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Prospector
Profile
1115-03
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| Intellect Neurosciences, Inc. |
NAICS |
541710 |
| 7 West 18th Street
New York, NY 10011 |
Description |
Biotechnology |
| (212) 448-9300 |
Employees |
23 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-55.4000 |
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Assets |
(mil) |
2.3670 |
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Liability |
(mil) |
45.5640 |
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(for the year ended 2007-06-30) |
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Category:
Default
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Event:
During the year ended June 30, 2007, Intellect Neurosciences, Inc. issued $5,678,000 aggregate face amount of 10% Convertible Promissory Notes, together with warrants to purchase up to 3,236,000 shares of common stock at a price of $1.75 per share. As of October 12, 2007, the Company is in default on the notes that were due on September 30, 2007.
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Intellectual Property:
The Company has licensed intellectual property, including patents, patent applications and know-how, from universities and others, including intellectual property underlying its OXIGON™ product development program. On June 23, 2005, the Company entered into an agreement with Mindset Biopharmaceuticals, Inc. to acquire certain intellectual property related assets, including certain related patents, patent applications, trademarks, licenses, know-how, inventions and certain inventories. Under the terms of a Beta-Arnyloid Specific, Humanized Monoclonal Antibody Purchase and Sale Agreement effective as of December 26, 2006, with Irnmuno-Biological Laboratories Co., Ltd. (IBL), the Company acquired a beta amyloid specific monoclonal antibody ready for humanization and the IBL patents or applications relating to this antibody. Also, it acquired a second monoclonal antibody, the DNA sequence pertaining to it and the IBL patents or applications relating to this antibody. The Company holds certain patents in Japan and other countries related to beta-amyloid specific antibodies and methods of treatment for Alzheimer's disease. Under a Research and License Agreement with South Alabama Medical Science Foundation (SAMS), the Company has an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses, under certain patents and know-how relating to the use of melatonin and melatonin analogs in the prevention or treatment of amyloid-related disorders and in the use of melatonin analogs as antioxidants and to the use of indole-3-propionic acid to prevent a cytotoxic effect of amyloid-beta protein to treat a fibrillogenic disease, including AD, or generally to treat a disease or condition where free radicals and/or oxidative stress contribute to pathogenesis. Effective August 10, 1998, the Company entered into a license agreement with New York University, under which the Company has an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses, under certain patents and know-how relating to the use of melatonin and melatonin analogs in the prevention or treatment of amyloid-related disorders and in the use of melatonin analogs as antioxidants and to the use of indole-3-propionic acid to prevent a cytotoxic effect of amyloid-beta protein, treat a fibrillogenic disease, including AD, or generally to treat a disease or condition where free radicals and/or oxidative stress contribute to pathogenesis. Effective as of June 6, 2000, Dr. Benjamin Chain assigned to the Company all of his right, title and interest in certain of his inventions and patent applications related to the use of chimeric peptides for the treatment of AD. [SEC Filing 10-KSB 10-15-07]
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Description:
The biopharmaceutical company specializes in the research and development of drugs to treat Alzheimer’s disease and other major disorders of the central nervous system such as Parkinson’s disease, Huntingdon’s disease, stroke, ischemia and other diseases associated with oxidative stress.
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Officers:
Daniel G. Chain, Ph.D. (Chair & CEO); Elliot M. Maza, J.D., C.P.A. (Pres., CFO & Dir.); Vivi Ziv, Ph.D., M.B.A. (COO); Kelvin Davies, Ph.D. (Dir.); William P. Keane, M.B.A. (Dir.); Harvey L. Kellman (Dir.); Kathleen P. Mullinix, Ph.D. (Dir.); Eliezer Sandberg (Dir.); David Woo, Ph.D. (Dir.)
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Auditor:
Eisner LLP
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Securities:
30,793,884 common shares outstanding as of September 21, 2007.
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