December 12, 2000
CANBERRA, Australia, and SEATTLE, Dec. 11 /PRNewswire/ via NewsEdge Corporation -
Praxis Pharmaceuticals Inc. (OTC Bulletin Board: PRXX), is pleased to announce that its subsidiary, Praxis Pharmaceuticals Australia Pty Ltd (Praxis Australia), has been offered an AUS.$3.4 million (US$1.9 million) Commonwealth Government R & D START Grant to strengthen and accelerate its Multiple Sclerosis (MS) therapeutic research program.
"The major goal of the program is to develop novel carbohydrate-based drug therapies for the treatment of multiple sclerosis for which there are currently no ideal treatments," said Dr. Charlton. "The program's intention is to enter clinical trials by the second half of 2002."
MS is a disease of the central nervous system that is estimated to affect over 2 million people worldwide. The average annual total cost of MS treatment in the United States has been estimated at greater than US$7 billion.
The research is being conducted under the scientific direction of Dr Brett Charlton and Dr William Cowden in Canberra, Australia. The R & D START Grant is a Commonwealth Government initiative aimed at supporting research and development activities with high commercial potential, and matches funding already being provided by the company.
Praxis Pharmaceuticals, Inc., with corporate offices in Seattle, WA, and operations in Canberra, Australia, is a medical research and development company specializing in unique, breakthrough carbohydrate-based drugs and pharmaceuticals for treatment of crippling diseases such as arthritis, multiple sclerosis and diabetes, internal tissue injury, inflammatory skin ailments such as acne and psoriasis, as well as for cosmetic purposes such as deep skin wrinkles.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Praxis may differ materially from these statements due to a number of factors. Praxis assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions
SOURCE Praxis Pharmaceuticals Inc.
CONTACT: Winston Cabell of Praxis Pharmaceuticals Inc., 888-864-7372; or Ron Stabiner of The Wall Street Group, Inc., 212-888-4848, for Praxis Pharmaceuticals Inc.
Web site: http://www.praxis-pharmaceuticals.com