Message #17 From:
Stock News Bot Date: January 16, 2007 06:15:00 AM
PYTO News PhytoMedical Finalizing Transition of Diabetes Compound Development
PRINCETON, N.J.--(BUSINESS WIRE)--PhytoMedical Technologies, Inc. (OTCBB: PYTO) (FWB: ET6) today announced
that it is finalizing the developmental transition of its new class of
polyphenolic compounds, which possess unique antioxidant and insulin
enhancing qualities, distinct from existing classes of drugs for
diabetes, to a highly respected, pre-clinical centric laboratory. This
will enable PhytoMedical to expedite the pursuit of an Investigational
New Drug (IND) application with the FDA, which, if approved, will allow
the Company to initiate Phase 1 human studies.
“We are completing the next steps in our
transition development strategy, which will ultimately allow us to move
closer to our IND filing,” states Mr. Greg
Wujek, President and CEO of PhytoMedical Technologies. “Our
new compound for Type 2 diabetes has demonstrated promising results,
which was the basis for expediting the development.”
For the past several years, research has been dedicated to providing
insight and understanding of how type A-1 polyphenols work as a
treatment for type 2 diabetes. Our goal is to develop that knowledge
into treatment options that surpass today’s
choices for type 2 diabetes.
In a published study of type 2 diabetes patients, these polyphenolic
compounds significantly reduced blood sugar levels by an average of 18
to 29 percent, triglycerides (fatty acids in blood) by 23 to 30 percent,
LDL (or “bad”)
cholesterol by 7 to 27 percent, and total cholesterol by 12 to 26
percent. Amazingly, no side effects were reported in the study.
At a cost of $132 billion - nearly one out of every ten health care
dollars spent in the United States - diabetes afflicts 7% of the
American population. Impacting approximately 21,000,000 Americans,
diabetes has become the sixth leading cause of death, and the leading
cause of lower limb amputations. In all cases, insulin function is
critical to the treatment of diabetic patients.
About PhytoMedical Technologies, Inc.
PhytoMedical Technologies, Inc. (OTCBB: PYTO; Frankfurt Stock Exchange:
ET6), together with its wholly owned subsidiaries, is a pharmaceutical
company focused on research, development and commercialization of
pharmaceutical products.
No statement herein should be considered an offer or a solicitation of
an offer for the purchase or sale of any securities. This release
contains forward-looking statements that are based upon current
expectations or beliefs, as well as a number of assumptions about future
events. Although the Company believes that the expectations reflected in
the forward-looking statements and the assumptions upon which they are
based are reasonable, it can give no assurance that such expectations
and assumptions will prove to have been correct. Forward-looking
statements, which involve assumptions and describe our future plans,
strategies, and expectations, are generally identifiable by use of the
words “may,”“will,”“should,”“could,”“expect,”“anticipate,”“estimate,”“believe,”“intend,” or “project”
or the negative of these words or other variations on these words or
comparable terminology. The reader is cautioned not to put undue
reliance on these forward-looking statements, as these statements are
subject to numerous factors and uncertainties, including, but not
limited to, adverse economic conditions, intense competition, lack of
meaningful research results, entry of new competitors and products,
adverse federal, state and local government regulation, inadequate
capital, unexpected costs and operating deficits, increases in general
and administrative costs, termination of contracts or agreements,
technological obsolescence of the Company's products, technical problems
with the Company's research and products, price increases for supplies
and components, litigation and administrative proceedings involving the
Company, the possible acquisition of new businesses or technologies that
result in operating losses or that do not perform as anticipated,
unanticipated losses, the possible fluctuation and volatility of the
Company's operating results, financial condition and stock price, losses
incurred in litigating and settling cases, dilution in the Company's
ownership of its business, adverse publicity and news coverage,
inability to carry out research, development and commercialization
plans, loss or retirement of key executives and research scientists,
changes in interest rates, inflationary factors, and other specific
risks. We currently have no commercial products intended to diagnose,
treat, prevent or cure any disease. The statements contained in this
press release regarding our on going research and development and the
results attained by us to date have not been evaluated by the Food and
Drug Administration. There can be no assurance that further research and
development, and/or whether clinical trial results, if any, will
validate and support the results of our preliminary research and
studies. Further, there can be no assurance that the necessary
regulatory approvals will be obtained or that PhytoMedical will be able
to develop commercially viable products on the basis of its
technologies. In addition, other factors that could cause actual results
to differ materially are discussed in the Company's most recent Form
10-QSB and Form 10-KSB filings with the Securities and Exchange
Commission. These reports and filings may be inspected and copied at the
Public Reference Room maintained by the U.S. Securities & Exchange
Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain
information about operation of the Public Reference Room by calling the
U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S.
Securities & Exchange Commission also maintains an Internet site that
contains reports, proxy and information statements, and other
information regarding issuers that file electronically with the U.S.
Securities & Exchange Commission at http://www.sec.gov.
The Company undertakes no obligation to publicly release the results of
any revisions to these forward looking statements that may be made to
reflect the events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
