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Intellect Neurosciences, Inc. Grants to Top Tier Global Pharmaceutical Company License to Certain Alzheimer's Patents and Patent Applications
Date:1/7/2009

NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- Intellect Neurosciences, Inc. (OTC Bulletin Board: ILNS), a biopharmaceutical company focused on development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease (AD), announced today that it has granted a non-exclusive License to a top-tier global pharmaceutical company regarding certain of Intellect's patents and patent applications related to antibodies and methods of treatment for Alzheimer's disease and to make, have made, use, sell, offer to sell and import certain licensed products. The grant of the License follows the exercise by this top-tier global pharmaceutical company of the option (the "Antibody Option") that it acquired from Intellect pursuant to an Option Agreement executed by Intellect and the top-tier global pharmaceutical company (the "Optionee") in October 2008.

Intellect is entitled to a license fee upon the exercise of the Antibody Option by the Optionee. In addition, Intellect may be entitled to future patent based milestone payments and royalties from potential future drug sales by the Optionee. Recently, Intellect received its first milestone payment under its license agreement with Wyeth (NYSE: WYE) and Elan Pharma International Ltd. (NYSE: ELN) as a result of obtaining the grant of a European patent and may be entitled to additional payments from Wyeth and Elan in the future.

Dr. Daniel Chain, Intellect's Chairman and CEO and inventor of the licensed patents and patent applications, commented: "We are gratified to see our approach being used by major pharmaceutical companies to combat Alzheimer's disease. Alzheimer's patients need strong and capable partners in their fight to overcome this devastating disease and we are p
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SOURCE Intellect Neurosciences, Inc.
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