VERNON HILLS, Ill.--(BUSINESS WIRE)--July 19, 2006--Applied NeuroSolutions, Inc. (OTCBB:APNS - News; www.appliedneurosolutions.com), a biopharmaceutical company developing novel therapeutic targets for the treatment of, and diagnostics for the detection of, Alzheimer’s disease (AD), today announced John F. DeBernardis, Ph.D. has decided to step down as CEO.
The Company also announced the hiring of Sextant Search Partners, Inc. to assist the Company in its search for a new CEO. Stephen R. Bochner, M.D., a partner in Sextant’s Private Equity and Health Care Practice will lead the CEO search. John DeBernardis, Ph.D., who has been with the Company since August 1993, and has served as the Company’s President and CEO since October 2004, will step down as CEO when a new CEO is in place. It is anticipated that Dr. DeBernardis will remain with the company after a new CEO is named. This anticipated change of CEO follows the recent announcement that Robert S. Vaters has been appointed Chairman of the Board of Directors of the Company.
Commenting on the recent management and director changes, Dr. Peter Davies, the Company’s founding scientist, noted, “It is a very exciting time for APNS, as we are making solid progress on our AD therapeutic platform. I look forward to working closely with Dr. DeBernardis as we focus on the therapeutic aspects of AD. The changes being made in the Company’s management team and to the Board of Directors should enhance APNS’s ability to move our technology platforms towards licensing and commercialization.”
About Applied NeuroSolutions
Applied NeuroSolutions, Inc. (OTCBB:APNS - News) is developing novel therapeutic targets for the treatment of, and diagnostics for the detection of, Alzheimer’s disease. The company’s technology is based on discoveries originating from the Albert Einstein College of Medicine. Applied NeuroSolutions has developed a cerebrospinal fluid (CSF) test to detect early-stage Alzheimer’s disease with an 85%-95% accuracy in more than 3,500 patient samples. There are approximately 2 million new patients annually worldwide who are candidates for an AD CSF diagnostic test, according to the research firm Datamonitor. The company is also developing a blood serum-based screening test, as well as novel therapeutic targets for treatment of AD. Alzheimer’s disease currently afflicts over 4 million Americans, and the market for AD therapy is expected to grow to 21 million patients by 2010 in the seven major pharmaceutical markets (USA, France, Germany, Italy, Spain, U.K. and Japan) according to BioPortfolio, Ltd. There is currently no FDA-approved diagnostic test to detect Alzheimer’s disease. For more information, visit www.appliedneurosolutions.com.
This press release contains forward-looking statements. Applied NeuroSolutions 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.
Contact: Applied NeuroSolutions, Inc. David Ellison, CFO, 847-573-8000
Source: Applied NeuroSolutions, Inc.
