NEW YORK, Dec. 15, 2011 /PRNewswire/ -- Intellect Neurosciences, Inc. (OTCBB: ILNS), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment of Alzheimer's and other neurological diseases announced today that it has filed an appeal regarding a preliminary decision of the European Patent Office (EPO) to revoke the company's ANTISENILIN® patents. The preliminary decision of the EPO resulted from a challenge by major pharmaceutical companies that are co-developing Bapineuzumab, which is in Phase 3 clinical trials for Alzheimer's disease. Intellect has ANTISENILIN® patents pending in the United States and has been granted patents in Japan, China and several other countries. None of the patents granted outside Europe were challenged.
"We are quite disappointed by actions taken by Elan Pharmaceuticals and Wyeth as well as by the preliminary decision of the EPO during Oral Proceedings in The Hague in July. We are appealing that decision and remain confident regarding our ability to prevail at the level of the Appeals Board in Munich, Germany," said Daniel Chain, chairman and CEO of Intellect Neurosciences. "Importantly, Intellect's patents remain in force in key European countries pending the outcome of the appeal process. Moreover, Intellect has filed divisional patent applications, which we believe will result in robust new patents in Europe that should be resistant to challenge and will cover products currently in clinical development. The company has excellent representation in the US and Europe where it works with premier patent firms. We remain committed to maintaining and enforcing patent protection for our inventions and product candidates."
About Intellect Neurosciences, Inc.
Intellect Neurosciences, Inc. develops innovative approaches aimed at arresting or preventing Alzheimer's disease, and other neurodegenerative diseases especially focused on proteinopathies. Intellect's pipeline includes small neuroprotective molecules and neoepitope-based immunotherapy approaches including monoclonal antibodies and vaccines targeting beta amyloid and abnormal tau proteins. The company is currently developing three separate platform technologies: ANTISENILIN® is Intellect's Alzheimer's beta amyloid monoclonal antibody platform technology which underlies several products in advanced clinical development and is licensed to major pharmaceutical companies. The company's RECALL-VAX technology is a proprietary Alzheimer's vaccine with therapeutic and prophylactic potential. The company's CONJUMAB-A platform is based on antibody drug conjugates with potential applications to treat a broad spectrum of proteinopathies including Alzheimer's disease, Early-Onset Familial Alzheimer's disease, cerebral angiopathy, age-related macular degeneration, glaucoma and traumatic brain injury. IN-N01-OX2 is the company's most advanced internal candidate, a humanized monoclonal antibody targeting beta amyloid conjugated to a naturally occurring small drug molecule with potent neuroprotective properties. Thus, IN-N01-OX2, incorporates combined features of the ANTISENILIN and CONJUMAB-A platform technologies. The company recently licensed OX1 a small molecule multimodal antioxidant to ViroPharma, Inc. for Friedreich's Ataxia and other neurodegenerative diseases.
Safe Harbor Statement Regarding Forward-Looking Statements:
The statements in this release and oral statements made by representatives of Intellect relating to matters that are not historical facts (including, without limitation, those regarding future performance or financial results, the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Intellect's product candidates and the sufficiency of Intellect's cash and other capital resources) are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that actual performance or results could materially differ, that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, or Intellect's ability to fund such efforts with or without partners. Intellect undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statements should be read in conjunction with the additional risks and uncertainties detailed in Intellect's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in Intellect's Annual Report on Form 10-K (file no. 333-128226), filed on October 13, 2011, and in our Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2011, filed on November 10, 2011.
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