Yeah, I was just looking at CLTR. Something is up (besides the stock price). I wonder what.
BTW, here is a pr from IZP.V, a stock I have posted on before. I expect big things from them over the next few years.
INFLAZYME AND AQUASEARCH ENTER INTO 10 YEAR DRUG DISCOVERY AND MANUFACTURING AGREEMENT
VANCOUVER, B.C., and KAILUA-KONA, Hawaii, Sept. 16 /CNW/ -- Inflazyme
Pharmaceuticals Ltd., (OTC Bulletin Board: IZYPF; VSE: IZP) and Aquasearch,
Inc. (OTC Bulletin Board: AQSE) announced the signing of a Letter of Intent to
enter into a 10-year drug development and manufacturing agreement. Under
terms of the agreement, Aquasearch, a marine bioscience producer of
microalgae, will produce large-scale research quantities of several thousand
different microalgae in its controlled-environment ``Aquasearch Growth
Module'' system. Inflazyme will investigate each species for therapeutic
activity in the areas of inflammation, cancer, blood, and cardiovascular
diseases. Inflazyme will be granted exclusive rights to any new drugs it
discovers, and in return, Aquasearch will receive cost-plus reimbursement of
research costs, potential milestone payments, and royalties on future net
product sales. The Companies expect to finalize a binding agreement within
three months.
``Microalgae have, until now, remained largely untouched by the
pharmaceutical industry because there has been no reliable way to produce the
quantities required - even for drug discovery,'' said Hassan Salari, Ph.D.,
President and CEO of Inflazyme Pharmaceuticals. ``However, we believe that
there is a tremendous untapped drug discovery opportunity with marine
organisms in general and microalgae in particular. We also recognize the
potential of this new area to supply novel chemical compounds to a variety of
industries.'' Salari added that Aquasearch is the only microalgae company
known to have been technically qualified for large-scale microalgae production
by the U.S. National Cancer Institute. ``Aquasearch has the resources to
become Inflazyme's major supplier of novel chemical entities,'' he concluded.
``Inflazyme's drug discovery expertise, as well as its proven ability to
develop drugs from aquatic sources, make Inflazyme an ideal partner in our
quest to capitalize on the vast pharmaceutical and chemical potential of
microalgae,'' said Mark Huntley, Ph.D., CEO of Aquasearch.
Inflazyme and Aquasearch management stated that aquatic organisms remain
virtually unexplored as a source of new drug candidates, and indicated that
the number of microalgae species (estimated at over 30,000) is substantially
greater than the known number of other plant species (of which there are
approximately 20,000). Seventy percent (70%) of existing pharmaceuticals have
been derived from these other species of plants.
Microalgae are a diverse group of more than 30,000 species of microscopic
plants that produce many different and unusual chemicals including proteins,
fats, sugars, amino acids, vitamins, enzymes, pigments, and other bioactive
and chemical compounds. These products have existing and potential commercial
applications in such fields as pharmaceuticals, natural colorings, cosmetics
and medical diagnostic products.''
Inflazyme Pharmaceuticals Ltd. is an emerging biopharmaceutical company
specializing in the discovery, design, and commercialization of novel
generations of drugs which combat major inflammatory diseases, such as asthma,
allergies, arthritis, psoriasis, and a number of other illnesses categorized
as inflammatory diseases. Inflazyme's lead anti-inflammatory compound is
Apanol(TM) for the oral treatment of asthma.
Aquasearch, Inc. develops and commercializes high value natural products
from microalgae, using its proprietary technology known as the ``Aquasearch
Growth Module.'' The Company was awarded a U.S. patent for certain aspects of
its production processes in 1996. Aquasearch produces a natural pigment
(astaxanthin) for use in the animal feed industry, under contract to Cultor
Ltd. of Finland, a multi-billion dollar food conglomerate and the world's
second largest consumer of this important feed additive. The two companies
are jointly engaged in further product development. Aquasearch also recently
entered into a strategic relationship with C. Brewer and Co., a Hawaii-based
diversified agriculture company, and the oldest U.S. company west of the
Rockies. Aquasearch began operations at its research, development and
production facility at the Natural Energy Laboratory of Hawaii Authority at
Keahole Point on the Big Island of Hawaii in 1995.
``Safe-Harbor'' Statement Under the Private Securities Litigation Reform
Act of 1995. This press release contains forward-looking information within
the meaning of the Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Except for historical information,
the matters discussed in this press release are subject to certain risks and
uncertainties that could cause the actual results to differ from those
discussed. In addition to the matters described in this press release, future
actions by the Health Protection Branch and the U.S. Food and Drug
Administration or equivalent regulatory agencies in other countries, results
of pending or future clinical trials, as well as risk factors (described from
time to time in either of the Companies' SEC filings), may affect actual
results achieved by either of the Companies. Also drug discovery carries with
it significant risks and no guarantees can be made regarding the success of
any screening program. Neither Aquasearch nor Inflazyme assume any
responsibility to update the information contained in this press release. |
