confidentiality Agreement ("CA") obtained from Finn's Office - jffinnjr@earthlink.net or 781-237-8840. They will then receive a bid package.

About Prospect Therapeutics, Inc.

Prospect's lead product candidate, GCS-100, is a carbohydrate molecule designed to inhibit the activity of galectin-3, a protein found in high concentration in a broad range of human cancers and whose over-expression is associated with poor prognosis in cancer patients.

About Joseph F. Finn, Jr., C.P.A.

Joseph F. Finn, Jr., C.P.A. is the founding partner of the firm, Finn, Warnke & Gayton, Certified Public Accountants of Wellesley Hills, Massachusetts. He works primarily in the area of management consulting for distressed enterprises, bankruptcy accounting and related matters, such as assignee for the benefit of creditors and liquidating agent for a corporation. He has been involved in a number of loan workouts and bankruptcy cases for thirty-five (35) years. His most recent Assignment for the Benefit of Creditors in the biotech field was Spherics, Inc. and ActivBiotics, Inc.

For further information, please contact Joseph F. Finn, Jr., C.P.A. at 781-237-8840 or jffinnjr@earthlink.net or visit the website at www.finnwarnkegayton.com

CONTACT: Joseph F. Finn, Jr., C.P.A., +1-781-237-8840,
jffinnjr@earthlink.net

Web site: http://www.finnwarnkegayton.com/



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