Intellect Neurosciences, Inc. Validates Pivotal European Patent for Alzheimer's Monoclonal Antibod...( Follows Option and Royalty-Bearin...),Health
Follows Option and Royalty-Bearing License Agreements with Top Tier Global Pharmaceutical Companies
NEW YORK, Nov. 11 /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 completed validation of its European patent related to antibodies and methods of treatment for Alzheimer's disease in Germany, France, United Kingdom and the Netherlands. Validation of the patent is currently underway in other European countries. The patent also has been granted in countries outside of Europe and is pending in the United States. More than six million Europeans are affected by the disease.
Intellect received a milestone payment following grant of the patent in Europe under the non-exclusive license it has granted to Wyeth (NYSE: WYE) and Elan Pharma International Ltd and may be entitled to additional payments, including royalties based on potential future sales of Bapineuzumab and other products, if such products are commercialized in countries where Intellect's patents remain in force. Recently, Intellect granted an option to another top tier global pharmaceutical company to license the patents and pending applications.
Dr. Daniel Chain, Intellect's Chairman and CEO and inventor of the
licensed patents and patent applications, commented: "The validation of the
European patent on a country-by-country basis is an important step to
obtain maximum financial rewards under our agreements with major
pharmaceutical companies that have products in advanced clinical
development for the treatment of Alzheimer's disease and other rela
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| SOURCE Intellect Neurosciences, Inc. Copyright©2008 PR Newswire. All rights reserved |
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