SOURCE: Intellect Neurosciences

April 15, 2015 08:00 ET

Intellect Neurosciences Common Stock Approved for Trading on OTCQB

Company Initiates Collaboration With Harvard Medical School to Undertake Further Studies With TauC3 Monoclonal Antibody Targeting a Secreted Form of Tau Protein

ENGLEWOOOD CLIFFS, NJ--(Marketwired - April 15, 2015) - Intellect Neurosciences, Inc. (OTCQB: ILNS) a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic and diagnostic agents for the treatment of Alzheimer's and other neurological diseases, today announced that its securities have been designated as trading on the OTCQB marketplace. Intellect has satisfactorily passed the requirements for eligibility, which include up to date reporting to the SEC, a minimum bid price test of one penny and an annual verification and management certification process providing additional information about the company's insiders, advisors and share count. As a result of the designation, among other things, Intellect investors will enjoy greater information availability through news and disclosure posted through the OTC Disclosure & News Service and transparent prices through full-depth of book with Real Time Level 2 quotes.

Recently, the Company announced that it has initiated a sponsored research collaboration with one of the foremost Alzheimer's disease research centers in the United States. The sponsored research collaboration is under the direction of Professor Bradley T. Hyman MD, PhD, Director, Massachusetts Alzheimer's Disease Research Center & Co-Director, Massachusetts General Hospital Memory Disorders Unit & John B. Penney Jr. Professor of Neurology, Harvard Medical School. The research is designed to examine the detailed molecular mechanism affecting propagation of tau pathology aimed at developing a novel treatment for Alzheimer's disease and other tauopathies.

Dr. Hyman is the Director of the Massachusetts Alzheimer's Disease Research Center. He directs the Alzheimer's disease research unit at the MassGeneral Institute for Neurodegenerative Disease (www.mghmind.org), with the goal of understanding the neuropathophysiologic and genetic factors that underlie dementia. His laboratory studies the anatomical and molecular basis of dementia in Alzheimer's disease and dementia with Lewy bodies. Dr. Hyman is the recipient of numerous awards in the field of Alzheimer's and related diseases, including the Metropolitan Life Award, the Potamkin Prize, a National Institute on Aging MERIT award, and an Alzheimer Association Pioneer Award.

"I am extremely proud that Intellect's common stock is trading on the OTCQB, a confirmation that our strategic plan of advancing our core programs and restructuring our capitalization is strengthening the company. The collaboration with Professor Hyman, the next step in development of our TauC3 program, should yield important new mechanistic insights that will attract interest from potential pharmaceutical partners," said Mr. Elliot Maza, Chairman and Chief Executive Officer of Intellect Neurosciences.

Safe Harbor Statements Regarding Forward Looking Statements

The statements in this letter made by representatives of Intellect Neurosciences relating to matters that are not historical facts, including without limitation, those regarding future performance or financial results, the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Intellect's product candidates and the sufficiency of Intellect's cash and other capital resources are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that actual performance or results could materially differ, that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, or Intellect's ability to fund such efforts with or without partners. Intellect undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statements should be read in conjunction with the additional risks and uncertainties detailed in Intellect's filings with the Securities and Exchange Commission, including those discussed in Intellect's Annual Report on Form 10-K (file no. 333-128226) filed on October 14, 2014 and Quarterly Report on Form 10-Q (file no. 333-128226), filed on February 12, 2015.

Contact Information

  • David Zazoff 
    MDM Worldwide
    212-643-0417