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Intellect Neurosciences Issues Letter To Shareholders

Stocks in this article: ILNS

NEW YORK, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Intellect Neurosciences, Inc. (OTCBB:ILNS), a biopharmaceutical company engaged in the discovery and development of treatments for the prevention and treatment of neurodegenerative diseases, issued the following Letter to Shareholders from Dr. Daniel Chain, Chairman and CEO.

Dear Shareholder,

I am quite pleased by the progress we made in 2012 despite various challenging setbacks we experienced during the year. We put the funds we received from ViroPharma to good use, on the one hand by significantly reducing our liabilities and on the other with the following achievements:

  1. We filed several new patent applications to protect our product candidates and technology platforms;
  2. We in-licensed new technologies, including two antibodies that target early neurotoxic forms of tau protein, which have application for therapeutic and diagnostic uses;
  3. We initiated an important collaboration with the University of California, Irvine's Dr. Frank LaFerla, Chancellor's Professor and Chair, Neurobiology and Behavior School of Biological Sciences, Director, Institute for Memory Impairments and Neurological Disorders, as well as Dr. Kim Green and his team;
  4. We appointed world-renowned antibody drug developer, Dr. Dan Shochat, as Consultant, VP Development;
  5. We developed a detailed road map and signed a Letter of Intent with Lonza regarding the manufacture of our antibody drug conjugate, CONJUMAB-A, which is being developed for age-related macular degeneration.
  6. We signed a Research Service Agreement with iNovacia to evaluate lead compounds for the  CONJUMAB-A program;
  7. We initiated testing of our TauC3 monoclonal antibody in an Alzheimer's preclinical model; and
  8. We mounted a strong appeal against the patent challenge we face in Europe from Pfizer & Johnson & Johnson.  

We also initiated a lawsuit against one of our global pharmaceutical licensees to seek remedy for its failure to pay the $2 million milestone that was due upon the May 8, 2012 issuance of our ANTISENILIN patent by the USPTO. Based on discussions with our counsel following the recent motions and submissions by the defendants, our ability to prevail remains unabated.

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