NEW YORK, April 26, 2010 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company focused on development of disease-modifying therapeutic agents for Alzheimer's disease ("AD"), announced today it has completed a restructuring of its balance sheet. The result is the extinguishment of approximately $24 million of aggregate face amount plus accrued interest of debt and preferred stock through the issuance of common stock. Further, several of Intellect's significant shareholders have collectively provided sufficient funds to support the Company's core operations for the next 12 months.
