PALO ALTO, Calif., April 26 /PRNewswire-FirstCall/ -- Avicena Group, Inc. , a late stage biotechnology company focused on commercializing its proprietary cellular energy modulation technology, announced today that it has filed a composition of matter patent application with the United States Patent and Trademark Office to cover potential treatments for Parkinson's disease, a progressive neurodegenerative disease.
This composition of matter patent broadly covers pharmaceutical formulations based on creatine derivatives alone or in combination with an anti-inflammatory compound for the treatment of Parkinson's. The Company believes that this patent will further strengthen its intellectual property portfolio in Parkinson's, building upon existing use patents previously issued to Avicena with claims in neurology (US Patents 6,196,115 B1 and 6,706,764 B2). Specifically, this patent will provide additional IP protection for its current Parkinson's disease drug candidate, PD-02, and future generation drug candidates formulated to treat Parkinson's.
"This patent application is indicative of our efforts to create shareholder value by building our IP estate to provide additional protection for our cellular energy franchise and our Parkinson's disease drug candidates", stated Belinda Tsao-Nivaggioli, Ph.D., CEO of Avicena. "As previously announced, the National Institutes of Health (NIH) initiated a Phase III trial evaluating our PD-02 compound to verify its ability to slow the progression of Parkinson's disease. As we enter later stage clinical trials and approach potential marketing approvals and commercialization, the strength of our IP becomes increasingly important."
About PD-02
PD-02 is a patented, proprietary therapeutic that has demonstrated the potential to improve neurological function. In clinical studies, PD-02 demonstrated significant improvements in UPDRS (Unified Parkinson's Disease Rating Scale). Preclinical studies of PD-02 have showed significant neuroprotective properties including protection of the dopaminergic cells that are affected in Parkinson's disease.
About Parkinson's Disease
Parkinson's disease is a progressive, neurodegenerative brain disorder that occurs when the neurons within the brain that are responsible for producing the chemical dopamine die. Primary symptoms of the disease include involuntary shaking of the arms or legs (tremors), difficulty with balance, slowness of movement, and stiffness.
According to the Parkinson's Disease Foundation, roughly 1.5 million Americans suffer from Parkinson's disease, making it the second most common neurodegenerative disease after Alzheimer's disease. Approximately 60,000 new cases are diagnosed each year in the United States. There presently is no known cure for Parkinson's disease.
About Avicena
Avicena Group, Inc. is a late stage biotechnology company focused on developing products based on its proprietary understanding of the regulation of cellular energy processes. The company's core technologies, supported by a robust IP portfolio, have broad applications in both pharmaceuticals and dermaceuticals. Avicena's pharmaceutical program centers on rare neurological disorders (orphan diseases). The company is currently analyzing data from its Phase IIb/III trial in ALS (Amyotrophic Lateral Sclerosis, or Lou Gehrig's disease). Near term, Avicena intends to initiate a Phase III trial in Huntington's disease to accompany the ongoing Phase III trial in Parkinson's disease of its lead drug candidate, PD-02, and funded and managed by NIH/NINDS. Avicena's science is well established and its products are safe and well tolerated. Unlike traditional biotechnology companies, Avicena's clinical programs are largely funded by government and non-profit organizations. Avicena presently derives revenue from the sale of proprietary ingredients to skin care manufacturers.
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" under "Item 6. Management's Discussion and Analysis of Financial Condition and Results of Operation" from our Annual Report on Form 10-KSB for the year ended December 31, 2005, and other descriptions in the company's public filings with the Securities and Exchange Commission 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 stage 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.
Contact: The Ruth Group (on behalf of Avicena Group) Sara Ephraim (investors) (646) 536-7002 Janine McCargo / Jason Rando (media) (646) 536-7033 / 7025
Avicena Group, Inc.CONTACT: Investors: Sara Ephraim, +1-646-536-7002, Media: Janine McCargo,+1-646-536-7033, or Jason Rando, +1-646-536-7025, all of The Ruth Group forAvicena Group
