NEW YORK, March 29, 2012 /PRNewswire/ -- Islet Sciences, Inc., (OTC.BB: ISLT) a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes, announced today that its subsidiary DiaKine Therapeutics Inc. received European patent protection. The drugs are small molecules that can be used to treat diabetes, atherosclerosis and other inflammatory diseases.
The European patent (#1919867), issued on March 16, 2012, covers the composition and methods of use of orally active drugs with a novel mechanism to reduce autoimmunity and inflammation. In particular, the small molecules have the potential to protect insulin-producing cells from inflammation, reduce insulin resistance, and prevent or treat cardiovascular disease, making them ideally suited for the treatment of type 1 and type 2 diabetes, atherosclerotic cardiovascular disease and other conditions associated with activation of the body's Interleukin 12/STAT4 Pathway.
"Inflammation is a major link associated with the development of diabetes and its complications," said Dr. Jerry L. Nadler, the company's chief science officer and chairman of the board. "This European patent strengthens DiaKine's ability to address diabetes and to meet a medical need for the treatment other inflammatory diseases, such as atherosclerosis and autoimmune disorders."
"This patent issuance is a clear testament to the value of our therapies which represents a large market opportunity for Islet Sciences," said John Steel, Chairman and CEO of Islet Sciences. We are pleased to announce this milestone which clearly strengthens our value proposition."
The compounds were first developed at the University of Virginia and licensed to DiaKine by the U.Va. Patent Foundation (now the U.Va. Licensing & Ventures Group) http://www.innovation.virginia.edu.
"U.Va.'s innovative ventures are advancing important discoveries to the global marketplace and this is a great example," said Michael Straightiff, director of U.Va. Licensing & Ventures Group.. "Congratulations to DiaKine on this important milestone."
About Islet Sciences, Inc.
Islet Sciences is a development-stage biotechnology company with patented technologies focused on transplantation therapy for people with insulin-dependent diabetes. The Company's transplantation technology includes methods for the culturing, isolation, maturation, and immunoprotection (microencapsulation) of islet cells. The Company's mission includes the introduction of commercial products with applications to cell-based replacement therapy in the healthcare marketplace.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements for Islet Sciences reflect current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the companies' successful execution of their perspective business strategies, including with respect to the successful development of cell therapeutics, including with respect to Islet Sciences –as well as the future of the cell therapeutics industry. Actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements on September 30, 2011 and for Islet include the risks described in the One E-Commerce Corporation Form 8-K filed with the Securities and Exchange Commission on December 30, 2011. The companies' further development is highly dependent on future medical and research developments and market acceptance, which is outside their control.
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SOURCE Islet Sciences, Inc.