NEW YORK, July 11, 2012 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment of Alzheimer's and other neurological diseases, announced today an update to previously disclosed patent news.
On May 8, 2012, the U.S. Patent and Trademark Office (USPTO) granted to Intellect a patent covering the company's ANTISENILIN® monoclonal antibody platform technology for the treatment and prevention of Alzheimer's disease. This patent is at the heart of one of the company's license agreements with a global pharmaceutical company, and Intellect believes that under the terms of the license agreement, its issuance triggers a milestone payment.
This licensee has recently informed Intellect that it does not believe that the milestone payment requested is due under the license agreement. Intellect has responded that there is no legitimate basis for refusing to make the milestone payment, and the company intends to vigorously pursue its rights under the license agreement.
"We are extremely disappointed by our licensee's response for which we are seeking further clarification," said Dr. Daniel G. Chain, Chairman and CEO of Intellect Neurosciences. "Unless this matter can be resolved promptly, Intellect will have no choice but to pursue this matter through legal channels."
The patent discloses therapeutic antibodies to treat Alzheimer's disease. The antibodies specifically bind to the ends of the beta amyloid protein without binding to the amyloid precursor protein (APP), which has important safety advantages compared to antibodies that do not have this feature. The granted patent claims are directed to treatment methods that use antibodies that recognize the free C-terminus of beta amyloid 1-40. Intellect has additional patent applications pending in the United States and in other countries relating to its antibody technology.
The best-known example of a therapeutic antibody that binds to the free C-terminus of beta amyloid 1-40 is ponezumab (aka PF-04360365). A Phase 1 study to determine effect of PF-04360365 on clearance of beta amyloid from cerebrospinal fluid in patients with Alzheimer's disease and healthy volunteers is being conducted according to www.ClinicalTrials.gov (identifier NCT01005862) last updated July 3, 2012. This trial, which is scheduled to complete in August 2012, follows other completed Phase 1 and 2 trials.
Intellect Neurosciences, Inc., develops innovative approaches aimed at arresting or preventing Alzheimer's disease and other neurodegenerative diseases especially focused on proteinopathies. Intellect's pipeline includes therapeutic vaccines, antibodies and neuroprotective antibody drug conjugates. For more information, please visit www.intellectns.com.
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 factors discussed under the caption "Risk Factors" in Intellect's Annual Report on Form 10-K (file no. 333-‐128226), filed on October 13, 2011, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, which was filed on May 14, 2012.