Avicena Engages Rothschild and Bionest as Strategic Advisors
 

Avicena Engages Rothschild and Bionest as Strategic Advisors

July 12, 2007: 08:30 AM EST


PALO ALTO, Calif., July 12 /PRNewswire-FirstCall/ -- Avicena Group Inc. , a late stage biotechnology company that develops central nervous system therapeutics for neurodegenerative diseases, announced today that it has engaged Rothschild Inc., a leading global investment bank, to analyze opportunities for partnering and licensing as well as other business transactions for its late stage central nervous system drug development programs. Rothschild will collaborate with Bionest Partners, a global life sciences strategy consulting firm, in the strategic review process.

Avicena has advanced its clinical programs for Parkinson's disease and ALS (Lou Gehrig's disease) into Phase III clinical trials, with its Huntington's disease program to also enter Phase III in early 2008. Avicena maintains full ownership its broad intellectual property portfolio which includes 50 patents issued and pending. The Company intends to expand its neurology portfolio in the near future by pursuing the use of its analogues in pre-clinical studies for Alzheimer's disease and Multiple Sclerosis.

Avicena's proprietary Parkinson's disease drug candidate, PD-02, is being utilized in one of the largest Phase III clinical trials ever conducted for Parkinson's disease, which is currently enrolling up to 1,720 patients in over 50 centers throughout North America. An enrollment update will soon be made available. The phase III trial is being fully sponsored by NINDS, a division of the National Institutes of Health (NIH).

"We are pleased that Rothschild and Bionest have agreed to represent Avicena as strategic advisors," stated Belinda Tsao-Nivaggioli, CEO of Avicena. "Both companies have a proven track record advising global biotechnology and healthcare companies to fully leverage their late stage drug pipeline and patent portfolio to maximize shareholder value."

ABOUT AVICENA

Avicena Group, Inc. is a Palo Alto, California based late stage biotechnology company that develops central nervous system therapeutics for neurodegenerative diseases. The company's core technologies, supported by a robust IP portfolio, have broad applications in both pharmaceuticals and dermaceuticals. Avicena's pharmaceutical program centers on rare neurological disorders (orphan diseases). The company is currently analyzing data from its Phase IIb/III trial in ALS. Near term, Avicena intends to initiate a Phase III trial in Huntington's disease to accompany the ongoing Phase III trial in Parkinson's disease. Avicena's science is well-established and its products are safe and well-tolerated. Unlike traditional biotechnology companies, Avicena's clinical programs are largely funded by government and non-profit organizations. Avicena presently derives revenue from the sale of proprietary dermaceutical ingredients to skin care manufacturers.