NEW YORK, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc (OTCBB:ILNS) announced that it has received a Notice of Allowance from the Canadian Patent and Trademark Office for a new patent related to OX1 (OXIGON™), the Company's clinical-stage drug candidate that has disease-modifying potential for Alzheimer's and other neurodegenerative disorders. OX1 is an orally-administered, brain-penetrating, naturally-occurring, copper-binding small molecule targeting multiple mechanisms that contribute significantly to the underlying pathology of Alzheimer's disease. The Company has successfully tested OX1 in human Phase I safety trials, providing initial positive data on safety and tolerability of the drug.
The Notice of Allowance is a written communication from the patent office stating that the application has been allowed and will be granted as a Canadian patent. Patents for OX1 have been issued in the United States, Europe and other countries and are pending in Japan and Mexico. The patents are jointly owned by New York University and the University of South Alabama and are licensed exclusively to Intellect Neurosciences.
Dr. Daniel Chain, Intellect's Chairman and CEO, commented: "OX1 is the most advanced candidate in our internal pipeline and has the potential to slow down or arrest Alzheimer's disease in the early stages by stabilizing amyloid beta in non-toxic form and preventing oxidative damage leading to inflammation and cell death. Moreover, based on OX1's mechanism of action, we believe it has applications for other disease indications as well. The Notice of Allowance of a new patent in Canada relating to OX1 strengthens our intellectual property portfolio and the competitive advantage of our internal drug development pipeline, which boasts clinical stage and preclinical programs. Our goal is to develop OX1 through strategic relationships with major pharmaceutical companies from whom we could obtain R&D funding and revenues from license fees, milestone payments, and royalties. We intend to build off of our previous successes in granting royalty-bearing licenses to major pharmaceutical companies that are developing drugs in Phase 2 and Phase 3 clinical trials for Alzheimer's disease."
About OXIGON™ (OX1)
The development of the OXIGON™ compound has been supported in part by the National Institute of Aging, the BIRD Foundation and The Institute for the Study of Aging. Intellect is developing OXIGON™ as a drug candidate for Alzheimer's disease and is exploring additional indications. The drug has disease-modifying potential because it has potent antioxidant activity and also can prevent aggregation, neurotoxicity and deposition of amyloid beta. The molecule was recently shown to act by a copper-binding mechanism, providing important insight into how the drug neutralizes neurotoxicity in the brain. OXIGON™ has been tested in human Phase 1 trials for safety and tolerability at various doses and durations in a total of 90 elderly, healthy volunteers. The next planned stage of testing will be in patients with Alzheimer's disease. OX1 has broad potential for use in the treatment of other neurodegenerative conditions, such as Parkinson's disease and motor neuron disease.
About Alzheimer's Disease
Alzheimer's disease, the most common form of dementia, is characterized by progressive loss of memory and cognition, ultimately leading to complete debilitation and death. A hallmark feature of Alzheimer's pathology is the presence of insoluble protein deposits, known as amyloid beta, on the surface of nerve cells, which results from the accumulation of soluble neurotoxic amyloid beta in the brain. The effects of the disease are devastating to patients as well as their caregivers, with significant associated health care costs. It is estimated that there are more than five million Americans and about 30 million people worldwide suffering from Alzheimer's disease, with the number expected to increase dramatically as the global population ages. Currently-marketed drugs transiently affect some symptoms of the disease, but there are no drugs on the market today that slow or arrest the progression of the disease. These symptomatic drugs are projected to generate more than US $6 billion in sales this year, indicating both the size of the market and the demand for effective treatment beyond symptomatic improvements.
About Intellect Neurosciences, Inc.
Intellect Neurosciences, Inc. is a Manhattan-based biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and other disorders. The Company's drug product pipeline includes OX1, which has been tested in Phase 1 clinical trials; IN-N01, a humanized monoclonal antibody designed to promote the clearance of soluble amyloid beta; and RECALL-VAX, a vaccine technology that has the potential to delay or prevent Alzheimer's disease in people who are at risk.
The Company has significant intellectual property assets, which include several patent families underlying the Company's internal programs, and a pivotal patent estate regarding passive AD immunotherapy.
The Company's ANTISENILIN® patent estate claims monoclonal antibodies that bind either end of amyloid beta but do not interact with the amyloid precursor protein from which amyloid beta is produced in the body. This high degree of specificity is an important safety feature reducing the potential for adverse affects. Examples of monoclonal antibodies exhibiting this property are Bapineuzumab and PF-04360365/RN1219in Alzheimer's Phase 3 and Phase 2 clinical trials, respectively (http://clinicaltrials.gov/ct2/show/NCT00574132?term=bapineuzumab&rank=1; http://clinicaltrials.gov/ct2/results?term=PF-04360365).
Patents have been granted in Europe, Japan, China and elsewhere, and are pending in the United States. Intellect has granted royalty-bearing licenses to its ANTISENILIN® patent estate to several top tier global pharmaceutical companies developing monoclonal antibodies for Alzheimer's disease. For further information, see the Company's filings with the Securities and Exchange Commission, including Forms 8-K filed on:
May 1, 2009
http://www.sec.gov/Archives/edgar/data/1337905/000114420409023426/v147731_8k.htm
January 8, 2009
http://www.sec.gov/Archives/edgar/data/1337905/000114420409000980/0001144204-09-000980-index.htm
October 14, 2008
http://www.sec.gov/Archives/edgar/data/1337905/000114420408057464/0001144204-08-057464-index.htm
May 19, 2008
http://www.sec.gov/Archives/edgar/data/1337905/000114420408030722/v115138_8k.htm
Safe Harbor Statement Regarding Forward-Looking Statements
The statements in this release and oral statements made by representatives of Intellect relating to matters that are not historical facts (including without limitation those regarding future performance or financial results, the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Intellect's product candidates and the sufficiency of Intellect's cash and other capital resources) are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that actual performance or results could materially differ, that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, or Intellect's ability to fund such efforts with or without partners. Intellect undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly any forward-looking statements should be read in conjunction with the additional risks and uncertainties detailed in Intellect's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in Intellect's Annual Report on Form 10-K, (file no. 333-128226) filed on October 13, 2009, and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2010, filed on May 17, 2010.