TEMPE, Ariz., Sept. 30, 2008 (GLOBE NEWSWIRE) -- OrthoLogic Corp. (Nasdaq:OLGC) announced today that effective October 1, 2008, the Company will be known and doing business as Capstone Therapeutics. The new trading symbol on Nasdaq will be CAPS, and the company website will be www.capstonethx.com.
"The name Capstone was selected because it symbolizes the crowning achievements for which we strive in drug development. The former name, with its orthopedic connotation, is no longer consistent with our broader science and indication targets," said Jock Holliman, Executive Chairman of Capstone Therapeutics. "We are finishing the task we started in April 2006 with the turnaround of OrthoLogic; we are advancing Chrysalin toward a value event in vascular applications and we are developing AZX100 in multiple potential disease states. The proof is in our recent announcements showing significant accomplishments on multiple aspects of our portfolio. We have met virtually every milestone set by our Board of Directors and promised to our shareholders over the past two years, and our progress is evident.
* We recently announced results of a landmark pre-clinical study showing that Chrysalin(r) (rusalatide acetate, TP508), administered following the onset of ischemia, demonstrated a statistically significant cardioprotective benefit in a model of acute myocardial infarction (heart attack). Supportive pre- clinical data in a model of chronic ischemia were recently published in Journal of Cardiovascular Pharmacology and Therapeutics. * AZX100 is advancing in human clinical safety trials, with results from the second Phase 1 safety study expected for internal analysis by year-end 2008. Supporting pre-clinical data in a dermal scarring model were recently published in the Journal of Investigative Dermatology. * The AZX100 pre-clinical programs in pulmonary disease and intimal hyperplasia are proceeding.
This is an exciting time for our employees and our loyal shareholders. We thank them for supporting our turnaround strategy, and we look forward to positive future events at Capstone Therapeutics (Nasdaq:CAPS)."
About Capstone Therapeutics
Capstone Therapeutics (trade name of OrthoLogic Corp.) is a biotechnology company committed to developing a pipeline of novel therapeutic peptides aimed at helping patients with under-served medical conditions. The Company is focused on development and commercialization of two product platforms: AZX100 and Chrysalin(r) (rusalatide acetate or TP508).
AZX100 is a novel synthetic 24-amino acid peptide, one of a new class of compounds in the field of smooth muscle relaxation and fibrosis. Based on its demonstrated effects in pre-clinical models, AZX100 is currently being evaluated for commercially significant medical applications such as the treatment of pulmonary disease, the prevention of hypertrophic and keloid scarring and intimal hyperplasia. Capstone has an exclusive worldwide license to AZX100.
Chrysalin, the Company's novel synthetic 23-amino acid peptide, has been proven in multiple pre-clinical and clinical models to stimulate cellular events leading to angiogenesis, revascularization, and repair of dermal and musculoskeletal tissues. It is currently being evaluated in disorders that involve vascular endothelial dysfunction, such as acute myocardial infarction and chronic myocardial ischemia. The Company owns exclusive worldwide rights to Chrysalin.
Capstone's corporate headquarters are in Tempe, Arizona. For more information, please visit the Company's website: www.capstonethx.com.
The OrthoLogic logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5429
Statements in this press release or otherwise attributable to Capstone regarding our business that are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include the timing and acceptability of FDA filings and the efficacy and marketability of potential products, involve risks and uncertainties that could cause actual results to differ materially from predicted results. These risks include: delays in obtaining or inability to obtain FDA, institutional review board or other regulatory approvals of pre-clinical or clinical testing; unfavorable outcomes in our pre-clinical and clinical testing; the development by others of competing technologies and therapeutics that may have greater efficacy or lower cost; delays in obtaining or inability to obtain FDA or other necessary regulatory approval of our products; our inability to successfully and cost effectively develop or outsource manufacturing and marketing of any products we are able to bring to market; changes in FDA or other regulations that affect our ability to obtain regulatory approval of our products, increase our manufacturing costs or limit our ability to market our product; affects on our stock price and liquidity if we are unable to meet the requirements for continued listing on the NASDAQ Global Market; our possible need for additional capital in the future to fund the continued development of our product candidates; and other factors discussed in our Form 10-K for the fiscal year ended December 31, 2007, and other documents we file with the Securities and Exchange Commission.
Editors' Note: This press release is also available under the Investors section of the Company's website at www.capstonethx.com.