Islet Sciences, Inc., (OTCBB: ISLT) a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes, announced today that its subsidiary DiaKine Therapeutics Inc. received European patent protection. The drugs are small molecules that can be used to treat diabetes, atherosclerosis and other inflammatory diseases.
The European patent (#1919867), issued on March 16, 2012, covers the composition and methods of use of orally active drugs with a novel mechanism to reduce autoimmunity and inflammation. In particular, the small molecules have the potential to protect insulin-producing cells from inflammation, reduce insulin resistance, and prevent or treat cardiovascular disease, making them ideally suited for the treatment of type 1 and type 2 diabetes, atherosclerotic cardiovascular disease and other conditions associated with activation of the body's Interleukin 12/STAT4 Pathway.
"Inflammation is a major link associated with the development of diabetes and its complications," said Dr. Jerry L. Nadler, the company's chief science officer and chairman of the board. "This European patent strengthens DiaKine's ability to address diabetes and to meet a medical need for the treatment other inflammatory diseases, such as atherosclerosis and autoimmune disorders."
"This patent issuance is a clear testament to the value of our therapies which represents a large market opportunity for Islet Sciences," said John Steel, Chairman and CEO of Islet Sciences. We are pleased to announce this milestone which clearly strengthens our value proposition."
The compounds were first developed at the University of Virginia and licensed to DiaKine by the U.Va. Patent Foundation (now the U.Va. Licensing & Ventures Group) http://www.innovation.virginia.edu.
"U.Va.'s innovative ventures are advancing important discoveries to the global marketplace and this is a great example," said Michael Straightiff, director of U.Va. Licensing & Ventures Group.. "Congratulations to DiaKine on this important milestone."
About Islet Sciences, Inc.
Islet Sciences is a development-stage biotechnology company with patented technologies focused on transplantation therapy for people with insulin-dependent diabetes. The Company's transplantation technology includes methods for the culturing, isolation, maturation, and immunoprotection (microencapsulation) of islet cells. The Company's mission includes the introduction of commercial products with applications to cell-based replacement therapy in the healthcare marketplace.