GLEN ALLEN, Va., Apr. 10 /PRNewswire-AsiaNet/ –
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%.
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 $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: http://www.starscientific.com.
Sara Troy Machir
Vice President, Communications & Investor Relations
SOURCE: Star Scientific, Inc.
CONTACT: Sara Troy Machir,
Communications & Investor Relations,