Star Scientific Announces Collaboration with Roskamp Institute on Beta-amyloid Discovery and Alzheimer's Disease
By Star Scientific Inc., PRNEThursday, April 8, 2010
GLEN ALLEN, Virginia, April 9, 2010 - Star Scientific (Nasdaq: CIGX) announced today that it has completed a
"Research and Royalty Agreement" with the Roskamp Institute's affiliate, SRQ
Bio, LLC, under which the Institute will conduct research on a compound
developed by the company's Rock Creek Pharmaceutical subsidiary that medical
researchers at the Institute believe may have an application in the treatment
of Alzheimer's disease. Preliminary testing of the compound has produced
promising results when applied to cells, and the compound is being explored
further for its application to treat a variety of neurological conditions,
including Alzheimer's. Preliminary tests performed by the Roskamp Institute
show that when the compound developed by Rock Creek is applied to cells,
B-amyloid is reduced. Also, the compound appears to encourage new neuronal
cell growth. Results in cells do not necessarily translate to human testing,
and additional work needs to be completed to determine whether the compound
will have significant B-amyloid lowering effects in humans. There are now 5.3
million Americans living with Alzheimer's and every 70 seconds, someone in
America develops Alzheimer's disease. In 2010, there will be approximately
500,000 new cases per year. Tragically, Alzheimer's is the sixth-leading
cause of death in our country. From 2000-2006, deaths from Alzheimer's rose
47.1%.
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Paul L. Perito, Rock Creek's Chairman & CEO, commented that "Jonnie R
Williams' decade-long search for innovative ways to reduce tobacco-related
harm fortuitously led to a discovery of a compound that respected and
knowledgeable medical researchers at Roskamp Institute believe could play a
major role in addressing a variety of neurological conditions including
Alzheimer's disease, which has been the primary focus of Roskamp Institute
since its formation."
In light of the execution of a detailed Research and Royalty Agreement,
Rock Creek anticipates a close collaboration between Michael Mullan, MD, PhD
and Fiona Crawford, PhD, Co-Directors of the Roskamp Institute, with Rock
Creek's Senior Medical and Scientific Director, Curtis Wright, IV, MD, MPH,
former Acting Director, as well as Deputy Director of the Division of
Anesthetics, Analgesics, Drug Abuse at FDA.
The Roskamp Institute, based in Sarasota, Florida, utilizes a broad range
of scientific approaches to discover novel and effective treatments for
Alzheimer's disease. Previous work of institute researchers Michael Mullan,
MD, PhD and Fiona Crawford, PhD, who now head the Institute, has shown that
certain genetic variations may cause or predispose humans to Alzheimer's
disease, and these genetic variations have given scientists clues about the
Alzheimer's disease process. In particular, these studies led to the
identification of a small protein called B-amyloid. As central to the disease
process, B-amyloid accumulates in all cases of Alzheimer's disease and, as it
does so, neurons are damaged leading to their malfunction, which is reflected
as memory loss and other cognitive changes. The process, once begun, is
naturally relentless, but much evidence suggests that if B-amyloid could be
prevented from accumulating the disease would be halted. The goal of the
collaboration is to work as fast as possible to bring to market the first
product capable of halting Alzheimer's and other neurological diseases.
In March 2010, Robert Roskamp in an individual capacity purchased shares
of Star Scientific stock valued at US$1 million, and was issued a matching
warrant for an equal number of shares, as part of a private placement
transaction. Under the Research and Royalty Agreement announced today, the
company has agreed to issue to SRQ Bio, LLC 100,000 shares of common stock in
a private placement.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Star
Scientific, Inc. and its consolidated subsidiaries (collectively, the
"Company") has tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates", "believes", "estimates",
"expects", "plans", "intends" and similar expressions. These statements
reflect the Company's current beliefs and are based upon information
currently available to it. Accordingly, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which could
cause the Company's actual results, performance or achievements to differ
materially from those expressed in, or implied by, such statements. These
risks, uncertainties and contingencies include, without limitation, the
challenges inherent in new product development initiatives, the uncertainties
inherent in the progress of scientific research, the Company's ability to
raise additional capital in the future necessary to maintain its business,
potential disputes concerning the Company's intellectual property, risks
associated with litigation regarding such intellectual property, potential
delays in obtaining any necessary government approvals of the Company's
low-TSNA tobacco products, market acceptance of the Company's new smokeless
tobacco products, competition from companies with greater resources than the
Company, the Company's decision not to join the Master Settlement Agreement
("MSA"), the Company's dependence on key employees and on its strategic
relationships with Brown & Williamson Tobacco Corporation in light of its
combination with RJ Reynolds Tobacco Company, Inc.
Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give
no assurance that the expectations will be attained or that any deviation
will not be material. See additional discussion under "Risk Factors" in the
Company's Annual Report on Form 10-K as filed with the SEC on March 16, 2010,
and other factors detailed from time to time in the Company's other filings
with the SEC, available at www.sec.gov. All information in this
release is current as of this date, and the Company undertakes no obligation
to update or advise upon any such forward-looking statements to reflect
events or circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
About Star Scientific
Star Scientific is a technology-oriented company with a mission to reduce
the harm associated with tobacco at every level. It is engaged in the
development of dissolvable smokeless tobacco products that deliver fewer
carcinogenic toxins, principally through the utilization of the innovative
StarCured(R) tobacco curing technology.
Through its Rock Creek Pharmaceuticals subsidiary it is also involved in
the development of nutraceuticals as well as products to address neurological
and mood disorders. Star Scientific has a Corporate and Sales Office in Glen
Allen, VA, an Executive, Scientific & Regulatory Affairs office in Bethesda,
MD, and a manufacturing facility in Chase City, VA. Rock Creek has scientific
and research offices in Gloucester, MA and a regulatory office in Washington,
DC.
See Star's website at: www.starscientific.com.
Contact: Sara Troy Machir Vice President, Communications & Investor Relations smachir@starscientific.com +1-301-654-8300
Sara Troy Machir, Vice President, Communications & Investor Relations, +1-301-654-8300, smachir at starscientific.com
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