Canada Issues NOA For Intellect Neurosciences OX1
Canadian Patent and Trademark Office has issued notice of allowance (NOA) to Intellect Neurosciences OX1 (Oxigon), an orally-administered clinical-stage drug candidate for the treatment of Alzheimer's disease and other neurodegenerative disorders.
OX1 is said to be tested by Intellect Neurosciences in human Phase I safety trials and demonstrated positive results in safety and tolerability of the drug.
Intellect Neurosciences has already received patents for the Alzheimer's drug OX1 in the US, Europe and other countries and are pending in Japan and Mexico.
The patents are jointly owned by New York University and the University of South Alabama and are licensed exclusively to Intellect Neurosciences.
Daniel Chain, chairman and CEO of Intellect, said: "OX1 is the most advanced candidate in our internal pipeline and has the potential to slow down or arrest Alzheimer's disease in the early stages by stabilising amyloid beta in non-toxic form and preventing oxidative damage leading to inflammation and cell death.
“Moreover, based on OX1's mechanism of action, we believe it has applications for other disease indications as well. The Notice of Allowance of a new patent in Canada relating to OX1 strengthens our intellectual property portfolio and the competitive advantage of our internal drug development pipeline, which boasts clinical stage and preclinical programs.
“Our goal is to develop OX1 through strategic relationships with major pharmaceutical companies from whom we could obtain R&D funding and revenues from license fees, milestone payments, and royalties.
“We intend to build off of our previous successes in granting royalty-bearing licenses to major pharmaceutical companies that are developing drugs in Phase 2 and Phase 3 clinical trials for Alzheimer's disease."
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