PALO ALTO, Calif., March 20 /PRNewswire-FirstCall/ -- Avicena Group, Inc. (Avicena) today announced that 21,000,000 shares of its common shares are now trading on the NASD Over-the-Counter Bulletin Board under the symbol “AVGO”.
Avicena is a biotechnology company that seeks to develop and commercialize therapeutic products that regulate the critical energy processes which occur within human cells. The company is focused on the development of pharmaceutical products to treat patients with rare diseases (orphan drugs) and dermaceutical products. To date, Avicena has advanced certain compounds for the treatment of amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease) into Phase III trials and treatments for Parkinson’s disease and Huntington’s disease (HD) into Phase II development.
The company recently announced the publication of positive Phase I/II data for its proprietary HD drug candidate, HD-02, in the journal Neurology. The findings showed that the drug was safe and well-tolerated by patients at a dose of eight grams/day, while resulting in elevated serum and brain levels of creatine. Additional findings demonstrated that HD-02 reduced serum 8- hydroxy-2'-deoxyguanosine (serum 8OH2’dG) levels, which are markedly elevated in HD patients. Some researchers believe that this decrease in serum 8OH2’dG may suggest reduced oxidative injury in patients with Huntington’s disease. The study’s investigators intend to use the findings from this trial to design late-stage studies of HD-02 aimed at examining the drugs’ ability to slow or halt the progression of Huntington’s disease.
Avicena also recently announced the publication of promising Phase II findings for its proprietary Parkinson’s disease drug candidate, PD-02, in the journal Neurology. Data demonstrated that neither PD-02, nor the antibiotic minocycline, was found to be futile as compared to predetermined thresholds, suggesting both agents may be worthy of further consideration as potential therapeutics for Parkinson’s disease. Additionally, PD-02 was found to be safe and generally well-tolerated by the subjects during this study. Based on these findings, the company is now considering the initiation of a Phase III trial of PD-02 for the treatment of Parkinson’s disease.
In addition to HD and Parkinson’s disease, the company is also advancing a Phase III ALS program, as well as earlier-stage clinical programs in diseases such as creatine transporter defect (CTD), Duchenne Muscular Dystrophy (DMD), and Charcot-Marie-Tooth Syndrome (CMT).
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction or state.
SAFE HARBOR
This release may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements reflect, among other things, management’s current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. See “Risk Factors” in the company’s prospectus for a discussion of such risks, including the company’s need for additional funds, the company’s dependence on a limited number of therapeutic compounds, the early state of the products the company is developing, uncertainties relating to clinical trials and regulatory reviews, competition and dependence on collaborative partners, the company’s ability to avoid infringement of the patent rights of others, and the company’s ability to obtain adequate patent protection and to enforce these rights. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Avicena does not undertake any obligation to update or review any such forward-looking information, whether as a result of new information, future events or otherwise.
Avicena Group, Inc.
CONTACT: Belinda Tsao-Nivaggioli, Ph.D., Chief Executive Officer ofAvicena Group, Inc., +1-415-397-2880; or investors, Stephanie Diaz,sdiaz@vidacommunication.com , or media, Tim Brons, mobile, +1-646-319-8981,or tbrons@vidacommunication.com , both of Vida Communication,+1-415-675-7400, for Avicena Group, Inc.
