NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- AngioGenex, Inc. (OTC Bulletin Board: AGGX), a New York-based biotechnology company, and the leader in Id targeted anti-angiogenic drug development, announced that its shareholders elected William Garland to the company's Board of Directors at its Annual Meeting. The company also announced that the newly elected Board met and chose founding Director Richard Salvador as its Chairman. As he assumes this new post, Dr. Salvador will continue to serve as acting President and Chief Executive Officer.
"Dr. Garland's knowledge of medicinal chemistry and drug development, as well as his experience with numerous successful early stage biotech companies makes him ideally suited to help guide the company during these pivotal times," said Michael Strage, Vice President for Business Development, who is stepping down as Chairman but will remain on the board. The incoming Chairman added: "After a very productive career at Hoffmann La Roche, Inc., Dr. Garland left to run research and development for a number of successful smaller companies such as Centaur Pharmaceuticals, Atairgin Technologies, Lpath, Inc., Tosk, and AngioGenex. During that time he has managed the successful development of many drugs from pre-clinical studies, through all phases of clinical testing, to regulatory approval. The Board will benefit greatly from his contributions." Following his election, Bill remarked, "The AngioGenex technology remains one of only a handful of truly innovative therapeutic approaches to cancer with breakthrough potential, and I look forward to working with Dick, Michael and the other Board members to accelerate transfer of this technology from the laboratory to the bedside."
AngioGenex, Inc. is actively engaged in the discovery, acquisition and development of anti-cancer drugs that prevent the formation of new blood vessels into tumors (angiogenesis) by inhibiting the action of either the Id genes or proteins. The company's proprietary technology is based primarily on the research of Dr. Robert Benezra and his colleagues at the Memorial Sloan Kettering Cancer Center (MSKCC) in New York City. His research established that the Id genes and proteins are required for the formation of the new blood vessels that allow tumors to grow and to metastasize. In animals, the absence of the Id genes resulted in a highly significant inhibition of growth of a number of lethal tumors and a reduction in size of mature, established tumors. Dr. Benezra's research has been recognized by leaders in the angiogenesis community for its important therapeutic implications. The company's research also shows promise for the treatment of ocular diseases such as diabetic retinopathy and age related macular degeneration.
Others have demonstrated that blocking blood vessel formation is useful to treat some tumors in humans for which there are only limited and unsatisfactory therapies. As a result, anti-angiogenesis therapy has been hailed in medical circles as the first new and promising approach for cancer treatment in many years. "The Id mechanism has been demonstrated in the highest levels of the academic community to play an indispensable role in the creation of the new blood vessel networks that cancers need to grow and spread," according to Vice-President Michael Strage. "AngioGenex is in a unique proprietary position to exploit these findings as we build a business around the development of pharmaceutical products that can control tumorigenesis and metastasis through Id-inhibition."
This press release may contain forward-looking statements that involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the ability of AngioGenex to raise substantial additional financing, to complete clinical development of AngioGenex products, and the ability of the company to successfully develop and market AngioGenex products and technologies. These statements represent the judgment of management as of this date and are subject to risks and uncertainties that could materially affect the company. AngioGenex undertakes no obligation to publicly release the results of any revisions to such forward-looking statements that may be made to reflect recent events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
|SOURCE AngioGenex, Inc.|
Copyright©2008 PR Newswire.
All rights reserved