Deprenyl Research Ltd. has filed for Canadian approval to begintesting a drug for Alzheimer's disease in two clinical trials.
One of the Phase II trials will test the effect of Alzene inAlzheimer's patients. The second Phase II study will look at thedrug's effect on memory in normal adults.
Ivax Corp. (AMEX:IVX), which has sublicensed Canadian rightsfor the drug to Deprenyl Research (NASDAQ:DEPLF), has alsofiled an investigational new drug application in the UnitedStates. "We anticipate a study will begin shortly in two centersin the U.S.," said Dr. Elliot Hahn, Ivax vice president forresearch.
Israeli researchers at Bar-Ilan University discovered and havepatented the specific formulation of polyunsaturated fattyacids that comprises the drug. Based on unpublished,preclinical data, Alzene appears to affect the fluidity of nervecell membranes, Hahn said.
Ivax Corp. of North Miami, Fla., has a worldwide license to thecompound from Bar-Ilan. Patents on the drug have issued, andothers on its uses have been filed, Hahn said.
Ivax shares closed at $32.75, up $1.25, on Wednesday;Deprenyl Research was unchanged at $16.75.
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