Atlantic Technology Ventures, Inc. Initiates Study of Synergies Between its CT-3 and Opioids.

Business Editors, Health/Medical Writers

NEW YORK--(BUSINESS WIRE)--May 29, 2001

Atlantic Technology Ventures, Inc. (NASDAQ:ATLC) has entered into a research collaboration with Dr. Christopher W. Vaughan, Senior Scientist at the Pain Management and Research Center, Royal North Shore Hospital of The University of Sydney, Sydney, Australia.

The goal of this collaboration is to investigate the synergistic effects of opioids and cannabinoids, specifically Atlantic's CT-3, a synthetic derivative of tetrahydrocannabinol (THC), the active ingredient in marijuana. If successful, this research will provide a rational basis for analgesic synergies between CT-3, opioids and Nonsteroidal Antinflammatory Drugs (NSAIDs).

This research effort originates in response to the growing concern that patients are not being adequately treated for pain in both acute and chronic pain conditions. Although opioids are among the most effective pain treatment drugs, their use is carefully circumscribed because they usually cause significant side effects and patients build-up a tolerance to them over time. Human and animal studies indicate that marijuana and cannabis related drugs have analgesic properties that synergistically enhance the pain relieving action of opioids. Accordingly, the goal of a treatment combining both opioids and cannabinoids is to significantly reduce the actual amount of opioids required for a specific effective therapeutic dose, thereby also decreasing any opioid side effects.

"This study explores the likelihood that CT-3 may act synergistically with opioids and NSAIDs to potentially create very potent, yet much safer combination pain therapy," commented Michael Ferrari, who is the Vice President of Atlantic in charge of the CT-3's development. "We're very pleased by Dr. Vaughan's decision to study this aspect of CT-3, and see this as one more indication of its broad therapeutic potential in treating a wide variety of medical conditions."

As part of this research collaboration, Dr. Vaughan will study CT-3 in models of chronic pain, particularly with reference to neuropathic pain. He will determine the analgesic activity of CT-3 in normal animals and those with nerve injury-induced neuropathic pain. He will also examine the cellular actions and intracellular systems which mediate the cellular actions of CT-3 within the (PAG) and (RVM) in normal animals, together with how the cellular /intracellular actions of CT-3 are altered in neuropathic pain states. Finally, Dr. Vaughan will identify any synergies between CT-3 and opioids at the cellular level in normal animals. In particular, he will identify any mixed cannabinoid/NSAID actions of CT-3 that might provide relief in both chronic and acute pain states.

Royal North Shore Hospital

Royal North Shore Hospital was opened in 1885, and became a teaching hospital of the University of Sydney in 1948. The Hospital's Department of Anesthesia and Pain Management established the first Chair in Australia bearing the title "Pain Management" in 1991, and is one of the world's leading centers for the research and treatment of all kinds of pain. It is recognized by the NHMRC of Australia as a center of excellence in hospital based research.

About CT-3

Atlantic is developing its proprietary CT-3, a patented synthetic derivative of carboxylic tetrahydrocannabinol (THC-7C), as an alternative to NSAIDs, such as aspirin and ibuprofen. CT-3 is a novel synthetic marijuana derivative designed to maximize the medical properties of marijuana without producing undesirable psychoactive side effects. Preliminary studies have shown that CT-3 demonstrates analgesic/anti-inflammatory properties at microgram doses without central nervous system or gastrointestinal side effects, and reduces joint damage caused by rheumatoid arthritis. Atlantic has successfully completed a Phase I clinical trial for CT-3, and is about to announce the commencement of Phase II trials. Atlantic plans to develop oral and parenteral formulations of the compound for chronic pain and inflammation associated with a variety of disease states, and other severe diseases including neurological, musculoskeletal and gastrointenstinal disorders, multiple sclerosis, glaucoma and even cancer.

About Atlantic Technology Ventures, Inc.

Atlantic Technology Ventures, Inc. is a publicly held venture capital company specializing in early-stage, breakthrough technologies and rapidly incubating these through a definitive proof-of-principle. Atlantic currently has investments in Catarex, a device for cataract removal; CT-3, a synthetic derivative of marijuana for treating pain and inflammation; and, superconducting electronics for telecommunications.

Cautionary statement under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements that relate to future scientific, business and financial performance. These statements are only predictions and are subject to a number of risks and uncertainties that may cause the actual events or results to differ from those discussed or implied in these statements. These risks and uncertainties include competition from other manufacturers of related technologies, the unavailability of any necessary intellectual property rights possessed by third parties, and certain of those risks described in Atlantic's most recent report on Form 10-KSB with the Securities and Exchange Commission.