Alzheimer’s Drug Discovery Foundation Funds Edunn Biotechnology to Develop Treatment for Alzheimer’s Disease

NEW YORK, NY--(Marketwire - January 16, 2009) - The Alzheimer’s Drug Discovery Foundation (ADDF) announced today that it is providing a grant of $100,000 to Edunn Biotechnology, Inc., an early stage company dedicated to developing a novel class of drugs to treat and prevent Alzheimer’s disease (AD).

Edunn’s lead drug candidate, EDN-OL1, is an oligonucleotide-based drug that has shown promise in halting and reversing the progression of AD in animal models. EDN-OLI reduces the production of amyloid beta proteins found in the brain and believed to cause AD.

“The grant will support research to further confirm that EDN-OL1 reduces amyloid in the brain,” said Thomas Darling, PhD, Edunn’s President and CEO. “These data will be included in submissions to FDA and regulatory agencies as we continue the preclinical development of EDN-OL1 for the treatment and prevention of Alzheimer’s disease and Down syndrome.”

“Edunn has data to demonstrate that EDN-OL1 restores learning and memory in animal models and has an excellent safety record,” said Howard Fillit, MD, ADDF’s Executive Director. “If the current studies are successful, they will accelerate this compound into human clinical trials.”

About the Alzheimer’s Drug Discovery Foundation (ADDF)

ADDF is the only public charity whose sole mission is to accelerate the discovery and development of drugs to prevent, treat and cure Alzheimer’s disease, related dementias and cognitive aging. ADDF uses a venture philanthropy model to bridge the worldwide funding gap between basic research and later-stage development, using any return on investment to support new research. Since 1998, we have granted more than $35M to fund over 240 Alzheimer’s drug discovery programs in academic centers and biotechnology companies in 12 countries. For more information, visit our website at www.alzdiscovery.org.

About Edunn Biotechnology, Inc.

Edunn Biotechnology, Inc., is an early stage drug development company with an exclusive license to a novel class of oligonucleotides proven to cross the blood-brain barrier. This new class of central nervous system (CNS) drugs shows promise in treating Alzheimer’s disease, Down syndrome, stroke and traumatic brain injury. Edunn’s business model is to encourage partnering and investment discussions as EDN-OL1 goes through animal safety and initial primate studies early in development on the route leading to Phase 1 clinical trials. Management believes the company can spin out other CNS drug candidates from this platform.

Safe harbor statement: This press release may contain statements which address Edunn’s strategy, future results, pharmaceutical products in the pipeline, and product approvals. Such statements should be thoroughly considered, and it should be understood that a variety of factors could cause anticipated and actual results to differ from these statements. These factors include, but are not limited to, issues and events of drug development, clinical testing, regulatory approval, competition, fund raising and partnering. Edunn’s stated positions arise from management estimates and consideration of publicly available information.