NEW YORK, March 6, 2012 /PRNewswire/ --Intellect Neurosciences, Inc. (OTCBB: ILNS.PK - News), a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment of Alzheimer's and other neurological diseases announced today that it received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for patent claims covering the company's ANTISENILIN monoclonal antibody platform technology for the treatment and prevention of Alzheimer's disease. (Logo: http://photos.prnewswire.com/prnh/20111214/NY22484LOGO) A Notice of Allowance is a written communication from the USPTO stating its intention to grant a U.S. patent, after payment of the Government Issue fee. Upon grant of the patent, Intellect Neurosciences will request a $2 million milestone payment from a top tier global pharmaceutical company based on its licensing agreement with the company. "The fact that Intellect overcame an exceptionally high threshold for allowance set by the USPTO illustrates the strength of our patent, the significance of the underlying invention, and rewards our relentless efforts to obtain a patent of meaningful commercial value on behalf of the company and our shareholders," said Daniel G. Chain, PhD, Intellect Neurosciences chairman & CEO and inventor of the ANTISENILIN technology. "The decision by the USPTO to grant … Continue reading
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