NEW YORK,Nov. 25 /PRNewswire-FirstCall/ -- AngioGenex, Inc. (OTC Bulletin Board: AGGX) is a New York-based biotechnology company that leads in targeting Id genes and proteins for the discovery and development of anti-angiogenic drugs to treat cancer. Today the Company announced achievement of its 2008 objectives and its key business goals for 2009.
AngioGenex accomplished a number of important milestones that it set for itself in 2008. In the Research and Development area, the Company completed key pilot studies on novel anti-angiogenic drugs and filed US and foreign patent applications for these agents. A major goal of 2008 was to complete in vivo studies of its lead small molecule drug candidate (AGX51) that would establish the ability of the agent to reduce angiogenesis and to block the growth and metastasis of tumors. According to Dr. Garland, "the data from those studies clearly met this goal and AGX51 has the potential of being the first orally active anti-angiogenic drug that acts by a mechanism not associated with VEGF, the target of Avastin(R), Genentech's blockbuster anti-cancer drug." Moreover, the results demonstrated that mice tolerate AGX51 without any apparent side effects.
In the corporate area, Dr. Richard Salvador, the former global head of Preclinical Development at Hoffmann La Roche, Inc. became Chairman of the Board of Directors and Dr. Garland, who has led the company's drug discovery and development effort, became the CEO.
AngioGenex took important steps to satisfy its near term corporate finance needs and to meet its future capital formation goals. The Company raised a modest amount of equity capital from new and existing shareholders to fund the AGX51 pilot studies, and it retained Griffin Securities LLC, an investment banking firm specializing in early stage biotechnology companies. Working with Griffin, the Company has identified a number of potential corporate pa
|SOURCE AngioGenex, Inc.|
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