Intellect Neurosciences, Inc. Converts into a Public Company Through Merger Transaction with GlobePan Resources, Inc.
NEW YORK, February 01, 2007 /PRNewswire/ -- Intellect Neurosciences, Inc. ("Intellect"), a biopharmaceutical company focused on development of disease- modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and related disorders, announced today that it has entered into an agreement and plan of merger with GlobePan Resources, Inc., a publicly held Delaware corporation ("GlobePan"). Now Intellect will be eligible to seek a public listing for its shares. All of the assets and liabilities of GlobePan were divested by GlobePan prior to the merger.
"We are proud to join the ranks of publicly held biotech companies searching for innovative solutions to today's most challenging therapeutic areas and medical frontiers," commented Dr. Daniel Chain, Intellect's Chairman and Chief Executive Officer. "This achievement allows us to better focus our attention on moving forward with our ambitious clinical development plans."
"We are excited and proud to have reached this milestone, which is the first step towards enabling our shareholders to access a trading market for our shares and which will allow us to access the public capital markets," commented Intellect's Executive Vice President and CFO, Elliot M. Maza.
About Alzheimer's disease
Alzheimer's disease, the most common form of dementia, is characterized by progressive loss of memory and cognition, ultimately leading to complete debilitation and death. A hallmark feature of Alzheimer's pathology is the presence of insoluble protein deposits known as beta-amyloid on the surface of nerve cells, which results from the accumulation of soluble beta-amyloid in the brain. The effects of the disease are devastating to the patients as well as the caregivers, with significant associated health care costs. It is estimated that there are over 12 million people suffering from Alzheimer's disease in the major markets worldwide with the number increasing as the global population ages. Currently marketed drugs transiently affect some of the symptoms of the disease, but there are no drugs on the market today that slow or arrest the progression of the disease. These symptomatic drugs are projected to generate approximately $4 billion in sales by 2008, indicating both the size of the market and the demand for effective treatment beyond symptomatic improvements.
About Intellect Neurosciences, Inc.
Intellect Neurosciences, Inc. is a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and related disorders. The company has a broad proprietary immunotherapy platform for both passive and active immunization against Alzheimer's disease. Also, Intellect has recently completed Phase I clinical trials for OXIGON(TM), a unique antioxidant and anti-amyloid compound that has potential to treat Alzheimer's disease and other disorders. For additional information, please visit http://www.intellectns.com
CONTACT: Elliot Maza, Executive Vice President & Chief Financial Officer,or Michael Bowman, Manager, Investor Relations, +1-212-448-9300, both ofIntellect Neurosciences, Inc.
Web site: http://www.intellectns.com/
Ticker Symbol: (:GPNR)
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Posted: February 2007