HOPKINTON, Mass., June 12 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. released a letter to stockholders from Peter G. Savas, Chairman and Chief Executive Officer, in conjunction with the company’s annual stockholders meeting. The letter which follows, summarizes the Company’s progress and describes its strategy going forward.
I would like to review the major accomplishments of the past year and provide some insight into our strategy going forward. Last year I stated that we would continue with our plans to transform Alseres into a leading nerve repair company. Our 2007 results reflect our continued progress towards realizing commercial value from our new product pipeline.
We are pursuing a growing number of confidential partnering discussions with leading companies regarding our molecular imaging, our nerve repair and our regenerative therapy programs and assets. Our recent agreement to improve the terms of the Cethrin license may represent a major step forward for Alseres in realizing the full value of our Cethrin spinal cord program and our Rho inhibitor technology platform and, most importantly, may open up key partnering opportunities.
Our primary objective is to bring our promising lead products to market efficiently. Our ability to accomplish our commercialization objective is enabled by an organization that has developed credible relationships with regulatory authorities, world experts and potential partners. In that regard, I am pleased to acknowledge that MIT Professor Robert Langer, a member of our Board and Chairman of our Science and Technology Committee, has been awarded the 2008 Millennium Technology Prize for intelligent drug delivery. The Prize, which is the world’s largest for technology innovation, is given by the Technology Academy Finland. Professor Robert Langer’s innovations have had a significant impact on fighting cancer, heart disease, and numerous other diseases. Known as the father of controlled drug delivery and tissue engineering, Professor Langer has been cited as “one of history’s most prolific inventors in medicine”. Professor Langer’s research laboratory at MIT is the largest biomedical engineering laboratory in the world.
In the months ahead, we will make additional announcements regarding the progress of our product, technology and business development programs. My fellow directors, officers, advisors and employees join me in thanking you for your interest and encouragement. We remain committed to creating sustainable, long term value for all of our stockholders.
About Alseres Pharmaceuticals, Inc.
Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS). The Company maintains a world-class intellectual property position in the field of regenerative therapeutics. The Company’s energy and focus is reflected in several important initiatives. Cethrin, a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, demonstrated positive interim results in a Phase I/IIa clinical trial. The Company’s research and pre-clinical programs include, Inosine for the treatment of spinal cord injury and stroke, Oncomodulin for the treatment of ocular injury and disease and research programs directed at a number of regenerative therapies including bone repair. The Company has a robust molecular imaging development program targeting diagnosis of Parkinson’s disease and potentially dementia. The Company’s lead molecular imaging product candidate is Altropane which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson’s Disease. The Company has research collaborations with Harvard Medical School and Children’s Hospital Boston.
Forward-Looking Statements
The foregoing release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Alseres’ future expectations, beliefs, intentions, goals, strategies, plans or prospects regarding the future, including the development and commercialization of Altropane and Cethrin, the prospects of the Company’s CNS and regenerative therapeutics programs, the Company’s strategies to develop and commercialize axon regeneration technologies and the breadth of the Company’s technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission under the section “Risk Factors,” as well as other documents that may be filed by Alseres from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Alseres is providing the information in this press release as of this date and assumes no obligations to update the information in this press release.
Alseres is a trademark and Cethrin and Altropane are registered trademarks of Alseres Pharmaceuticals, Inc.
CONTACT: Sharon Correia of Alseres Pharmaceuticals, Inc., +1-508-497-2360
ext. 224, scorreia@alseres.com; or Adam Friedman of Adam Friedman
Associates, +1-212-981-2529 ext. 18, adam@adam-friedman.com
Web site: http://www.alseres.com/
