Intellect Neurosciences, Inc. Grants License for Certain Patents and Patent
Applications to Wyeth and Elan Pharma International Ltd.
NEW YORK, May 19 /PRNewswire-FirstCall/ -- Intellect Neurosciences, Inc.
(OTC Bulletin Board: ILNS), a biopharmaceutical company focused on development
of disease-modifying therapeutic agents for the treatment and prevention of
Alzheimer's disease (AD), announced today that it has entered into a license
agreement with Wyeth (NYSE: WYE) and Elan Pharma International Ltd. ("Elan")
regarding certain of Intellect's patents and patent applications related to
antibodies and methods of treatment for Alzheimer's disease. Under the terms
of the agreement, Wyeth and Elan may pay Intellect potential future milestone
payments and royalties based on sales of potential products, if it is
determined that they are covered by patents that issue from Intellect's patent
applications.
Dr. Chain, Intellect's Chairman and CEO and inventor of the licensed
patents and patent applications, commented: "We are delighted to enter into
this licensing agreement, which provides Intellect a share in the future
success of potential Wyeth and Elan products while we continue to develop our
proprietary monoclonal antibodies for the treatment of AD."
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 beta-amyloid on the surface of
nerve cells, which results from the accumulation of soluble beta-amyloid in
the brain. The effects of the disease are devastating to the patients as well
as the caregivers, with significant associated health care costs. It is
estimated that there are over 12 million people suffering from Alzheimer's
disease in the in the developed countries with the number increasing also in
developing countries as the global population ages. Currently marketed drugs
transiently affect some of the 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 approximately $4 billion in sales
by 2008, 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 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 has a broad proprietary immunotherapy platform for both passive and
active immunization against Alzheimer's disease. Also, Intellect has recently
completed Phase I clinical trials for OXIGON(TM), a unique antioxidant and
anti-amyloid compound that has potential to treat Alzheimer's disease and
other disorders. For additional information, please visit
http://www.intellectns.com
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-KSB (file no. 000-17758) filed on
March 6, 2007, and our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2007, filed on May 7, 2007 (file no. 000-17758), for the quarter
ended June 30, 2007, filed on August 7, 2007 (file No. 000-17758), and for the
quarter ended September 30, 2007, filed on November 6, 2007 (000-17758).
SOURCE Intellect Neurosciences, Inc.
Elliot Maza, JD, CPA, President & Chief Financial Officer, Intellect
Neurosciences, Inc., +1-212-448-9300
