LEXINGTON, Mass., Aug. 22 /PRNewswire/ -- AutoImmune Inc. (NASDAQ:AIMM) today announced that it has exclusively licensed to Rycor Technology Investments Corp. one application of AutoImmune's proprietary methods to treat autoimmune diseases. The license agreement covers the development by Rycor of native myelin basic protein peptides for injection to non-mucosal sites for the treatment of multiple sclerosis.
Dr. Kenneth Warren and Ingrid Catz at the University of Alberta in Edmonton,
Canada have demonstrated the therapeutic potential of this approach in
clinical studies involving more than 100 patients. Kevin Giese, the President
of Rycor Technology Investments Corp., remarked "we hope to begin Canadian
based advanced-phase clinical studies in the near future."
"AutoImmune is very pleased with the terms of the license which include monthly payments that begin immediately and an escalating royalty based on cumulative net sales with no annual reset," said Robert C. Bishop, Ph.D., Chairman of the Board and Chief Executive Officer. "This agreement is further evidence of external interest in our company's intellectual property portfolio. As we wait for results from the partner sponsored trials now ongoing, we will continue to look for additional opportunities to maximize shareholder value," Dr. Bishop continued.
AutoImmune is a biopharmaceutical company developing a new class of therapies for the treatment of autoimmune and cell mediated inflammatory diseases and conditions.
This release contains forward-looking statements which involve risks and uncertainties. The Company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the developmental stage of the Company's products and uncertainties of clinical trial results; the Company's capital requirements, history of operating losses and lack of product revenue, its limited manufacturing and marketing experience, and the risks of technological change and competition. These factors are more fully discussed in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section "Business-Factors to be Considered." The discussion in the Annual Report on Form 10-K is hereby referenced into this release.
Robert C. Bishop, Ph.D.
Chairman and Chief Executive Officer