updated 3/10/2011 10:16:33 AM ET 2011-03-10T15:16:33

NEW YORK, March 10, 2011 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease with an internal diversified pipeline and licenses with major pharmaceutical companies covering products in late-stage clinical trials, today announced that its petition for an O1A Visa ("Alien of Extraordinary Abilities") on behalf of Dr. Daniel G. Chain, Chairman & CEO,  has been approved by the United States Citizenship and Immigration Services. Dr. Chain holds British and Israeli citizenship. Dr. Chain's petition was prepared and submitted by Wildes & Weinberg, P.C., a law firm specializing exclusively in the practice of U.S. immigration and nationality law.

Dr. Chain's petition received many letters of support from distinguished colleagues in the United States including world renowned scientists and clinical researchers, senior pharmaceutical industry executives, public health experts, journalists, patent specialists and leading biotechnology analysts. The letters referred to Dr. Chain's talents as a scientist and entrepreneur who dedicated his career to discover and develop new drugs that can fundamentally transform the way Alzheimer's disease is treated and ultimately prevent the onset of the disease. Supporters of Dr. Chain's petition stressed, in particular, his roles as the inventor of Intellect's ANTISENILIN® technology platform related to antibodies and methods of treatment for Alzheimer's disease. Examples of drugs based on Dr. Chain's invention are Ponezumab and Bapineuzumab, which are in Phase 2 and Phase 3 clinical trials, respectively ( http://clinicaltrials.gov ). Dr. Chain was also noted for his leadership role in the development of OX1, a novel and apparently safe and well tolerated investigational treatment to protect brain cells from the toxic effects of beta amyloid, heavy metals, and oxidation and, in addition, for development of a rationale for using some of the drugs now used in the treatment of diabetes to help in the treatment and prevention of Alzheimer's disease, which has generated considerable interest in the pharmaceutical industry. Further, Dr. Chain was commended for his early advocacy for the use of transgenic mouse models of Alzheimer's disease in the preclinical screening of amyloid plaque-busting medication and immunization therapies.  Dr. Chain obtained his PhD in Biochemistry at the Weizmann Institute of Sciences in Israel and was a post-doctoral research fellow at the Center for Neurobiology and Behavior at Columbia University College of Physicians and Surgeons in New York. He was the founder of Mindset BioPharmaceuticals in 1998 and co-founder of Intellect Neurosciences in 2005.

The Hon. Dr. Tevi Troy, PhD, Senior Fellow at the Hudson Institute and a former Deputy Secretary of Health and Human Services, wrote a letter noting: "Dr. Chain's ability to identify and develop new technologies based on his own remarkable discoveries as well as those of other leading scientists around the world resulted in a remarkable product pipeline for Intellect Neurosciences. Moreover, Dr. Chain has recruited outstanding researchers to assist the company meet its goals, including world class scientific and medical advisory boards comprised of leading experts in the field. Dr. Chain's immensely important contributions in the field of Alzheimer's therapeutics are evident in the activities of several major pharmaceutical companies which are developing drugs based on Dr. Chain's inventions."

Dr. Giora Feuerstein, MD, former Head of Translational Medicine Drug Discovery at Wyeth Research and Pfizer, noted in his letter that Dr Chain "…. is an outstanding scientist' whose knowledge in this disease area has been recognized internationally and whose pioneer work honored and recognized and lauded in the neuroscience and medical community for his inventions that led to clinical studies now in advanced progress in humans suffering from this disease. He is recognized as the inventor and champion of the leading immunotherapeutic for Alzheimer's (Bapineuzumab), which is the most advanced and hopeful biological treatment that has the potential to provide disease modifying benefits, a therapeutic objective not yet met by any of the drugs now marketed for symptomatic amelioration of Alzheimer disease." Further Dr. Feuerstein stated,  "…this letter of support … is written based on my long standing acquaintance with Dr Chain's work and more importantly, based on my direct collaboration and intimate discussion and knowledge of Dr.  Chain's talents, scientific acumen, devotion to the mission of finding treatment for Alzheimer's disease and his relentless pursuit of his life-long mission."

Elemer Piros, PhD, Senior Biotechnology Analyst and Managing Director at the investment bank Rodman & Renshaw, stated: "It is vital for the United States to attract and welcome brilliant scientists and entrepreneurs of his stature. Currently, five million Americans are suffering from Alzheimer's disease. Medicare spending on Alzheimer's is estimated to total $160 billion this year. With a successful disease-modifying drug, the savings to our healthcare system could amount to $4 trillion over the next 40 years. Dr. Chains' invention is the front runner in our quest to significantly reduce the incidence and expenditures related to one of the most taxing ailments of our times."

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 most advanced internally developed product is OX1 which has been tested in Phase 1 clinical trials. The Company plans to conduct clinical proof of concept patient trials for OX1 in Alzheimer's disease and Friedreich's Ataxia, a rare inherited trait that brings about free-radical mediated progressive damage to the nervous system. In addition, the Company's internal pipeline includes IN-N01, a humanized monoclonal antibody designed to promote the clearance of soluble beta amyloid 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 Alzheimer's 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 Ponezumab, which are in Alzheimer's Phase 3 and Phase 2 clinical trials, respectively ( http://clinicaltrials.gov )

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, 2010 and information contained in our Quarterly Report on Form 10-Q for the three month period ended on September 30, 2010 filed on November 18, 2010.

CONTACT:  Intellect Neurosciences, Inc.
          Elliot Maza, JD, CPA,
          President and Chief Financial Officer
          Tel. 212-448-9300

          45 West 36th St.,
          3rd Floor New York,
          NY 10018, USA.
          http://www.intellectns.com

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