Healthcare Industry News: Eli Lilly
News Release - December 8, 2009
Applied NeuroSolutions Announces Renewal of Alzheimer's Disease Drug Discovery Collaboration with Eli Lilly and CompanyVERNON HILLS, Ill.--(HSMN NewsFeed)--Applied NeuroSolutions, Inc. (OTCBB:APSN ), a biotechnology company focused on the development of products for the early diagnosis and treatment of Alzheimer's disease ("AD"), today announced that Eli Lilly and Company (NYSE:LLY ) has agreed to a one-year renewal of its drug discovery collaboration. Lilly will pay $250,000 to Applied NeuroSolutions for the one-year collaboration renewal.
The original collaboration term was for three years, with two one-year options to extend the collaboration term at Lilly’s sole discretion. Lilly exercised the first one-year option.
“It is very exciting that Eli Lilly and Company believes we are making sufficient progress in our drug discovery efforts to renew the collaboration for another year,” commented Craig S. Taylor, Ph.D., Applied NeuroSolutions’ President and CEO. “The efforts of Peter Davies, Ph.D., our founding scientist, Lilly, and Applied NeuroSolutions have achieved significant internal milestones to date and we are hopeful that continued progress will lead to achievement of our first paid milestone from Lilly in 2010.”
About Applied NeuroSolutions:
Applied NeuroSolutions, Inc. (OTC BB:APSN ) is developing diagnostics and therapeutics to detect and treat Alzheimer's disease (AD) building on discoveries originating from the Albert Einstein College of Medicine. Applied NeuroSolutions is in a collaboration with Eli Lilly and Company to develop novel therapeutic compounds to treat the progression of AD. For its diagnostic pipeline, Applied NeuroSolutions is focused on both serum and cerebrospinal fluid (CSF) tests to detect AD at a very early stage. The CSF based P-Tau 231 test now being offered for use in clinical trials can effectively differentiate AD patients from those with other neurological diseases that have similar symptoms. There is currently no FDA approved diagnostic test to detect AD. Alzheimer's disease currently afflicts over five million Americans, and the world market for AD therapy is currently estimated to be nearly 35 million patients. For more information, visit www.AppliedNeuroSolutions.com
This press release contains forward-looking statements about Applied NeuroSolutions. The company wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, potential competitive offerings, and access to capital. For further information, please visit the company's website at www.AppliedNeuroSolutions.com, and review the company's filings with the Securities and Exchange Commission.
Source: Applied NeuroSolutions
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