NEW YORK, Oct. 11, 2004 (PRIMEZONE) -- Bioaccelerate Holdings, Inc. (OTCBB:BACL), a pharmaceutical development organization, today announced that one of its portfolio companies, CNSThera, a developer of products focused on Central Nervous System drugs, has entered into an exclusive license and co-development agreement with DMI Biosciences, Inc for its compound CNST 0004 for the treatment of Multiple Sclerosis.
CNST 0004 is an orally available, synthetically manufactured, small molecule for the treatment of multiple sclerosis (MS). CNST 0004 consistently inhibits activation of antigen-specific T-cells cloned from human multiple sclerosis autopsy brain tissue. Separate in vitro data suggests that CNST 0004 has additional anti-inflammatory mechanisms of action without toxicity to cells. CNSThera believes that once-daily oral administration of CNST 0004 to patients with active multiple sclerosis will inhibit selective T-cell activation and inflammation at the earliest stages of the disease and decrease exacerbations and extend the time to progression of disability in relapsing remitting or progressive multiple sclerosis. It is thought to work by modulating the early immunological changes that eventually lead to neurological deficit in MS patients. Promising efficacy data in an accepted animal model have been reported and pre-clinical development is now underway, with clinical trials planned in 2005.
Christopher O'Toole senior vice president, of Bioaccelerate, commented, "We are pleased to have licensed CNST 0004, as it looks like an exceptionally promising compound, which has shown excellent pre-clinical data. Bioaccelerate and its portfolio companies are always seeking out exciting and promising drug candidates. This is the fourth co-development agreement we have entered into in partnership with DMI and we are pleased to continue to expand our successful relationship with DMI." Mr. O'Toole continued, "Even though there are only currently five Multiple Sclerosis treatments in a relatively immature market, sales of these treatments exceeded $4 billion last year."
"We are extremely pleased to be working with CNSThera and look forward to the continuing success of this collaboration," said Bruce Miller, president and chief executive officer of DMI. "The prospect of having our orally available drug developed with CNSThera could represent a significant benefit for Multiple Sclerosis patients worldwide."
About Bioaccelerate
Bioaccelerate Holdings Inc. ("Bioaccelerate") is a company that acquires and develops pharmaceutical compounds which its management believes have potential for substantial medical and commercial value. Bioaccelerate currently has majority equity interests in 10 biotech companies, two of which are public. Bioaccelerate also holds minority equity interests in three Biotech companies, two of which are public. The companies which Bioaccelerate currently has equity interests in focus on five vertical therapeutic areas: cancer, cardiovascular, lifestyle, central nervous system and anti-infectives. Bioaccelerate's strategy utilizes a development network to accelerate the development of multiple early-stage compounds to Phase II/III clinical development. Management believes this creates a lower-risk business model as Bioaccelerate's network enables a timely and cost-effective passage from the discovery process up to Phase II/III where substantial incremental value can be created. For more information on the company please see the company's website at www.bioaccelerate.com
About CNSThera Inc.
CNSThera is an emerging biotechnology company that is focused on the discovery, development and commercialization of compounds targeted against various Central Nervous System disorders. The Company has products targeted against Alzheimer's, Epilepsy, Multiple Sclerosis and Parkinson's disease.
About DMI Biosciences Inc
DMI Biosciences, Inc. is a privately held biopharmaceutical company based in Englewood, Colorado, that discovers and develops small molecule and peptide-based pharmaceuticals and biomarkers for acute and chronic inflammation. DMI focuses on immunologic, vascular and CNS diseases, including acute coronary syndrome, multiple sclerosis, Alzheimer's disease, asthma and cancer. DMI is co-developing several of its drug candidates with industry partners. Two of DMI's drug candidates are currently in human clinical trials. DMI's strategy is to develop pharmaceutical compounds and biomarkers through preclinical and early-stage clinical development and collaborate with financial and industry partners for later-stage development and commercialization.
About Multiple Sclerosis
Multiple Sclerosis ("MS") is the result of damage to myelin -- a protective sheath surrounding the nerve fibers of the central nervous system. Although the exact cause is unknown, it appears to result from a malfunction of the immune system, which then starts to attack its host body. Recent research has shown that though MS is not hereditary, the presence of certain genes can make an individual susceptible to this malfunction, which may also be triggered by a viral infection. It affects every individual differently. Specifically, the disease involves a subset of white blood cells, called T cells, attacking and damaging the myelin sheath. This results in disturbed transfer of the messages from the central nervous system to the rest of the body, which can then lead to a range of symptoms including fatigue, loss of limb control, eye problems, incontinence, and cognitive impairment. These multiple physical problems can also bring about depression, which affects many people with MS. There are four types of MS -- benign, relapsing remitting, primary progressive and secondary progressive. Secondary progressive is the most common. People with progressive MS have greater disability. Currently, as there is no cure for MS, medical treatment concentrates on symptom relief.
This release includes forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein.