Healthcare Industry News: Eli Lilly
News Release - December 22, 2009
Applied NeuroSolutions Announces Increased Scope of Alzheimer's Disease Drug Discovery Collaboration With Eli Lilly and CompanyVERNON HILLS, IL - (HSMN NewsFeed) - Applied NeuroSolutions, Inc. (OTC.BB:APSN ) (www.AppliedNeuroSolutions.com), a biotechnology company focused on the development of products for the early diagnosis and treatment of Alzheimer's disease ("AD"), today announced that it has reached agreement with Eli Lilly and Company to increase the scope of its drug discovery collaboration.
In addition to the financial terms from the original collaboration agreement with Lilly announced in 2006, Applied NeuroSolutions will receive an up-front cash payment of $750,000 and may receive up to $25.5 million based on achievement of identified milestones. Royalties would be paid to Applied NeuroSolutions for any AD therapies brought to market that result from this addition to the original collaboration agreement.
"We are expanding our collaboration with Eli Lilly and Company focused on the development of new treatments for patients suffering from Alzheimer's disease," commented Craig S. Taylor, Ph.D., Applied NeuroSolutions' President and CEO. "Lilly continues to see the value in collaborating with Applied NeuroSolutions and our founding scientist, Dr. Peter Davies, a world renowned leader in Alzheimer's disease research. In total, our collaboration has the potential to produce multiple drug candidates, each targeting unique mechanisms."
"APNS has developed valuable reagents for understanding tau biology. We look forward to utilizing these tools, along with Professor Davies' expertise, to accelerate development of therapies that target tau in Alzheimer's disease," said Dr. Michael Hutton, Chief Scientific Officer of the Neurodegeneration Drug Hunting Team at Lilly.
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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