|
RemeGenix, Inc. today announced receipt of a $100K investment from the Alzheimer's Drug Discovery Foundation (ADDF)
ROCKVILLE, MD, USA | August 11, 2008 | RemeGenix, Inc. today announced receipt of a $100K investment from the Alzheimer's Drug Discovery Foundation (ADDF). The focus of the funding is to advance the commercial development of peptides derived from BRI2 that can be used to reduce the toxic impact of A-beta (in several complementary ways), ultimately treating the cause, versus the symptoms, of Alzheimer's disease. The work will be done in collaboration with scientists at the Albert Einstein College of Medicine, Yeshiva University.
J. Kelly Ganjei, President and CEO of RemeGenix, stated, "We are very grateful that the ADDF selected our application for funding through a grant award program made possible by Elan. We feel our specific approach of treating a complex disease is exactly what will be required for an eventual therapeutic. This study will enable the early stages of commercial validation to be completed, and hopefully bring us one step closer to developing a drug for this tragic disease."
There are currently 18 million cases of AD worldwide and it is expected to increase to over 34 million by 2025. Presently, only five drugs are approved for AD that all focus on the symptoms of the disease with minimal efficacy. The industry is in dire need of therapeutics that focus on more specific mechanisms of the neurodegenerative processes.
"RemeGenix' study shows great promise of accelerating the Alzheimer's drug discovery field," said Howard Fillit, MD, Executive Director of ADDF. "Developing the BRI2 protein into a drug to inhibit the production of A-beta could benefit patients with Alzheimer's disease and other dementias."
ABOUT REMEGENIX
RemeGenix, Inc. is leveraging its leading position in understanding BRI2/APP interactions combined with its novel intellectual property in the development of drugs for neurodegenerative diseases. The Company was founded in 2006 and is located in Rockville, MD. For more information, visit www.remegenix.com.
Certain matters described in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services.
ABOUT ADDF
The Alzheimer's Drug Discovery Foundation (ADDF) is a public charity whose mission is to accelerate drug discovery for Alzheimer's disease through venture philanthropy. ADDF is supported in part by the Institute for the Study of Aging (ISOA), a private foundation established by the Estee Lauder family in 1998. To date, ADDF and ISOA have awarded over $33 million for approximately 240 research programs and conferences worldwide. For more information, visit www.AlzDiscovery.org.
SOURCE: RemeGenix, Inc. |
