RENO, Nev., June 3, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) announced today that it has negotiated an agreement allowing the disclosure of new animal testing data to interested third parties. Under the previous non-disclosure agreement with the participating pharmaceutical company, the animal testing data could not be disclosed. Altair developed three versions of RenaZorb designated RenaZorb "A", "B", and "H". The study, completed in early March 2003, was conducted in dogs and 5/6 nephrectomized rats utilizing three versions of the drug candidate.
"The test results demonstrate indisputably that RenaZorb is effective in lowering urinary phosphate in kidney impaired (5/6 nephrectomized) rats and in healthy dogs," said Altair President Dr. Rudi E. Moerck. "This new collection of test results provides potential licensees within the pharmaceutical industry a more extensive set of in vivo data for evaluating RenaZorb's phosphate binding capabilities. "Additionally," continued Dr. Moerck, "the new test results have provided Altair with important data that will permit further improvement of the dosage form to enhance both the efficacy and potency of the drug candidate."
Altair continues active discussions pertaining to the licensing of RenaZorb with numerous pharmaceutical companies. These companies are in various stages of conducting due diligence of RenaZorb and management expects to receive their response in the near future. Altair estimates that the current market for phosphate binding drugs used for ESRD ranges from $400 to $600 million and could potentially reach $1 billion with a cost effective drug presenting improved dosing and patient compliance.
Non-calcium phosphate binders are indicated for patients who suffer from end-stage renal disease (ESRD). These patients have difficulty in eliminating dietary phosphate through their kidneys and elevated phosphate can cause bone pain and spontaneous fractures. Currently, the only FDA approved phosphate binder is Renagel(tm) (Genzyme). Shire Pharmaceuticals has received an approvable letter from the FDA for Fosrenol(tm), which like RenaZorb, is a lanthanum based pharmaceutical.
Altair Nanotechnologies, Inc.
Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterials and technology worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special nanomaterials with potential applications in pharmaceuticals, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, paints and environmental remediation. For additional information on Altair's nanoparticle materials, visit www.altairnano.com.
Forward-Looking Statements
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual and future results to be materially different than suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the successful testing, FDA approval and commercialization of RenaZorb, the company may be unable to attract or form relationships with pharmaceutical companies, or have the funds necessary to development additional products or create product opportunities within the pharmaceutical industry, in addition to other risks identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
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