At Annual and Special Meeting of Shareholders - Neurochem to officially adopt new name - BELLUS Health - And to provide update on programs including first new natural health product, VIVIMIND(TM)
Neurochem Annual and Special Meeting web cast live
LAVAL, QC, April 15 /CNW Telbec/ - At the Annual and Special meeting of
Neurochem Inc. (NASDAQ: NRMX; TSX: NRM), shareholders will be asked to
officially adopt the Company's new name, BELLUS Health Inc., which it expects
to start using on April 21, 2008, together with the new stock ticker symbols
(NASDAQ: BLUS; TSX: BLU). Neurochem will also present the launch activities
that are in preparation for VIVIMIND(TM), the first branded natural health
product to be marketed by its new, wholly owned, nutraceutical subsidiary,
OVOS Natural Health Inc., to protect memory function. Shareholders will also
learn that Neurochem has regained full ownership rights and control on
eprodisate (KIACTA(TM)) from Centocor Inc., a wholly owned subsidiairy of
Johnson and Johnson, for the prevention and treatment of Amyloid A (AA)
amyloidosis.
"Fiscal 2007 was a difficult year for Neurochem, but we have risen to the
challenge by adopting an expanded corporate strategy to assure revenue
generation in the short-term through the sale of natural health products and
long-term development of a rich product pipeline in pharmaceuticals," said
Dr. Francesco Bellini, Neurochem's Chairman, President and Chief Executive
Officer. "Our name-change to BELLUS Health will reflect the broader scope of
our activities, while the creation of our subsidiary, OVOS Natural Health, as
well as the imminent launch of VIVIMIND(TM) for memory protection, testify to
our determination to move ahead quickly. Our proactive strategy is based on
the wealth of our past experience and the unique opportunity that the natural
health product market represents to meet the needs of those who could benefit
from this product, while helping to fund our longer-term drug development
programs geared to future growth," he stated.
"I am particularly pleased to have regained full ownership of KIACTA(TM)
given the promising results from our Phase II/III trial and our intention to
initiate another Phase III trial and complete the development of this product
candidate," Dr. Bellini concluded.
OVOS Natural Health - Launch activities in preparation for VIVIMIND(TM)
Fifteen years of combined scientific research including clinical trials
with over 2,000 individuals in Canada, the United States and Europe and
millions of dollars invested lie behind OVOS Natural Health's claim that
VIVIMIND(TM) can help protect memory function and reduce age-associated brain
volume loss normally leading to cognitive problems. The Company is looking to
the natural health product market to make homotaurine, a naturally occurring
ingredient otherwise found in algae available to the public given its good
safety and tolerability profiles and the wealth of data supporting the impact
on memory function and brain structures associated with memory and learning.
Following post-hoc analyses, the results in previous human testing
clearly showed that homotaurine had a statistically significant dose-dependent
effect and reduced by at least 68% (p-value 0.035) the loss of hippocampal
volume over time in the individuals tested when compared to the untreated
group. An almost statistically significant clinical benefit equivalent to 33%
less decline (p-value: 0.065) on their cognitive tests as measured by ADAS-cog
was also observed in individuals receiving homotaurine. The launch activities
for VIVIMIND(TM) are in preparation.
"No other product on the natural health product market addressing memory
function comes with the scientific background for safety and indications of
effectiveness that VIVIMIND(TM) can claim," stated Mr. Gary Schmid, newly
appointed President and Chief Executive Officer of OVOS Natural Health Inc.
"VIVIMIND(TM) is in a class by itself and we plan to make it the leader in the
fast growing baby boomer, or zoomer, market where a key concern is to maintain
health and delay the effects of aging," he added.
VIVIMIND(TM) will be made available to consumers through traditional
retail channels, such as drug stores, mass merchandisers and grocery chains,
as well as through leading health food stores. OVOS Natural Health is working
towards the launch of a major advertising and information campaign for
consumers.
New Pharmaceutical Development Pipeline
As previously announced, Neurochem will initiate a second Phase III
clinical trial for eprodisate (KIACTA(TM)) in close cooperation with the U.S.
Food and Drug Administration (FDA) and the European Medicines Agency (EMEA).
This investigational product candidate is being developed for the treatment of
a rare but devastating disease, Amyloid A (AA) amyloidosis, which attacks the
kidney function and often leads to death.
The trial is expected to begin in the fourth quarter of 2008. It will be
an international, double-blind, randomized, placebo-controlled and parallel
design study of approximately 150 patients to be followed for a period of
24 months.
NC-503 is being studied for the treatment of Type II diabetes and certain
features of metabolic syndrome. Results from animal studies using a rat model
of diabetes and metabolic syndrome have shown that NC-503 protects the kidney
and decreases the glycemic levels in obese diabetic, so-called Zucker rats,
when compared to the control group. Treatment with NC-503 correlated with the
preservation of 40% more cells secreting insulin than in the control group.
This program has now advanced into a Phase II clinical trial in diabetic
patients in Canada. The study is a 26-week, double-blind, placebo-controlled,
randomized study. Interim results are expected in late 2008 or early 2009. The
screening of the first patient for this study was completed last week.
Leveraging the many years of accumulated knowledge and the experience it
has gained in developing tramiprosate (ALZHEMED(TM)) for the treatment of
Alzheimer's disease (AD), Neurochem will prioritize and accelerate the
development of a prodrug of tramiprosate (ALZHEMED(TM)), a new chemical
entity (NCE), for the treatment of AD. A prodrug is a pharmaceutical substance
which is administered in an inactive form and, once absorbed, is metabolized
in vivo into its active form (in this case, tramiprosate). This NCE has
potential patent protection until 2027.
Financial Update
Neurochem indicated that it expects to spend less in fiscal 2008 than in
2007, due in large part to the discontinuation of the European Phase III
clinical trial for tramiprosate (ALZHEMED(TM)). The Company completed fiscal
2007 with approximately US$59 million cash on hand, enough to finance the
current needs of Neurochem's pharmaceutical and branded nutraceutical
activities. Management indicated that additional financing could be
contemplated if required and that it can count on the continued support of
Picchio Pharma, the Company's major shareholder
Board Members
Neurochem expresses its thanks and appreciation to Mr. Jean-Guy
Desjardins, President and Chief Executive Officer of Centria Inc. who has
served on the Board since 2004 and whose term comes to an end with the close
of today's shareholders' meeting. At the same time the Company welcomes Ms.
Hélène Fortin to its Board. Ms. Hélène Fortin is one of Quebec's leading
chartered accountants, and has been a practicing partner since 1989, now with
CGF CA - Chartered Accountants. Ms. Fortin is a member of the board of
directors of a number of important Canadian companies including Hydro-Québec,
CBC - Société Radio Canada, Assuris and Concordia University. She also serves
as a member of the Assurance and Auditing Standards Board of the Canadian
Institute of Chartered Accountants (CICA).
Annual and Special Meeting Live Web cast
Neurochem's Annual and Special Meeting will be webcast live at
10:00 A.M., ET, on Tuesday, April 15, 2008. The live Web Cast (audio and
visual) will be available on the Company's Web site at www.neurochem.com. The
telephone numbers to access the audio portion of the presentation only are
514-861-0916 or 1-866-303-7746.
A replay of the Web Cast (audio and visual) will be available three hours
following the conclusion of the presentation, and this until April 23, 2008.
The telephone numbers to access the audio replay are 514-861-2272 or
1-800-408-3053, passcode 3257716#.
Please note that the dial-in numbers and Web Cast will not allow
participants to ask questions. Please dial-in or access Neurochem's Web site
approximately 15 minutes prior to the beginning of the presentation.
About Neurochem
Neurochem Inc. is a global health company focused on the research,
development and commercialization of products to provide innovative health
solutions to address critical unmet medical needs. If approved by the
shareholders, the Company expects to begin using the new name, BELLUS Health
Inc., as of April 21, 2008.
To Contact Neurochem
For additional information on Neurochem and its programs, please call the
North American toll-free number 1-877-680-4500 or visit the Web site at
www.neurochem.com.
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Neurochem Inc.'s
control. Such risks include but are not limited to: the impact of general
economic conditions, general conditions in the pharmaceutical and/or
nutraceutical industry, changes in the regulatory environment in the
jurisdictions in which the Neurochem group does business, stock market
volatility, fluctuations in costs, and changes to the competitive environment
due to consolidation, that actual results may vary once the final and
quality-controlled verification of data and analyses has been completed, as
well as other risks disclosed in public filings of Neurochem Inc.
Consequently, actual future results may differ materially from the anticipated
results expressed in the forward-looking statements. The reader should not
place undue reliance, if any, on any forward-looking statements included in
this news release. These statements speak only as of the date made and
Neurochem Inc. is under no obligation and disavows any intention to update or
revise such statements as a result of any event, circumstances or otherwise,
unless required by applicable legislation or regulation. Please see the Annual
Information Form of Neurochem Inc. for further risk factors that might affect
the Neurochem group and its business
For further information: Lise Hébert, PhD, Vice President, Corporate Communications, (450) 680-4572, lhebert@neurochem.com
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