Monday April 9, 7:46 am Eastern Time
Press Release
NeoTherapeutics Receives Frost & Sullivan Entrepreneurial Company Award for Patented Alzheimer's Drug Candidate Neotrofin
Two Studies Indicate Experimental Drug May Be the World's First Alzheimer's Disease Therapy That Regenerates Nerve Cells in the Brain
SAN JOSE, Calif.--(BW HealthWire)--April 9, 2001-- Frost & Sullivan announces NeoTherapeutics (Nasdaq:NEOT - news; Nasdaq:NEOTW - news) is a recipient of the prestigious 2001 Market Engineering Entrepreneurial Company Award for the development of Neotrofin(tm), the company's drug candidate for the treatment of Alzheimer's Disease.
NeoTherapeutics recently announced the launch of phase 2 studies of Neotrofin in Parkinson's disease and spinal cord injury, as well as plans for a 500 patient pivotal study of Neotrofin in Alzheimer's Disease. The new Alzheimer's study will be 12 weeks of treatment at high dosage levels. These new trials build on data collected from previous studies of the drug in over 1,100 patients. This includes data showing that brain scans of the patients in a phase 2 clinical study conducted by Steven Potkin, M.D., of the University of California, Irvine demonstrate that Neotrofin(tm) promotes increased brain activity in Alzheimer's Disease patients. This increased activity is correlated with statistically significant improvements in memory, attention and judgement.
According to new market information from Frost & Sullivan, ``U.S. Alzheimer's Disease Medications Market,'' total U.S. revenues for Alzheimer's Disease therapeutics will surpass $2.5 billion on the strength of new market entrants such as Neotrofin(tm).
``In Neotrofin, NeoTherapeutics has developed a drug that has shown the potential to cause the regeneration of nerves. As a result, Neotrofin has the potential to not just alleviate symptoms of Alzheimer's Disease such as current approved therapies do, but could prove to be the first drug capable of modifying the course of the disease. This approach has potential to be used in conjunction with other therapies in an effort to attack Alzheimer's Disease from several angles at once,'' says Joseph Warzecha, Frost & Sullivan industry analyst.
The Frost & Sullivan Market Engineering Entrepreneurial Company Award is bestowed to the small company with fewer than 300 employees demonstrating superior entrepreneurial ability within their industry. NeoTherapeutics has an excellent record of securing financial resources to ensure a large probability of success. Investors view NeoTherapeutics as a low risk opportunity since Neotrofin(tm) has had positive clinical results.
``We are honored to be the recipients of the Frost & Sullivan Entrepreneurial Company award,'' stated Alvin J. Glasky, Ph.D., chairman and chief executive officer of NeoTherapeutics. ``Our company has a corporate strategy to encourage entrepreneurial activity in each of our divisions: neurology, oncology and genomics, and it is gratifying that a leading healthcare market consulting firm has recognized this quality in our organization. I think it is a tribute to the hard work of each of our employees, and a sign of the progress we have made in developing a potential disease course modifying treatment for Alzheimer's Disease and other neurodegenerative conditions.''
About Frost & Sullivan
Frost & Sullivan, a global leader in international strategic market consulting and training, presents Market Engineering Awards to companies that demonstrate the diligence, perseverance and dedication required to develop a successful business plan and excel in the increasingly competitive global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine Market Engineering Award recipients in a variety of regional and global market landscapes. Founded in 1961, Frost & Sullivan is headquartered in San Jose, Calif. with offices located worldwide: New York, San Antonio, Toronto, London, Paris, Frankfurt, Beijing, Tokyo, Singapore, Mumbai and Kuala Lumpur. For further information, visit frost.com.
About NeoTherapeutics
NeoTherapeutics is a biopharmaceutical company focused on the development of drugs for unmet medical needs. The company's most advanced drug, Neotrofin(tm), is currently being developed for Alzheimer's disease and other neurodegenerative diseases, such as Parkinson's disease and spinal cord injury. NeoGene Technologies, Inc., a subsidiary of NeoTherapeutics, is engaged in functional genomics research. A second subsidiary, NeoOncoRx Inc., is engaged in the development of anticancer drugs. For additional Company information, visit NeoTherapeutics' Web site at www.neotherapeutics.com.
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