NEW YORK, March 24 Intellect Neurosciences, Inc. (OTC Bulletin Board: ILNS), a biopharmaceutical company focused on development of disease-modifying therapeutic agents for Alzheimer's disease ("AD"), announced today that its Chairman & Chief Executive Officer, Daniel Chain, PhD, will deliver the key note speech at a session entitled "Alzheimer's Monoclonal Antibodies" at the BIT Life Sciences 2nd International Conference on Monoclonal Antibodies. The conference, known as ICA-2010 (www.bitlifesciences.com/ica2010), is being held March 24 - 26 in Beijing, China. Dr. Chain's speech, "Promise and Challenges of Developing Safe and Effective Therapeutic Antibodies for Alzheimer's Disease", will provide an overview and realistic assessment of the road ahead for Alzheimer's antibody-based treatments.
"We are gratified to see how the approach we conceived several years ago is being used by major pharmaceutical companies developing drugs to combat Alzheimer's disease, as Alzheimer's patients need strong and capable partners," Dr. Chain said. "We believe that several therapeutic agents may be necessary to fully treat the AD population, and that our licensing efforts and our internal development programs will increase the likelihood of developing safe, effective therapies."
Dr. Chain is the inventor of the Company's ANTISENILIN® antibody technology, for which patents have been granted in Europe, Japan, China and elsewhere. Patent applications are pending in the United States. Intellect granted a royalty-bearing license to Wyeth and Elan International Ltd. in 2008, the developers of Bapineuzumab, a monoclonal antibody product in Phase 3 clinical trials. Elan, through an affiliate, assigned the license to Janssen AI, a subsidiary of Johnson and Johnson, in 2009. Intellect entered into a second royalty-bearing license agreement with an undisclosed top tier global pharmaceutical company in January 2009, and granted an option to purchase a license to GlaxoSmithKline in April 2009.
A report in the medical journal Lancet Neurology, Volume 9, Issue 4, Pages 363 - 372, April 2010, indicates that Alzheimer's patients receiving Bapineuzumab show a significant reduction in amyloid plaques in the brain.
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 more than 5 million Americans and about 30 million people suffering from Alzheimer's disease world wide, with the number expected to increase dramatically 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 more than US $6 billion in sales by 2010, 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'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 beta amyloid; and RECALL-VAX, a vaccine technology that has potential to delay or prevent Alzheimer's disease in people who are at risk. The Company has underlying intellectual property assets, including several patent families supporting its internal programs, and a pivotal patent estate regarding passive AD immunotherapy. The Company granted a non-exclusive, worldwide, royalty-bearing license to its ANTISENILIN® monoclonal antibody platform to Wyeth and Elan Pharma International Ltd. The license grants rights to Wyeth and Elan under Intellect's patents with respect to the development and sale of Bapineuzumab, a monoclonal antibody intended to treat AD. Wyeth and Elan are currently testing Bapineuzumab in several thousand Alzheimer's patients in a Phase 3 clinical trial. The Company granted a similar non-exclusive license to another top tier global pharmaceutical company and granted an option to purchase a license to GlaxoSmithKline.
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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 December 31, 2009, filed on February 16, 2010.
SOURCE Intellect Neurosciences, Inc.