NEW YORK, April 5, 2011 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the Alzheimer's disease and other serious neurodegenerative conditions today announced it has received a new patent from the Israeli Patent and Trademark Office related to OX1, the Company's clinical-stage drug candidate. OX1 is a multimodal, metal-binding, extremely potent antioxidant molecule that has been demonstrated in numerous cell-based and animal models to be exceptionally effective at protecting cells, especially nerve cells, from highly oxidizing conditions caused by oxidotoxins, metabolic inhibitors, heavy metals, neurotoxins such as beta amyloid, and ischemia. OX1, which is orally administered and has the potential to treat a broad spectrum of diseases, was found to be safe, well tolerated and rapidly absorbed into the body in human Phase 1 clinical trials. The new patent is the ninth patent received in relation to this patent family. Corresponding patents have issued in China, Russia, Europe, Hong Kong, India, Mexico, New Zealand, the United States and a Notice of Allowance has been received in Canada. Intellect is the exclusive licensee of the patents owned by New York University and the University of South Alabama Medical Science Foundation. OX1 is the most advanced product in development with respect to Intellect's internal pipeline. In addition, the Company has granted licenses to several major pharmaceutical companies that are developing other types of drug products based on Intellect's ANTISENILIN® monoclonal antibody technology platform in Phase 1, Phase 2 and Phase 3 clinical development. OX1 works through a different mechanism of action than the ANTISENILIN® technology.
Dr. Daniel Chain, Intellect's Chairman and CEO, stated: "We are pleased by this new patent for OX1 and anticipate a similar occurrence in Japan where we recently responded to an Official Office Action by the Japanese Patent and Trademark Office. We are increasingly excited about the potential of OX1 to treat neurodegenerative diseases based on a growing base of scientific literature containing data published by numerous independent investigators around the world. These findings demonstrate the ability of OX1 to protect nerve cells from oxidative stress and also provide novel insights regarding its differentiating multimodal mechanisms of action. OX1 neutralizes the activity of harmful overabundant super reactive oxygen species ("ROS") and also is believed to act in various ways to diminish their production, for example, by stimulating the activity of mitochondria, the energy pumps of the cell. The unique combined properties and pharmacological profile of OX1 set it apart from other antioxidant approaches, such as those that have are currently being tested in various neurodegenerative conditions. The OX1 program is generating significant interest among potential strategic licensing partners because of its multibillion dollar market potential pending the outcome of future clinical trials in various possible disease indications. Typically, licensing deals result in payment of license fees, development milestones and royalties from drug sales, which could result in substantial revenues for Intellect."
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 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/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:
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: Elliot Maza, JD, CPA, President and Chief Financial Officer Intellect Neurosciences, Inc. 45 West 36th St., 3rd Floor, New York, NY 10018, USA. 212-448-9300 http://www.intellectns.com