Osta Receives Funding From Institute for the Study of Aging
October 21 2008 - 7:22AM
Marketwired
THIS PRESS RELEASE SHOULD NOT BE CONSTRUED AS AN OFFER TO SELL
SECURITIES IN THE UNITED STATES.
Osta Biotechnologies Inc. (TSX VENTURE: OBI) has received
funding in the form of a convertible note in the amount of
USD$247,106 to develop a novel class of drugs for Alzheimer's
disease (AD).
The funding is provided by the Institute for the Study of Aging
(ISOA), a private foundation established by the Estee Lauder family
in 1998, specifically for the research project entitled
"Suppression of glial HO-1 activity as a potential neurotherapeutic
intervention in AD."
The note, which bears interest at a rate of 5% per annum, is
convertible into Osta common shares in certain circumstances upon
the earlier of the fifth anniversary of the issuance thereof at
conversion prices between $0.18 and $0.23598 per share and Osta
raising an aggregate of at least $1 million. The note is
accompanied by a common share purchase warrant exercisable for a
maximum of 710,772 additional common shares of Osta for 5 years
from the date of issuance at a price per share tied to the
conversion price of the note.
"We are quite pleased to have received funding from such a
prominent organization," said Dr. Ajay Gupta, Chairman & CEO of
Osta and the principal investigator of this research. "This award
provides a solid endorsement to the credibility of the sound
science driving our AD therapeutic development program. This
funding will play a critical role in the development of our small
molecule inhibitors of an enzyme known as heme oxygenase-1 (HO-1)
for the treatment of AD."
Dr. Hyman M. Schipper, co-principal investigator and Director of
the Center for Neurotranslational Research, SMBD Jewish General
Hospital and Professor of Neurology and Medicine, McGill
University, commented: "We and others have shown that some of the
damage in AD is due to abnormally high activity of HO-1. Osta in
collaboration with my group and Dr. Walter Szarek of Queen's
University, is developing novel, potent and selective inhibitors of
HO-1 as innovative therapeutics for AD and other aging-related
human neurodegenerative disorders."
"Osta Biotechnologies has developed a unique and promising
inhibitor for the HO-1 enzyme that may be able to protect brain
cells from damaging oxidative insults, iron deposition and other
pathological changes that occur in Alzheimer's disease," said
Howard Fillit, MD, Executive Director of ISOA. "We are hopeful that
this program will lead to a new strategy for the treatment of
AD."
Osta Biotechnologies Inc.
Osta is a biopharmaceutical company listed on the TSX Venture
Exchange (TSXV: OBI) dedicated to developing novel diagnostics and
therapeutics for the aging population particularly in the areas of
Cancer, Alzheimer's disease, Osteoporosis, Osteoarthritis and
XLH.
The Institute for the Study of Aging & Alzheimer's Drug
Discovery Foundation
The Institute for the Study of Aging (ISOA) and its sister
organization the Alzheimer's Drug Discovery Foundation share the
common mission of accelerating drug discovery for Alzheimer's
disease through venture philanthropy. To date, ADDF and ISOA have
awarded over $33 million for approximately 240 research programs
and conferences worldwide. For more information, visit
www.AlzDiscovery.org.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Osta Biotechnologies Inc. Dr. Ajay Gupta Chairman
& CEO 514-626-0322 Institute for the Study of Aging, Inc. Dr.
Howard Fillit Executive Director 212-901-8001
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