EDMONTON, Jan. 28 /CNW/ - Pursuant to the news release of August 27,
2008, the Company continues to pursue available strategic alternatives to
enhance shareholder value. These alternatives include strategic partnership
transactions, mergers and acquisitions, and monetizing certain assets. At this
point, discussions with companies interested in licensing the Company's lead
product, voclosporin, are continuing. Since the timeline for completion of any
strategic alternative is unknown, the Company must reduce its cash burn rate.
As a result, the Company is announcing a number of cost saving measures
including a reduction in staff through terminations and temporary lay-off
The Company will be prioritizing its remaining resources on completing
the European/Canadian Phase 3 psoriasis (ESSENCE) trial and other supportive
studies currently underway with voclosporin as these data are critical to both
current and potential partners for the development of voclosporin.
"We believe that voclosporin will provide benefits for both patients and
the physicians treating them. This belief is supported by both our clinical
trial results and the ongoing programs conducted by our two current partners,
Lux Biosciences and Atrium Medical," stated Dr. Robert Foster, President and
Chief Executive Officer. "However, in the context of the current market
conditions, access to capital is limited. Therefore we find it necessary to
conserve cash while continuing potential partnership discussions and
evaluating other strategic alternatives."
In order to focus on the day-to-day management of the Company, the
strategic alternative process, and in keeping with good governance practices,
Dr. Robert Foster has resigned his position as Executive Chairman of the
Board. Dr. Foster will remain on the Board as a Director to represent
Management while focusing his role as President and Chief Executive Officer.
Mr. Donald Schurman has been appointed as the Chairman of the Board.
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. There is a significant unmet medical need in the
treatment of both solid organ transplantation and autoimmune disease. It is
estimated that the market potential will exceed $4 billion annually in sales
for calcineurin inhibitors such as voclosporin by 2010.
Voclosporin is a next generation calcineurin inhibitor, which recently
completed a Phase 2b North American trial for the prevention of kidney
rejection following transplantation. An extension to the Phase 2b trial and a
combined Phase 3 European/Canadian trial for the treatment of moderate to
severe psoriasis are ongoing. Our partner, Lux Biosciences, is currently
conducting three separate Phase 2/3 pivotal trials investigating voclosporin
(referred to as LUVENIQTM by Lux) for the treatment of uveitis. Voclosporin
has completed patient enrolment in First-in-Man trials as the drug utilized in
the CINATRA(TM) Drug Coated Coronary Stent system developed by the Company's
partner, Atrium Medical Corporation.
Isotechnika Inc. is a publicly traded company on the Toronto Stock
Exchange under the symbol "ISA". More information on Isotechnika can be found
at www.isotechnika.com or www.SEDAR.com.
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, President & CEO, Isotechnika
Inc., Phone: (780) 487-1600 (x247) Fax: (780) 484-4105,
E-mail:firstname.lastname@example.org; Mr. Dennis Bourgeault, Chief Financial
Officer, Isotechnika Inc., Phone: (780) 487-1600 (x226), Fax: (780) 484-4105,