BARCELONA, SPAIN and CAMBRIDGE, MA--(Marketwired - November 07, 2016) - Oryzon Genomics (MAD: ORY) (ISIN Code: ES0167733015, ORY), a public clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, announced today that the Alzheimer's Drug Discovery Foundation (ADDF) exercised warrants and lending rights over 175,071 ordinary shares of the Company, at an exercise price of EUR 3.43 per share (par value EUR 0.05 each) representing 0.6% of the capital.
The ADDF previously awarded two grants to the Company to support the development of its molecule ORY-2001, a dual LSD1-MAOB inhibitor, as a new therapeutic approach for Alzheimer's disease (AD). The Company is now finishing a Phase I trial to evaluate the safety, tolerability and pharmacokinetics of ORY-2001 in 88 healthy subjects as well as an elderly population. With a successful study outcome, ORY-2001 is expected to proceed to a Phase II study in Alzheimer's disease patients in 1H 2017.
Dr. Carlos Buesa, CEO of Oryzon, commented: "Support from the ADDF has been key for us in advancing the development of this novel therapeutic option for Alzheimer's disease, and we are very grateful. The ADDF's decision to convert the loan extended to the Company in earlier years into equity reflects its confidence in our project and the shared hope that this experimental drug may contribute to the cure of this terrible disease."
Dr. Howard Fillit, Founding Executive Director and Chief Scientific Officer of the ADDF, said: "We are pleased to continue our investment in Oryzon Genomics. Its promising drug ORY-2001 has progressed rapidly into clinical study and has the potential to become the first epigenetic therapy for a neurodegenerative disease."
ORY-2001 is a highly selective dual oral LSD1-MAOB inhibitor. The molecule, which focuses on cognitive decline and memory loss, it is brain penetrant and has a good safety profile and therapeutic index in preclinical trials. In nontransgenic AD mouse models, long-term treatments with the drug demonstrated a marked cognitive improvement. The product is currently in Phase I clinical study in healthy volunteers. The company is also exploring its potential in other CNS disorders like Multiple Sclerosis and Huntington Disease.
About Alzheimer's Drug Discovery Foundation
Founded in 1998 by Leonard A. and Ronald S. Lauder, the Alzheimer's Drug Discovery Foundation (ADDF) is dedicated to rapidly accelerating the discovery of drugs to prevent, treat and cure Alzheimer's disease. The ADDF is the only public charity solely focused on funding the development of drugs for Alzheimer's, employing a venture philanthropy model to support research in academia and the biotech industry. Through the generosity of its donors, the ADDF has awarded nearly $100 million to fund more than 500 Alzheimer's drug discovery programs and clinical trials in 18 countries. To learn more, please visit: http://www.alzdiscovery.org/.
About Alzheimer's disease
Alzheimer's disease is the most common form of dementia in adults. It is estimated to affect 5.3 million Americans and over 30 million people worldwide with an average course of 8-12 years. It is projected that the disease prevalence will double over the next 20 years. Marketed products address some of the symptoms, but there are no treatments currently available. The economic cost of Alzheimer's is expected to grow in the coming years. Projections of the direct cost of Alzheimer's disease in adults over 65 could balloon to $1.1 trillion in 2050 (in today's dollars) with a total of $20.8 trillion in medical costs between 2015 and 2050, according to the Alzheimer's Association.
Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. The company has one of the strongest portfolios in the field and a clinical asset already partnered with Roche. Oryzon's LSD1 program is currently covered by +20 patent families and has rendered two compounds in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. The company has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurodegenerative diseases. Oryzon's strategy is to develop first in class compounds against novel epigenetic targets through Phase II clinical trials, at which point it is decided on a case-by-case basis to either keep the development in-house or to partner or outlicense the compound for late stage development and commercialization. The company has offices in Barcelona and Cambridge, Massachusetts. For more information, visit www.oryzon.com.
This communication contains forward-looking information and statements about Oryzon Genomics, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. Although Oryzon Genomics, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Oryzon Genomics, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Oryzon Genomics, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Oryzon Genomics, S.A. to the Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward-looking statements are not guarantees of future performance. The auditors of Oryzon Genomics, S.A, have not reviewed them. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Oryzon Genomics, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Oryzon Genomics, S.A. on the date hereof. Except as required by applicable law, Oryzon Genomics, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.