EDMONTON, Sept. 25 /CNW/ - Dr. Robert Foster, Executive Chairman of the
Board of Isotechnika, has announced that Dr. Randall Yatscoff will be retiring
from his position as President and Chief Executive Officer. Dr. Yatscoff's
resignation will be effective October 1, 2007. Dr. Yatscoff will remain on as
a scientific consultant for six months to assist in scientific matters until
the expected completion of the phase 2b kidney transplantation study. Dr.
Yatscoff has been a member of the senior management within the company since
1996 and has been involved in the development of Isotechnika's lead drug,
"My objective with the Company was to facilitate the scientific and
clinical development of ISA247 prior to eventual commercialization efforts. As
the drug is now well into Phase 3 trials in psoriasis and Phase 2b in kidney
transplantation, I feel I have accomplished this objective. I remain a
shareholder as I continue to be excited about the potential of ISA247 and look
forward to its future progress," stated Dr. Yatscoff.
"Dr. Yatscoff's retirement coincides with moving the Company from its
main emphasis on research and development (R&D) to an increasing emphasis on
commercialization efforts. In the early stages of the company's evolution,
Isotechnika focused on R&D, primarily due to its genesis as a University of
Alberta spin-off company managed by former university professors. Now that the
Company is on a path leading to commercial sales of ISA247, the management
team must look to acquiring additional business expertise to assist with
product launch and sales. Dr. Yatscoff's retirement from daily management and
re-appointment as a scientific advisor will assist us with this transition. In
the interim, the Board has asked that I reassume my role as CEO," stated Dr.
Robert Foster, Isotechnika's current Executive Chairman. "Over the past 12
years we have been able to build a strong nucleus of senior scientists and
clinicians specializing in all aspects of immunosuppressive drug development.
These individuals are committed to the further development of our lead drug,
ISA247, and to the development of additional drugs within our pipeline. My
goal will be to continue to work with this team to ensure that Isotechnika
continues to progress with our current partners and to focus our efforts on
the timely completion of clinical trials leading to regulatory approvals."
Edmonton-based Isotechnika Inc. is an international biopharmaceutical
company focused on the discovery and development of novel immunosuppressive
therapeutics that are designed to offer advantages over other currently
available treatments while offering therapeutic choices to clinicians.
Isotechnika looks to become the market leader of drug therapies for
indications such as transplantation of solid organs (with Hoffman La Roche)
and treatment of autoimmune disorders such as uveitis (with Lux Biosciences)
Calcineurin inhibitors are used in the vast majority of all transplant
patients from the time of transplant, continuing for the entire life of the
patient. The market for these drugs currently exceeds $2 billion annually. Use
of the only other two marketed calcineurin inhibitors, cyclosporin and
tacrolimus, while both efficacious, is associated with various significant
Isotechnika's lead drug, ISA247, has successfully completed a Phase 3
Canadian trial for the treatment of moderate to severe psoriasis. ISA247 is
currently being investigated in a Phase 3 European/Canadian psoriasis trial
and a Phase 2b North American trial for the prevention of kidney graft
rejection subsequent to transplantation. Our partner, Lux Biosciences, is
currently conducting three separate Phase 2/Phase 3 trials investigating
ISA247 as a treatment for uveitis.
Isotechnika Inc. is a publicly traded company on the Toronto Stock
Exchange under the symbol "ISA". More information on Isotechnika can be found
Partnerships with Isotechnika Inc.
Isotechnika Inc. signed a collaboration agreement with Hoffman La Roche
on April 9, 2002, which licensed the worldwide rights to develop and
commercialize ISA247 for all transplant indications.
On September 30, 2005, Isotechnika Inc. entered into an exclusive
worldwide licensing agreement with Atrium Medical Corporation for the use of
ISA247 and TAFA93 specifically with drug eluting devices for the non-systemic
treatment of vascular, cardiovascular, target vessel and tissue disorders.
Isotechnika Inc. and Cellgate Inc. signed an option agreement on
April 25, 2006, granting Isotechnika the option to obtain an exclusive license
to develop and commercialize conjugates consisting of Cellgate's patented
transporter technology for the topical delivery of ISA247 in patients
suffering from mild to moderate psoriasis.
On May 25, 2006, Isotechnika Inc. signed an agreement with Lux
Biosciences, Inc. of Jersey City, New Jersey granting Lux Biosciences
worldwide rights to develop and commercialize Isotechnika's lead drug, ISA247
for the treatment and prophylaxis of all ophthalmic diseases.
This press release may contain forward-looking statements. Forward
looking statements, including the Company's belief as to the potential of its
products, the Company's expectations regarding the issuance of additional
patents and the Company's ability to protect its intellectual property,
involve known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the forward
looking statements. Such risks and uncertainties include, among others, the
availability of funds and resources to pursue research and development
projects, the ability to economically manufacture its products, the potential
of its products, the success and timely completion of clinical studies and
trials, the Company's ability to successfully commercialize its products, the
ability of the Company to defend its patents from infringement by third
parties, and the risk that the Company's patents may be subsequently shown to
be invalid or infringe the patents of others. Investors should consult the
Company's quarterly and annual filings with the Canadian commissions for
additional information on risks and uncertainties relating to the
forward-looking statements. Investors are cautioned against placing undue
reliance on forward-looking statements.
For further information:
For further information: Dr. Robert Foster, Executive Chairman,
Isotechnika Inc., Phone: (780) 487-1600 (x222), Fax: (780) 484-4105, E-mail:
firstname.lastname@example.org; Stephanie Gillis-Paulgaard, Director, Corporate
Communications, Isotechnika Inc., Phone: (780) 487-1600 (x243), Fax: (780)
484-4105, E-mail: email@example.com