TRANSITION TO BEGIN ISLET NEOGENESIS U.K. PHASE I TRIAL.
"The approval of the Phase I represents a significant milestone for the company and demonstrates that Transition is focused on rapidly moving products to the clinic." said Tony Cruz, chairman and CEO of Transition Therapeutics Inc.
Transition expects the trial to be complete by early 2003.
Transition believes that I.N.T. represents a new paradigm in the treatment of diabetes because it consists of a simple, non-invasive regenerative therapy that mimics the normal development of insulin producing cells. I.N.T. is a short course of injections of two well-defined human growth factors that stimulates the body to regenerate insulin producing cells that are damaged or destroyed in those with insulin-dependent diabetes. This treatment has the potential of reducing, and in some case eliminating, the need for insulin injections.
The initiation of Phase I human trials for I.N.T. has enabled the company to commence closure of its laboratory facility in Woburn, Mass. and reduce its headcount that was dedicated to the pre-clinical development of I.N.T. Senior officers affected by the closure included Dr. Stephen Brand, Dr. Sheila Magil, and Phil Shapiro. Brand will remain associated with Transition in an advisory capacity.
About Transition Therapeutics
Transition Therapeutics Inc. is a publicly listed biopharmaceutical company developing innovative therapeutics focusing on the treatment of multiple sclerosis, diabetes and restenosis. Transition offers a deep product portfolio and a strong management team with expertise in product development. Transition's management intends to continue to build shareholder value by rapidly and cost effectively advancing products from discovery to the clinic and licensing to corporate partners.
For more information, call 416/260-7770 Ext. 224 or visit http://www.transitiontherapeutics.com.