NEW YORK, April 8, 2011 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for Alzheimer's disease and other serious neurodegenerative conditions, with an internal diversified pipeline and licenses with major pharmaceutical companies covering products in late-stage clinical trials, announced today that the Company is undertaking important strategic corporate initiatives primarily designed to improve its capital markets appeal to both retail and institutional investors. The strategy is designed to improve liquidity and strengthen the Company's ability to raise additional capital when needed. Specifically, the Company's stockholders approved, by way of written consent, a one-for-fifty (1 for 50) reverse stock-split of the Company's outstanding shares of common stock to take effect on April 12, 2011. The reverse split will not affect the number of authorized shares of the Company's common stock, which will remain at a total of two billion shares. Today's announcement follows successive important developments that were achieved with respect to Intellect's product pipeline, technology platforms and patent portfolio.
