HASBROUCK HEIGHTS, N.J., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today that it has been awarded a grant of $244,479.25 from the U.S Government under the Qualifying Therapeutic Discovery Project for its ongoing Phase III clinical trial program for NX-1207 for the treatment of benign prostatic hyperplasia (BPH). The grant was the maximum allowable for an individual development program. In order to win a grant from the Qualifying Therapeutic Discovery Project, the US Department of Health and Human Services (HHS) must first determine that the project has reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect, or treat chronic or acute disease and conditions; reduce long-term healthcare costs in the U.S.; or significantly advance the goal of curing cancer within a 30-year period. The IRS then must determine that the project is among those projects with the greatest potential to create and sustain (directly or indirectly) high-quality, high-paying jobs in the U.S. and to advance the country's competitiveness in the fields of life, biological, and medical sciences. NX-1207, Nymox's patented investigational drug for the treatment of BPH, is currently in pivotal Phase 3 clinical trials in the U.S. with over 70 well-known urology investigative sites participating. BPH is a chronic condition that is a common affliction of older men. There is an unmet medical need for an effective treatment for BPH without the side effects associated with currently approved drugs or the complications associated with surgical procedures. In completed double blind Phase 1 and 2 trials to date, NX-1207 has been shown to improve the signs and symptoms of BPH, producing symptomatic improvements significantly better than that reported for approved drugs without the sexual, blood pressure, or other side effects associated with those drugs. NX-1207 is administered by a urologist in an office setting without the need for anaesthetics or sedation or for catheterization. Patients report little or no pain or discomfort from the procedure. Open label follow-up studies have shown evidence of long lasting benefit from NX-1207 treatment with a significant proportion of men who received a single dose of NX-1207 reporting maintained improvement in BPH symptoms without other treatments for up to five years or more.
BPH is one of the most commonly diagnosed diseases in the male U.S. population. The condition can seriously impact the health and quality of life of older men and can lead to acute urinary retention, incontinence, and other serious consequences. It is estimated that 50% of men in their 50s have pathological signs of prostatic hyperplasia and from 26 to 46% of men between the ages of 40 to 79 years suffer from moderate to severe urinary problems and symptoms associated with BPH.More information about Nymox is available at www.nymox.com , email: email@example.com, or 800-936-9669. This press release contains certain "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Development of drug products involves substantial risks and actual results may differ materially from expectations. Such factors are detailed from time to time in Nymox's filings with the United States Securities and Exchange Commission and other regulatory authorities.
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