Intellect Neurosciences receives Notice of Allowance from Israeli patent office for OXIGON drug candidate

Jun 9 2010

Intellect Neurosciences, Inc (OTCBB:ILNS) announced it has received a Notice of Allowance from the Israeli Patent and Trademark Office for a new patent related to the Company's clinical-stage drug candidate OX1 (OXIGON™), which has disease-modifying potential for Alzheimer's and other neurodegenerative disorders.  OX1, which has been successfully tested by the Company in human Phase I safety trials, is an orally-administered, brain-penetrating, naturally-occurring copper-binding small molecule targeting multiple mechanisms that contribute significantly to the underlying pathology of Alzheimer's disease.

The Notice of Allowance is a written communication from the patent office stating that the application has been allowed and will be granted as an Israeli patent after payment of the Government issue fee.  Jointly owned by New York University and the University of South Alabama and licensed exclusively to Intellect, patents for this invention have issued in the United States, Europe, and several other countries and are pending in Canada, Japan and Mexico.

Dr. Chain commented: "The Notice of Allowance of a new patent in Israel relating to OX1 further strengthens our overall intellectual property portfolio and the competitive advantage of our internal drug development pipeline, which boasts clinical stage and preclinical programs.  OX1 is the most advanced candidate in our pipeline and we are excited about its potential to slow down or arrest Alzheimer's disease in the early stages by stabilizing amyloid beta in non-toxic form and preventing oxidative damage leading to inflammation and cell death."