Company Contact: Bruce N. Barron, CEO
(847) 573-8025 ext. 240
Agency Contact: Ira Weingarten/Steve Chizzik
APPLIED NEUROSOLUTIONS APPOINTS NEW BOARD MEMBER
Vernon Hills, IL June 18, 2004 - Applied NeuroSolutions, Inc. (OTC BB:APNS, www.appliedneurosolutions.com) today announced the appointment of Dr. Michael Sorell to its Board of Directors.
Currently Managing Member of Washington, Connecticut-based MS Capital and a Director of Seattle-based Cascadia Capital, Dr. Sorell brings a unique combination of biotechnology research and investment banking expertise to an impressive group of institutional clients. His background includes being part of the Clinical Research team for Schering-Plough Corporation (1983-85), as well as two stints with Morgan Stanley - as an analyst for Biotechnology and Pharmaceuticals (1986-92) and as the Emerging Growth Strategist (1994-96). Dr. Sorell also serves as a member of the Board of Directors of SCOLR, a publicly traded drug delivery company, located in Bellevue, Washington.
Dr. Sorells strong medical background, and professional money management experience in the life sciences are a perfect match for Applied NeuroSolutions, and will be of particular value to us as we prepare to bring to market our initial group of diagnostic products, commented Bruce N. Barron, Chairman and CEO.
I am very excited about this opportunity to work with the team at APNS to help further their portfolio of products for Alzheimers disease. It is especially rewarding for me to be working with such an esteemed scientist as Dr. Peter Davies, APNS founding scientist and the Judith and Burton P. Resnick Professor of Alzheimers Disease Research at Albert Einstein College of Medicine (AECOM). I received my M.D. from AECOM and it would be extremely gratifying for me to help APNS commercialize such important technology that will benefit society and my alma mater, commented Dr. Sorell.
Dr. Sorells appointment brings the Board to a total of three outside and two inside members.
Applied NeuroSolutions, Inc. is developing products to diagnose and treat Alzheimers disease based on a novel theory of AD cause and pathology. In partnership with a scientific team at Albert Einstein College of Medicine, Applied NeuroSolutions initial product candidate is a cerebrospinal fluid (CSF) test to detect Alzheimer's disease at a very early stage with 85%-95% accuracy. The company is also developing a serum-based screening test, as well as a new class of therapeutics to treat AD. Alzheimers disease currently afflicts over 4 million Americans, with that number expected to grow to 14 million by 2050. Currently, there is no FDA-approved diagnostic test to detect Alzheimers disease available.
This press release contains forward-looking statements. Applied NeuroSolutions wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, potential competitive offerings, and access to capital. For further information, please visit the company's website at www.appliedneurosolutions.com, and review the company's filings with the Securities and Exchange Commission.