The Company will be prioritizing its remaining resources on completing the European/Canadian Phase 3 psoriasis (ESSENCE) trial and other supportive studies currently underway with voclosporin as these data are critical to both current and potential partners for the development of voclosporin.
"We believe that voclosporin will provide benefits for both patients and the physicians treating them. This belief is supported by both our clinical trial results and the ongoing programs conducted by our two current partners, Lux Biosciences and Atrium Medical," stated Dr. Robert Foster, President and Chief Executive Officer. "However, in the context of the current market conditions, access to capital is limited. Therefore we find it necessary to conserve cash while continuing potential partnership discussions and evaluating other strategic alternatives."
In order to focus on the day-to-day management of the Company, the strategic alternative process, and in keeping with good governance practices, Dr. Robert Foster has resigned his position as Executive Chairman of the Board. Dr. Foster will remain on the Board as a Director to represent Management while focusing his role as President and Chief Executive Officer. Mr. Donald Schurman has been appointed as the Chairman of the Board.
About Isotechnika
Edmonton-based Isotechnika Inc. is an international biopharmaceutical company focused on the discovery and development of novel immunosuppressive therapeutics that are designed to offer advantages over other currently available treatments. There is a significant unmet medical need in the treatment of both solid organ transplantation and autoimmune disease. It is estimated that the market potential will exceed $4 billion annually in sales for calcineurin inhibitors such as voclosporin by 2010.
Voclosporin is a next generation calcineurin inhibitor, which recently completed a Phase 2b North American trial for the prevention of kidney rejection following transplantation. An extension to the Phase 2b trial and a combined Phase 3 European/Canadian trial for the treatment of moderate to severe psoriasis are ongoing. Our partner, Lux Biosciences, is currently conducting three separate Phase 2/3 pivotal trials investigating voclosporin (referred to as LUVENIQTM by Lux) for the treatment of uveitis. Voclosporin has completed patient enrolment in First-in-Man trials as the drug utilized in the CINATRA(TM) Drug Coated Coronary Stent system developed by the Company's partner, Atrium Medical Corporation.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol "ISA". More information on Isotechnika can be found at www.isotechnika.com or www.SEDAR.com.
Forward-Looking Statements
This press release may contain forward-looking statements. Forward-looking statements, including the Company's belief as to the potential of its products, the Company's expectations regarding the issuance of additional patents and the Company's ability to protect its intellectual property, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the ability to economically manufacture its products, the potential of its products, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize its products, the ability of the Company to defend its patents from infringement by third parties, and the risk that the Company's patents may be subsequently shown to be invalid or infringe the patents of others. Investors should consult the Company's quarterly and annual filings with the Canadian commissions for additional information on risks and uncertainties relating to the forward- looking statements. Investors are cautioned against placing undue reliance on forward-looking statements.
For further information
Dr. Robert Foster, President & CEO, Isotechnika Inc., Phone: (780) 487-1600 (x247) Fax: (780) 484-4105, E-mail:rfoster@isotechnika.com Mr. Dennis Bourgeault, Chief Financial Officer, Isotechnika Inc., Phone: (780) 487-1600 (x226), Fax: (780) 484-4105, E-mail:dbourgeault@isotechnika.com
