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news.Intellect Neurosciences, a biopharmaceutical company, has completed validation of its European patent related to antibodies and methods of treatment for Alzheimer's disease in Germany, France, UK and the Netherlands.
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According to the company, validation of the patent is currently underway in other European countries. The patent also has been granted in countries outside of Europe and is pending in the US.
Intellect has received a milestone payment following grant of the patent in Europe under the non-exclusive license it has granted to Wyeth and Elan Pharma International. The company is entitled to additional payments, including royalties based on potential future sales of Bapineuzumab and other products, if such products are commercialized in countries where Intellect’s patents remain in force.
Daniel Chain, chairman and CEO of Intellect, said: “The validation of the European patent on a country-by-country basis is an important step to obtain maximum financial rewards under our agreements with major pharmaceutical companies that have products in advanced clinical development for the treatment of Alzheimer’s disease and other related disorders.”