DELRAY BEACH, Fla., June 30, 2004 (PRIMEZONE) -- Hard to Treat Diseases Incorporated (HTTD) (Pink Sheets:HTDS) announced today the signing of a Material Transfer Agreement with the University of Colorado Health Sciences Center and the signing and commencement of a Sponsored Research and Development Agreement with the Denver Veteran's Affairs Medical Center in Denver, Colorado. Scientists at the Denver Veteran's Affairs Medical Center have commenced work with HTTD to investigate the possible effects of Tubercin(r) on a variety of diseases. Tubercin(r) is a proprietary drug and patented immunostimulant for which HTTD holds the international marketing rights, except for South Korea. The Sponsored Research and Development Agreement that HTTD established with the Denver Veteran's Affairs Medical Center will follow a focused agenda to assess novel uses for Tubercin(r). It is expected that these studies will considerably expand the potential clinical applications of this substance, while focusing on the treatment of important diseases using Tubercin(r).
Dr. Leland Shapiro heads the laboratory at the Denver Veteran's Affairs Medical Center and the University of Colorado Health Sciences Center where most of the studies will be performed, and he will be the principal investigator responsible for conducting the majority of these experiments. This laboratory has a reputation for discovering novel uses for existing compounds, especially in the area of infectious diseases.
The duration of the research plan will be 2 years. HTTD will support the Research Plan by a grant of $230,000 and indirect costs of $45,000 for institutional overhead over the next 2 years. Should the collaborative laboratory results indicate that Tubercin(r) has activity against diseases in patients, HTTD will make a strategic decision on which clinical applications to pursue. Application for FDA approval for specific applications will be considered at that time.
Mr. Colm J. King, the President and CEO of Hard to Treat Diseases, Inc. commented, "The testing and advancement of Tubercin(r) is now being supervised and conducted by experienced medical and scientific professionals. Our plan is for HTTD to be involved in negotiations with major drug firms within 2 years for the rights to Tubercin(r)."
Mr. King added, "HTTD has established itself as a biotech company with unparalleled potential. Our goals remain unchanged: To establish a solid reputation in our field; to aggressively advance Tubercin(r); and to increase the value of HTTD. We intend to keep shareholders informed of all research progress once available."
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.