AtheroNova Achieves Milestone in Initiating First Shipment of AHRO-001 First Clinical Grade Product Ships to CardioNova in Advance of Toxicology Studies
IRVINE, Calif., March 1, 2012 /PRNewswire/ -- AtheroNova Inc. (OTCBB: AHRO), a biotech company focused on the research and development of compounds to regress atherosclerotic plaque, today announced that it has initiated the first shipment of AHRO-001 Active Pharmaceutical Ingredient (API) to its research and development partner CardioNova, Ltd., a Russia based biotech company responsible for Phase 1 and 2 human clinical studies of AHRO-001. The clinical-grade material will be used to commence the toxicology studies conducted for Russian regulatory purposes.
"We are pleased to announce this first shipment, clearly a milestone for us in the development of AHRO-001 for use in upcoming human clinical studies," said AtheroNova CEO Thomas Gardner. "This is the highest purity ever achieved in AHRO-001 and is ready to be used in an advanced clinical setting for the first time. As we proceed through our clinical phases, we are extremely gratified to adhere to our aggressive development path and look forward to additional development milestones in the coming months."
"CardioNova is very excited to receive the first shipment," commented CardioNova CEO Andrey Boldyrev. "We are looking forward to starting the toxicology studies and initiating clinical studies in close cooperation with AtheroNova, who proves to be an ideal partner for this project. We believe that an effective partnership of our two companies will allow us to bring to market a novel drug that is much anticipated by doctors and patients all over the world."
AHRO-001 is AtheroNova's first novel application for the treatment and prevention of atherosclerosis. Atherosclerotic plaque is the primary, underlying cause of heart disease and stroke in industrialized countries. AHRO-001 uses certain natural compounds to regress atherosclerotic plaque deposits through a process known as delipidization. Delipidization dissolves plaques in artery walls, which are then removed by natural body processes. AtheroNova plans to develop multiple applications for its patents-pending compounds that can be used in pharmaceutical-grade products for the treatment of atherosclerosis. Atherosclerosis and related pharmaceutical costs run more than $41 billion annually in the United States alone. Market sectors potentially served by AHRO-001 include: Cardiovascular Disease, Stroke, Peripheral Artery Disease, Dementia and Alzheimer's and Erectile Dysfunction, all of which have been linked to atherosclerosis.
AtheroNova Inc., through its wholly-owned subsidiary, AtheroNova Operations, Inc., is an early stage biotech company focused on discovery, research, development and licensing of novel compounds to reduce or regress atherosclerotic plaque deposits. The Company's focus on compounds to reduce or regress atherosclerotic plaque deposits addresses the most lucrative segments of the multi-billion dollar prescription drug market: cardiovascular disease and stroke prevention. www.AtheroNova.com.
CardioNova, Ltd is a private Russian biotechnology company founded in 2011 and financed by Maxwell Biotech Venture Fund, the first Russian venture fund fully dedicated to investments in the life sciences sector, formed with the participation of Russian Venture Company. CardioNova is a resident of Biomedical Cluster at Skolkovo Innovation Center, the company's main goal is to develop and launch into the Russian market innovative products to treat cardiovascular disease.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the Company's product shipments, suitability of the compound for its intended use, mechanisms of action, clinical trials and supply chain as well as the development of applications for AtheroNova's technology. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, the introduction of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in AtheroNova's filings with the United States Securities and Exchange Commission. AtheroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE AtheroNova Inc.