http://news.excite.com/news/pr/011205/transition-ms-program
Wed, Dec 05 8:31 AM EST
TORONTO, Dec. 5 /PRNewswire/ - Transition
Therapeutics Inc. (CDNX: TTH) announced today that it has acquired the
intellectual property to Biogenesys' methlydonor technology , designed
to treat Multiple Sclerosis and other diseases.
"We believe this intellectual property
provides Transition with an additional level of protection for its interferon
combination therapy currently being developed for use in multiple sclerosis,"
said Dr. Tony Cruz, President and CEO of Transition Therapeutics, Inc.
"We are confident in the potential of our interferon combination product
and expect to take it into Phase I clinical trials by mid 2002."
Interferon-based products currently
represent approximately 90% of the Multiple Sclerosis market, estimated
at over USD$2.0 billion. Transition's interferon combination therapy has
shown, in animal models, to be up to 50% more effective than interferon-based
products alone.
The patents were purchased from Biogenesys,
Inc. in exchange for 100,000 of Transition's common shares and future royalties
on net sales of the methyldonor technology. As part of the purchase agreement,
Transition Therapeutics Inc. has provided Biogenesys with an exclusive
license for use of the methyldonor technology in the therapeutic areas
of HIV, HIV encephalopathy, psychiatric disorders, Alzheimer's Disease
and rheumatological diseases.
"These agreements will enable both
Transition and Biogenesys to advance and build on the methlydonor technology
in their respective therapeutic focus areas," said Dr. Michael Rabinoff,
President and CEO of Biogenesys, Inc.
About Transition Therapeutics
Inc.
Transition Therapeutics Inc. is a
Canadian biopharmaceutical company developing novel therapeutics to treat
inflammatory and fibrotic diseases. The Company is focused on the treatment
of Multiple Sclerosis, diabetes, and restenosis.
About Biogenesys, Inc.
Biogenesys, Inc. is a privately held
U.S. Corporation developing products to treat immune mediated neurological
dysfunction, HIV, HIV encephalopathy, Alzheimer's Disease, psychiatric
and other disorders. The corporation is involved in research and development
of methyl donor technology, genomic and proteomic technology, and employs
rational drug design, pharmacogenetics and bioinformatics to advance product
development.
To the extent that any statements
made in this release contain information that is not historical, these
statements are essentially forward- looking. These statements are subject
to risks and uncertainties that cannot be predicted or quantified and,
consequently, actual results may differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties
include: the difficulty of predicting the timing regulatory approvals or
outcome of regulatory actions; market and customer acceptance and demand
for new pharmaceutical products; ability to market products; the impact
of competitive products, services or pricing; timing or success of product
development and launch; availability of raw materials; the regulatory environment;
fluctuations in operating results; progress of clinical trials; dependence
on corporate relationships; government policies or actions; or other risks
detailed from time-to-time in the company's filings with Ontario Securities
Commission. Forward looking statements can be identified by the use of
words such as "expects", "plans", "will", "believes", "estimates", "intends",
"may" and other words of similar meaning. Should known or unknown risks
or uncertainties materialize, or should our assumptions prove inaccurate,
actual results could vary materially from those anticipated. The Company
undertakes no obligation to publicly update any forward-looking statements.
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