NEW YORK, June 18, 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, announced today that its 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, has through its corporate finance operations significant experience in working with development companies in the pharma and medtech industries.
Elliot Maza, a director of the company, commented, "We have selected Evli Corporate Finance for this strategic review because of Evli's extensive international relationships in the pharmaceutical industry. Several of our potential partners are based in Europe where Evli has deep and widespread relationships. Evli shares the Board of Directors' belief that the company's asset portfolio, which includes our license of OX1 to ViroPharma, Inc. for the development of a treatment for the orphan disease, Friedreich's Ataxia, TauC3, our ongoing program to develop an alternative compound for the treatment of Alzheimer's disease, and CONJUMAB-A, our novel approach for the treatment of age related macular degeneration, represents a unique mix of high value assets."
In making this announcement, Intellect offers no assurance that the review of possible alternatives will result in a sale or related transaction and the company does not intend to disclose developments until such time as the Board of Directors approves or has a transaction(s) to recommend to stockholders, or otherwise deems further disclosure appropriate.
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.