Company Contact: Bruce N. Barron, CEO
(847) 573-8025 ext. 240
Agency Contact: Ira Weingarten/Steve Chizzik
Hemoxymed, Inc. To Be Re-Named Applied NeuroSolutions, Inc.
Proposed Name Change Expected to Become Effective in approximately 15 Days
Vernon Hills, IL October 14, 2003 - Hemoxymed, Inc. (OTC BB: HMYD) headquartered here, said today a majority of its shareholders have voted to change its name to Applied NeuroSolutions, Inc.
The proposed name change, which is subject to a notification period and expected to become effective in approximately 15 days, reflects the company's primary focus on the diagnosis and treatment of Alzheimer's disease (AD).
According to Chairman and CEO Bruce N. Barron, "We decided to re-name the Company to signal our emergence from 10 years of R&D with what, to the best of our knowledge, is the most robust, fully-integrated product portfolio for Alzheimer's disease available anywhere today."
The Company recently completed development of a cerebral spinal fluid (CSF) based diagnostic test that detects Alzheimer's disease at a very early stage. Based upon examining more than 1000 CSF samples, the test appears to be 85%-95% sensitive and specific, and will enable clinicians to distinguish between Alzheimer's disease and other related neuro-disorders, such as depression, stroke and Parkinson's.
Barron said he expects pivotal clinical trials to begin by the end of this calendar year. "We think completing these trials within 15-18 months is a realistic and achievable objective," Barron concluded.
Applied NeuroSolutions is also developing a second stage, serum-based screening test that will be easier to perform and cheaper to use. The Company believes this serum-based screening test, which is 10-12 months away from the start of pivotal clinical trials, can be brought to market in the United States within three years time. Management believes the potential US market for the serum-based screening test to detect AD is well in excess of $1 billion.
All of the company's products and research tools are based upon a distinctive view of the cause and progression of Alzheimers disease developed over the past 25 years by Dr. Peter Davies and his colleagues at the Albert Einstein College of Medicine, where Dr. Davies currently serves as the Burton P. and Judith Resnick Professor of Alzheimer's Disease Research.
According to Barron, "The strategy is to deploy our diagnostic platform as rapidly as possible, then utilize the revenues and recognition to facilitate development of our promising therapeutic program and attract significant interest and participation from major Pharma."
Barron pointed out that currently, patients suspected of Alzheimer' s disease undergo a battery of tests that typically include neurological and psychiatric examinations, brain scans, and extensive lab work. It is an arduous process that can take a period of months to complete, is highly subjective, and costs patients and their families anywhere from $1,000 to $4,000. As a result of these difficulties, Barron said, "Experts believe many patients with depression and other forms of dementia are currently misdiagnosed with AD. Additionally, many early to mid-stage patients with AD are not being diagnosed as having Alzheimers disease."
In January 2003, the Company announced a non-exclusive research agreement with Pfizer, Inc. The agreement calls for Pfizer to utilize a portion of the Company's technology in the development of one of its therapeutics programs. The company hopes to complete other agreements of this type in the near future.
When the name change becomes effective, the Company expects to be assigned a new stock symbol by the NASDAQ.
This press release contains forward-looking statements. Hemoxymed 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 need to raise substantial additional equity capital, and the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, and potential competitive offerings. For further information, please review the company's 10-QSB and 10-KSB filings with the Securities and Exchange Commission.