Panacea Pharmaceuticals, Inc. Announces Collaboration with Walter Reed Army Institute of Research for Pre-Clinical Studies on Drug Candidates for Stroke and Other Neurodegenerative Conditions

GAITHERSBURG, Md., March 17 /PRNewswire/ -- Panacea Pharmaceuticals, Inc. announced today that it has entered into a Collaborative Research and Development Agreement (CRADA) with the Walter Reed Army Institute of Research (WRAIR), Division of Neurosciences, Department of Neuropharmacology and Molecular Biology under the direction of Frank C. Tortella, PhD.

Under the CRADA, Panacea and WRAIR will evaluate the efficacy, toxicity, and mechanism of action of PAN-811 and its derivatives as neuroprotectants for global and focal ischemia. The scope of work includes examination of these compounds in an animal model of transient focal brain ischemia to evaluate in vivo efficacy and toxicity as a part of pre-clinical studies.

"This CRADA with WRAIR will allow us to quickly assess the efficacy and biological relevance of PAN-811 and its derivatives for conditions linked to cerebral ischemia such as stroke and head injury," stated Bijan Almassian, PhD, Chief Operating Officer of the Company.

The Company developed and utilized several cell-based screening assays modeling ischemic neuronal cell death to identify PAN-811, a bioavailable small molecule that displays potent neuroprotection in our assays. The exact mechanism of action of PAN-811 remains unclear and is one aspect of the proposed work.

Panacea will draw on WRAIR's expertise and capabilities to investigate apoptotic neuronal cell death, determine genomic response to brain injury, understand post-translational mechanisms underlying response to trauma, define specific biomarkers of brain injury, and understand electrophysiological consequences of brain injury and functional recovery.

Ischemia-related diseases encompass a large group of maladies and associated syndromes resulting from neuronal cell death subsequent to ischemia. The clinical significance of cerebral ischemia is compounded by the lack of effective neuroprotective treatments that directly inhibit ischemic neuronal death. Therefore, discovery and development of neuroprotectants is a priority in the prevention and treatment of ischemic-related disease.

About the Department of Neuropharmacology and Molecular Biology

The mission of this department is to study the molecular and cellular mechanisms promoting brain injury and to develop strategic insights toward developing novel therapeutic treatments for improving survival and recovery of the brain injured soldier and patient. Their research program uses a multitude of advanced research technology to study this critical care problem from the cellular gene level to the whole organism. The emphasis and direct focus of their efforts is on neuroprotection, and acquiring critical knowledge that will directly impact on the therapeutic treatment of head injured soldiers during the course of far forward medical care and evaluation.

A multi-disciplined research approach has been established and implemented to accomplish this task. Their department wide neuronal injury and neuroprotection research efforts are directed not only towards head injuries caused by combat-related penetrating missile wounds, but also brain injuries potentially associated with biological and/or chemical neurotoxin exposures.

Their comprehensive neuroprotection research program utilizes in vitro and in vivo rat brain injury models to study the pharmacodynamics of potential therapeutics, inclusive of comprehensive dose-response and therapeutic window evaluations of short- and long-term recovery following experimental brain injury. Current outcome measures of neuroprotection include quantitative histopathology, immunohistochemistry, EEG spectral analysis, and high- resolution topography, physiological monitoring, and neurological assessments.

The department has conducted CRADAs with several pharmaceutical companies, including Roche Biosciences, Guilford Pharmaceuticals, Millenium Pharmaceuticals, and Cognetix, which have led to the preclinical discovery of several novel neuroprotective agents.

About WRAIR

WRAIR is the largest, most diverse, and oldest laboratory in the US Army Medical Research and Materiel Command. It conducts research on a range of militarily relevant issues, including naturally occurring infectious diseases, combat casualty care, operational health hazards, and medical defense against biological and chemical weapons. WRAIR is the Department of Defense's lead agency for infectious disease research and a crucial source of research support for medical product development. WRAIR's primary customers are the US Army, whose requirements drive WRAIR's research agenda, and the other US Armed Forces.

About Panacea Pharmaceuticals, Inc.

Panacea Pharmaceuticals, Inc. is an emerging biopharmaceutical company focused on utilizing functional genomics and proteomics to develop therapeutics and diagnostics for diseases with substantial unmet clinical need. The Company's product development focus is on novel proteins and biochemical pathways related to cellular regulation and cell cycle abnormalities in oncology as well as both acute and chronic neurodegenerative conditions such as hypoxia-induced cognitive impairment, Parkinson's disease, and Alzheimer's disease.

More information is available at http://www.PanaceaPharma.com

Except for historical information presented in this press release, matters discussed herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on the opinions and estimates of management only as of the date of this release and are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such statements. Factors that might cause such a difference include, but are not limited to, uncertainties related to our access to capital, the progress, costs, and results of any clinical trials undertaken by us, progress of our research and development projects, and uncertainties related to whether our product candidates would ultimately achieve commercial success. We do not undertake any obligation to update publicly any forward-looking statement, whether as a result of new information, future events, or otherwise unless required by law.