Intellect Neurosciences, Inc. Grants License for Certain Patents and Patent Applications to Wyeth and Elan Pharma International Ltd.
Intellect Neurosciences, Inc.,a biopharmaceutical company focused on development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer’s disease, announced that it has entered into a license agreement with Wyeth and Elan Pharma International Ltd. regarding certain of Intellect’s patents and patent applications related to antibodies and methods of treatment for Alzheimer’s disease. Under the terms of the agreement, Wyeth and Elan may pay Intellect potential future milestone payments and royalties based on sales of potential products, if it is determined that they are covered by patents that issue from Intellect's patent applications.
Dr. Chain, Intellect’s Chairman and CEO and inventor of the licensed patents and patent applications, commented: “We are delighted to enter into this licensing agreement, which provides Intellect a share in the future success of potential Wyeth and Elan products while we continue to develop our proprietary monoclonal antibodies for the treatment of AD.”
About Alzheimer’s disease
Alzheimer’s disease, the most common form of dementia, is characterized by progressive loss of memory and cognition, ultimately leading to complete debilitation and death. A hallmark feature of Alzheimer’s pathology is the presence of insoluble protein deposits known as beta-amyloid on the surface of nerve cells, which results from the accumulation of soluble beta-amyloid in the brain. The effects of the disease are devastating to the patients as well as the caregivers, with significant associated health care costs. It is estimated that there are over 12 million people suffering from Alzheimer’s disease in the in the developed countries with the number increasing also in developing countries as the global population ages. Currently marketed drugs transiently affect some of the symptoms of the disease, but there are no drugs on the market today that slow or arrest the progression of the disease. These symptomatic drugs are projected to generate approximately $4 billion in sales by 2008, indicating both the size of the market and the demand for effective treatment beyond symptomatic improvements.
