Atlantic Pharmaceuticals Subsidiary Is Awarded NIH Grant To Aid Commercialization Of Cataract Removal Technology.RALEIGH, N.C.--(BW HealthWire)--Jan. 6, 1998--Atlantic Pharmaceuticals, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap: ATLC ATLC Arbitrary Transmission Line Calculator ATLC Atomic Trades and Labor Council ATLC Air Transport Label Catalog ATLC Advanced Technology Licensing Company ) today announced that Optex Ophthalmologics, Inc., its majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , has received a Notice of Grant Award under Phase II of the Small Business Innovation Research Program of the National Eye Institute division of the National Institutes of Health (NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. ). The grant potentially totals $750,000, with Optex receiving $397,500 for fiscal 1998 and -- subject to availability of funds and satisfactory progress on the project -- an additional $352,500 for fiscal 1999. This funding will be used for further development toward commercialization of Optex's cataract cataract, in medicine, opacity of the lens of the eye, which impairs vision. In the young, cataracts are generally congenital or hereditary; later they are usually the result of degenerative changes brought on by aging or systemic disease (diabetes). removal technology, Catarex (TM). On May 3, 1996, Optex announced that it had been awarded $100,000 under Phase I of the grant program. Award of the Phase II grant was based on successful completion of the research objectives under Phase I, as well as the scientific merit of the Phase II application. Discussions Advancing With Potential Partners "We are advancing in discussions with several potential licensees in major world markets, in order to help us expedite the introduction of this important technology to the marketplace. This prestigious grant will aid in that effort," said J.D. Lindjord, President and Chief Executive Officer of Atlantic Pharmaceuticals. "The decision by the National Eye Institute to award the grant is a substantial endorsement of Catarex's potential for cataract surgery Cataract Surgery Definition Cataract surgery is a procedure performed to remove a cloudy lens from the eye; usually an intraocular lens is implanted at the same time. Purpose The purpose of cataract surgery is to restore clear vision. ." The Catarex system has been shown to permit easier, faster, and less invasive surgical removal of cataracts Cataracts Definition A cataract is a cloudiness or opacity in the normally transparent crystalline lens of the eye. This cloudiness can cause a decrease in vision and may lead to eventual blindness. than is possible through currently available surgical techniques. Recently, a number of leading independent ophthalmologists used Catarex in laboratory experiments at Atlantic's invitation and unanimously judged the new technology superior to existing techniques. Atlantic Pharmaceuticals is a biopharmaceutical company developing pharmaceutical and biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. products for a variety of therapeutic areas. The Company's strategy is to develop a diverse portfolio of promising and independent product candidates licensed from a variety of sources. Currently, Atlantic Pharmaceuticals is developing proprietary technologies in antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). gene therapy, cataract removal, prevention of restenosis following coronary angioplasty, and anti-inflammatory/analgesic drugs. This press release contains certain forward-looking statements that relate to future business and financial performance. Such statements can only be predictions and are subject to a number of factors and uncertainties, which may cause the actual events or future results to differ from those discussed herein. Such factors include those risks described in the Company's most recent reports on Forms 10-QSB and 10-KSB filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release. For more information on Atlantic Pharmaceuticals' technologies, visit the Company's web site at http://www.atlan.com. The Company's press releases are available through BusinessWire's web site at http://www.businesswire.com. The releases may also be requested at no charge by phoning BusinessWire's fax-on-demand service at 888-286-8109. CONTACTS: Media Mary Ann Dunnell 212/484-7797 or Investors Dian Griesel 212/664-8489 |
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