VANCOUVER, B.C., Sept. 4, 2003 (PRIMEZONE) -- Advectus Life Sciences Inc. (TSX Venture Exchange:AVX) (Other OTC:AVXSF) announced today that it has acquired an option from Immune Network Ltd. (Pink Sheets:IMMFF) (www.immunenetwork.com) which, if exercised, would give the Company an exclusive worldwide interest in a new nanotechnology-based formulation for the treatment of Alzheimer's disease based on compositions that penetrate the "blood-brain barrier" (BBB) with existing drugs.
Under the terms of the agreement executed today, Advectus will commence development and commercialization work on the new nano-pharmaceutical product upon satisfactory completion of its due diligence process. Advectus will pay option fees over a period of up to six months of due diligence, at any time during which it may enter into a worldwide exclusive license on the joint technology. The terms of the license agreement include an upfront licensing fee of CAD$100,000, a milestone payment of CAD$100,000 upon first clinical trial commencement, and in cash / or equity CAD$5,000,000 upon first marketing approval.
The collaborative and licensing agreement will initially focus on a product leveraging Immune Network's Phase 2 clinical trial results in Alzheimer's disease. Preliminary evidence suggests that certain nano-pharmaceutical formulations may improve the potency and safety of dapsone for Alzheimer's disease, an existing drug which is FDA-approved for other indications.
Advectus is a nanotechnology company focused on pharmaceutical formulations that allow existing drugs to penetrate the BBB and reach their intended site of action in the brain to treat major and life-threatening diseases.
The agreement and the exercise of the option may be subject to regulatory approval.
For more information about Advectus Life Sciences Inc., visit the company's Website: http://www.advectuslifesciences.com/
On Behalf Of The Board Of Advectus Life Sciences Inc. James H. Disher, President and Director Telephone: (604) 926-6098 Facsimile: (604) 926-4398 Investor Relations: (888) 926-6098 E-mail: info@advectuslifesciences.com Website: http://www.advectuslifesciences.com/
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