Message #62 From:
Stock News Bot Date: December 15, 2006 03:30:00 AM
MCET News MultiCell Technologies Fulfills Upfront License Fee Payment Obligation to Amarin Neuroscience for MCT-125
SAN DIEGO--(BUSINESS WIRE)--MultiCell Technologies, Inc. (OTCBB:MCET), developing first-in-class
drugs based on advanced immune system modulation and other proprietary
technologies, today announced that the Company has completed payment of
all upfront license fees related to its acquisition of MCT-125, a
breakthrough drug candidate being developed as a treatment for primary
chronic fatigue associated with multiple sclerosis (MS).
The payment was completed pursuant to the terms of the amended license
agreement with Amarin Neuroscience Ltd. MultiCell estimates MCT-125
could generate up to $3 billion in cumulative worldwide sales during the
time MCT-125 is under patent protection. If such revenue forecasts are
realized by MCT-125, under the terms of the agreement, Amarin could
receive up to $275 million in milestone payments and cumulative royalty
payments during the same period.
“MCT-125 is one of our leading therapeutic
candidates because it promises to be among the first treatments for the
debilitating effects of chronic fatigue caused by multiple sclerosis,”
said Dr. Stephen M. Chang, Chief Executive Officer of MultiCell
Technologies.
MCT-125 targets fatigue associated with MS, an autoimmune disease in
which immune cells attack and destroy the myelin sheath protecting
neurons in the brain and spinal cord. About two million people worldwide
are afflicted with MS, and approximately 70 percent of them report
fatigue as the worst symptom of their disease.
In a 138 patient, multi-center, double-blind placebo controlled Phase II
clinical trial conducted in the UK by Amarin, MCT-125 (then known as
LAX-202) demonstrated efficacy in significantly reducing the levels of
fatigue, with few if any side effects, in all MS patient populations
enrolled in the study including relapse-remitting, secondary progressive
and primary progressive.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is an integrated biopharmaceutical company
committed to the development of breakthrough therapeutics based on a
portfolio of therapeutic candidates and patented drug development
technology. MultiCell’s drug development
program is focused on modulation of the immune system.
MultiCell’s therapeutic pipeline includes drug
candidates some of which are in various advanced stages of human
clinical trials. These therapies include:
MCT-125 for the treatment of chronic fatigue in MS patients. MCT-125
completed a Phase II clinical trial and demonstrated significant
efficacy in reducing chronic fatigue in MS patients. There is no drug
specifically approved for the treatment of chronic fatigue in MS
patients anywhere in the world.
MCT-175 for the treatment of relapsing-remitting MS. MCT-175, in
preclinical development for the treatment of relapsing-remitting MS,
targets disease specific autoaggressive T-cells that destroy the
myelin sheath of nerve cells. MCT-175 successfully ameliorated the
disease in animal models.
MCT-275 for the treatment of type-1 diabetes. MCT-275, in preclinical
development, targets disease-specific autoaggressive T-cells that
destroy insulin producing cells in the pancreas. MCT-275 completely
reversed the type-1 diabetic phenotype and prolonged life in animal
models.
MCT-465 in an adjuvant therapy for the treatment of virus infection
and cancer. MCT-465 in preclinical studies successfully reduced
pulmonary influenza virus levels 1,000-fold in animal models, and has
demonstrated effectiveness in reducing virus levels of HIV and HCV in
animal models. MCT-465 in preclinical studies successfully eliminated
certain types of tumors in animal models.
The Company also holds unique cell-based technology for use in drug
discovery screening applications, and is a leading producer of the cell
lines needed by the biotechnology industry to develop new drugs and
therapeutics.
Any statements in this press release about MultiCell's expectations,
beliefs, plans, objectives, assumptions or future events or performance
are not historical facts and are forward-looking statements for purposes
of the Private Securities Litigation Reform Act of 1995 (the “Act”).
These statements are often, but not always, made through the use of
words or phrases such as “believe,”“will,”“expect,”“anticipate,”“estimate,”“intend,”“plan,”“forecast,”“could,”
and “would.”
Examples of such forward looking statements include statements regarding
the timing, design, scope, and anticipated results of our clinical
development of MCT-125, and statements regarding expected milestone and
royalty payments to Amarin and worldwide sales relating to MCT-125.
MultiCell bases these forward-looking statements on current expectations
about future events. They involve known and unknown risks, uncertainties
and assumptions that may cause actual results, levels of activity,
performance or achievements to differ materially from those expressed or
implied by any forward-looking statement. Some of the risks,
uncertainties and assumptions that could cause actual results to differ
materially from estimates or projections in the forward-looking
statement include, but are not limited to, the risk that we might not
achieve our anticipated clinical development milestones, receive
regulatory approval, or successfully commercialize MCT-125 as expected,
the market for our products will not grow as expected, and the risk that
our products will not achieve expectations. For additional information
about risks and uncertainties MultiCell faces, see documents MultiCell
files with the SEC, including MultiCell’s
report on Form 10-KSB for the fiscal year ended November 30, 2004, and
all our quarterly and other periodic SEC filings. MultiCell claims the
protection of the safe harbor for forward-looking statements under the
Act and each assume no obligation and expressly disclaim any duty to
update any forward-looking statement to reflect events or circumstances
after the date of this news release or to reflect the occurrence of
subsequent events.
