Boston Life Sciences Inc. Issues Statement Regarding Troponin and Recent Volatility in Stock Price.BOSTON--(BUSINESS WIRE)--May 7, 1998--Boston Life Sciences, 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 :BLSI BLSI Boston Life Sciences, Inc. ) announced today, in response to inquiries regarding the significant volatility in the price of the Company's Common Stock on the NASDAQ Smallcap Market this week, that the Company is not aware of any specific corporate developments or announcements that would account for the unusual activity in its stock. However, the Company noted that recently, reports have appeared in prominent newspapers and other mass media characterizing antiangiogenesis research as extremely promising and noting the potential ability of such agents to control the growth of cancerous tumors and other diseases. The Company also noted that it has supported what it believes was one of the first antiangiogenesis programs based on discoveries made by scientists at Children's Hospital of Boston and the Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, . Boston Life Sciences has been providing collaborative research support since 1992. Boston Life Sciences has been pursuing development of Troponin troponin /tro·po·nin/ (tro´po-nin) a complex of muscle proteins which, when combined with Ca2+, influence tropomyosin to initiate contraction. tro·po·nin n. , a naturally occurring antiangiogenic an·ti·an·gi·o·gen·ic adj. Inhibiting the growth of blood vessels. antiangiogenic protein, which in animal models, has been shown to significantly inhibit primary tumor primary tumor A neoplasm which, in clinical parlance, is regarded as malignant, arising in one site and capable of giving rise to metastatic or secondary tumors. See Metastasis. Cf Tumor of unknown origin. and metastatic cancer Metastatic cancer A cancer that has spread to an organ or tissue from a primary cancer located elsewhere in the body. Mentioned in: Liver Cancer metastatic cancer growth in mice. However, the Company cautioned that these development efforts are still at the preclinical stage. During the first quarter of 1998 as previously announced by the Company, Boston Life Sciences completed a scale-up manufacturing process for recombinant Troponin and as a result, currently expects to be able to produce sufficient quantities of material for human clinical trials of Troponin. This material is currently being used for the preclinical studies necessary for the Company to file an Investigational New Drug (IND) application with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . The Company's objective is to file an IND in 1998 and to initiate human clinical trials as early as possible thereafter. No assurance can be given that this timetable will be met, however, or that Troponin will obtain all necessary regulatory approvals or will prove effective in humans. BLSI is engaged in the research and development of novel treatments for cancer, autoimmune diseases, and central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency . In addition to Troponin, BLSI's products in clinical trials or in pre-clinical development include Altropane, a radioimaging agent for the diagnosis of Parkinson's Disease, Axogenesis Factor 1 (AF-1), a novel central nervous system growth factor; THERAFECTIN(R) for the treatment of Rheumatoid Arthritis; and two transcription factors to control the expression of molecules associated with autoimmune disease and allergies. This press release contains certain forward-looking statements regarding current expectations of timetables and prospects for product development, regulatory submissions and other matters and accordingly actual results may vary materially. Among the meaningful factors that may affect these expectations are the inherent uncertainty of clinical trials, potential delays in applicable regulatory processes and other factors described in the Company's filings with the Securities and Exchange Commission. CONTACT: Boston Life Sciences, Inc. S. David Hillson, 617/425-0200 Marc E. Lanser, M.D., 617/425-0200 or Martin E. Janis & Co., Inc. Bev Jedynak, 312/943-1100 |
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