Immuno-Biological Laboratories Co., Ltd. and Intellect Neurosciences, Inc. Enter into Humanized Monoclonal Antibodies Development Agreement for the Treatment of Alzheimer's Disease

Intellect Advances its Patented Therapeutic Monoclonal Antibody Program

TAKASAKI, Japan and NEW YORK, NY, USA | Jan 11, 2007 |
Immuno-Biological Laboratories Co., Ltd. ("IBL") and Intellect Neurosciences, Inc. ("Intellect") announced today that Intellect has purchased from IBL the rights to manufacture, develop and commercialize two therapeutic, beta-amyloid specific, humanized monoclonal antibodies for the treatment of Alzheimer's disease. The antibodies are intended as a form of passive immunization to promote the clearance of the endogenous soluble Alzheimer's toxin, beta- amyloid, from the brain, where it causes devastating damage to victims of the disease.

Under the terms of the agreement, Intellect will pay IBL milestone payments related to the development and commercialization of the humanized antibodies and a royalty based on sales of the resulting drug product. In addition, Intellect has granted IBL an exclusive license with respect to certain of Intellect's intellectual property related to the antibodies. The license is restricted to the manufacture, use and sale of IBL's murine monoclonal antibodies for research and diagnostic purposes. Intellect is the holder of patents in Japan and other countries related to antibodies and methods of treatment for Alzheimer's disease.

"We are impressed by the specificity and binding characteristics of IBL's beta-amyloid specific monoclonal antibodies, which do not cross-react with other structurally related proteins that are involved in normal physiological processes, and thus should reduce the likelihood of adverse side-effects in patients", commented Intellect's CEO, Dr. Daniel Chain. "These antibodies are difficult to generate and this acquisition significantly accelerates our product development timeline."

"We are delighted that Intellect will apply its pioneering patented technology, expertise and resources, to the development and potential commercialization of these antibodies to fill the large unmet clinical need of Alzheimer's disease", said IBL's President, Tsutomu Seito. "We are gratified to have played an important role in the initial development of these antibodies and are pleased to be able to continue to provide these valuable reagents to the international research community."

About Alzheimer's disease

Alzheimer's disease, the most common form of dementia, is characterized by progressive loss of memory and cognition, ultimately leading to complete debilitation and death. A hallmark feature of Alzheimer's pathology is the presence of insoluble protein deposits known as beta-amyloid on the surface of nerve cells, which results from the accumulation of soluble beta-amyloid in the brain. The effects of the disease are devastating to the patients as well as the caregivers, with significant associated health care costs. It is estimated that there are over 12 million people suffering from Alzheimer's disease in the major markets worldwide with the number increasing as the global population ages. Currently marketed drugs transiently affect some of the symptoms of the disease, but there are no drugs on the market today that slow or arrest the progression of the disease. These symptomatic drugs are projected to generate approximately $4 billion in sales by 2008, indicating both the size of the market and the demand for effective treatment beyond symptomatic improvements.

About Intellect's Immunotherapy Platforms for Alzheimer's disease

Immunotherapy for Alzheimer's disease involves making an antibody molecule available to bind to the endogenous beta-amyloid toxin, thus promoting its clearance away from the brain. This therapeutic outcome can be achieved either by provoking the patient's immune system to generate such an antibody ("active immunization") or by administering an externally generated antibody ("passive immunization"). Both approaches have the potential to slow or arrest disease progression provided that key safety issues are addressed. Intellect has incorporated proprietary safety features into its technology platforms for both active and passive immunization, which provides the Company with a strong competitive advantage in this field.

IBL has independently generated monoclonal antibodies that meet Intellect's requirements for "free-end specific antibodies," a property which allows the antibody to discriminate between beta-amyloid and closely related proteins such as the Amyloid-Precursor Protein that has several important functions in the body. In contrast to "conformation specific antibodies" that bind only a small subset of the toxin, "free-end specific" antibodies can be made to bind to all major classes of beta-amyloid toxin. This advantage allows "free-end specific" antibodies potentially to be used in a broad patient population, including early-stage Alzheimer's disease.

About Intellect Neurosciences, Inc.

Intellect Neurosciences, Inc. is a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and related disorders. The company has a broad proprietary immunotherapy platform for both passive and active immunization against Alzheimer's disease. Also, Intellect has recently completed Phase I clinical trials for OXIGON(TM), a unique antioxidant and anti-amyloid compound that has potential to treat Alzheimer's disease and other disorders. For additional information, please visit http://www.intellectns.com

About Immuno-Biological Laboratories Co., Ltd.

Immuno-Biological Laboratories Co., Ltd. is an R&D-based company specialized in the development of antibodies against proteins related to cancers, inflammation, and disorders of the brain and nerve system. IBL also offers various diagnostic tests and therapeutic agents that make use of these particular antibodies. By supplying those products all over the world, IBL makes an important contribution to the medical social work. The company has its headquarters in Takasaki, Japan. For additional information, please visit http://www.ibl-japan.co.jp

CONTACT: Katsuhiko Itoh, Ph.D., Tamami Sugiyama, of Immuno-BiologicalLaboratories Co., Ltd., +81-27-310-8040; or Elliot Maza, Executive VicePresident & Chief Financial Officer, or Michael Bowman, Manager, InvestorRelations, both of Intellect Neurosciences, Inc., +1-212-448-9300

SOURCE: Immuno-Biological Laboratories Co., Ltd.

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