NEW YORK, June 20, 2013 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of treatments for the prevention and treatment of neurodegenerative diseases, issued the following Letter to Shareholders from Elliot Maza, a member of the Board of Directors of the company.
I would like to update you regarding the company's ongoing programs and business strategy following the recent resignation of our Chairman and CEO, Dr. Daniel Chain.
Status of ongoing programs
OX1 license to ViroPharma, Inc.
Our September 2011 license agreement with ViroPharma, Inc. remains in full force and effect. The agreement grants ViroPharma an exclusive royalty-bearing right and license under Intellect's OX1 technology. Intellect licensed OX1 from NYU and the University South Alabama Medical Science Foundation under a license agreement that remains in effect.
ViroPharma is developing VP20629 (OX1) for the development of a treatment for the orphan disease, Friedreich's Ataxia. The company has reported that the FDA accepted its IND for VP20629. ViroPharma expects to initiate a study in patients by the second half of 2013 and intends to file for Orphan Drug Designation upon review of the Phase 2 proof of concept data. Intellect is entitled to significant milestones payments and royalties upon successful development and commercialization of VP20629.
TauC3 Alzheimer's drug candidate
Intellect's exclusive license from Northwestern University to TauC3 for all therapeutic and diagnostic applications remains in full force and effect. TauC3 is a high affinity IgG monoclonal antibody that uniquely binds to Asp421 at the C-terminus of Δtau, believed to be an important mediator in tau pathology.
Intellect is collaborating with Dr. Frank LaFerla at University of California Irvine to test the therapeutic and prophylactic potential of TauC3 in a triple transgenic mouse model of Alzheimer's disease that exhibits both Aβ and Tau pathologies. Recently, Dr. LaFerla's group at UCI completed the animal testing and currently is accumulating the data and preparing a report describing the results of the experiments. We intend to share those results with you promptly upon receipt. Several pharmaceutical companies have expressed interest in our TauC3 program as it represents a first in class and novel alternative therapeutic treatment for AD.
CONJUMAB-A, protected by patents assigned to Intellect by Dr. Chain, is a humanized monoclonal antibody specific for amyloid beta (Aβ). Its uniqueness is that the antibody is chemically conjugated through a maleimide-based linker to N-acetyl 5-methoxytryptamine (aka melatonin), a potent antioxidant that also has anti-amyloidogenic, anti-inflammatory and anti-apoptotic properties. We are promoting CONJUMAB-A as a particularly effective therapeutic candidate for Age Related Macular Degeneration (AMD), the leading cause of blindness in elderly people. Our enthusiasm is based in part on evidence from studies in preclinical models suggesting that Aβ passive immunotherapy administered systemically can protect against retinal degeneration in glaucoma1 and AMD. CONJUMAB-A offers the possibility to deliver high concentrations of neuroprotective molecule to sites of lesions in the eye.
Engagement of Evli Corporate Finance
Recently we announced that the Board of Directors has engaged Evli Corporate Finance to assist the company with the exploration of strategic alternatives. The Board of Directors is undergoing a strategic review of the feasibility and relative merits of various financial strategies for the company, which may include partnerships, strategic business model alternatives, a sale or other transaction.
Evli Corporate Finance is part of Evli Bank Plc, which is an independent investment and wealth management bank whose clients are institutions, companies and high net worth individuals. The Evli Group, with headquarters in Finland, through its corporate finance operations, has significant experience in working with development companies in the pharmaceutical and medtech industries. In October 2011, Evli Corporate Finance acted as Advisor to Duocort Pharma upon the sale of the company to ViroPharma.
Search for Chief Scientific Officer
The Board of Directors has initiated a search for a chief scientific officer who will engage with our contract research organizations and potential pharmaceutical company collaborators regarding our ongoing programs. We have identified two outstanding candidates and intend to extend an employment offer shortly.
Our ongoing dispute with Pfizer concerning Pfizer's failure to pay Intellect a milestone payment continues in the judicial process. In May, we served papers in opposition to Pfizer's motion to dismiss our complaint. We remain confident about prevailing in this dispute.
Intellect has a bright future ahead. We are confident in our ability to attract new leadership who will lead the company to success. Thank you for your support.
Elliot Maza, JD, CPA
Member of the Board of Directors and Consulting CFO
Safe Harbor Statement Regarding Forward-‐Looking Statements:
The statements in this release and oral statements made by representatives of Intellect Neurosciences 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 discussed in Intellect's Quarterly Report on Form 10-Q (file no. 333-128226), filed on May 20, 2013 and the risk factors discussed under the caption "Risk Factors" in Intellect's Annual Report on Form 10-K (file no. 333-128226), filed on October 15, 2012.
CONTACT: Jules Abraham JQA Partners, LLC 917-885-7378 email@example.com
Source:Intellect Neurosciences, Inc.