Company sees commercialization in 2007
August 03, 2006 — /MARKET WIRE/ — LOS ANGELES, CA — Eugene Science, Inc. (OTCBB: EUSI), a developer and marketer of advanced nutraceutical products, today announced that the Korean Industrial Property Office has granted the Company a patent on its AD/ADD production process.
This brings to three the number of AD/ADD production patents granted to the Company in Korea. International patents have been applied for in the U.S., Japan and China. Additionally, China has granted the Company a patent on its AD/ADD microorganism catalyst, with patent applications pending in the U.S. and Japan.
AD/ADD is a steroid hormone intermediate and key ingredient for most steroid hormone medical products including synthetic estrogens, gestogens, gluco-corticoids, and mineral-corticoids — a market led by Pfizer and Schering-Plough and estimated at $7.5 billion worldwide. These products have been extensively used in treating arthritis, neuralgia, sterility as well as for contraception and hormone replacement therapy (HRT). Examples of such products include Testoviron(r), a testosterone injection manufactured by Schering-Plough, and Depo-subQ Provera 104(tm), an injectable contraceptive manufactured by Pfizer.
Eugene Science’s AD/ADD biotechnology — established at prototype scale — uses the Company’s patented microorganism-based process to produce far higher conversion rates of sterols into AD/ADD as compared with conventional chemical synthesis. It is also substantially more cost-effective and environmentally friendly. The Company’s research and development on AD/ADD production is being performed in collaboration with the Korea Research Institute of Bioscience and Biotechnology (KRIBB), Korea’s largest and leading biotechnology research center.
KRIBB has committed to work with Eugene Science to scale its AD/ADD biotechnology to one-ton production levels, which the Company intends to commercialize in 2007. The Korean Government is providing the project with financial support.
“This patent is another important milestone this year for Eugene Science as AD/ADD represents our next major product line,” said Seung Kwon Noh, Chief Executive Officer, Eugene Science. “The capital requirements to commercialize our AD/ADD production process are extremely modest, especially when compared to its large and growing market. Eugene Science has already met with leading AD/ADD pharmaceutical producers, and Eugene Science intends to begin to commercialize its AD/ADD technology through licensing or other strategic alliances in 2007.”
The Company’s AD/ADD biotechnology process is based on its patented plant sterol nanotechnology process which renders these sterols water soluble (the science behind its CholZero(tm), or CZ(tm), nutraceutical product line). Using these water soluble nano-sized sterol particles, the Company then applies its patented plant sterol fermentation and production process to produce AD/ADD.
“Our AD/ADD microbial conversion production process is vastly superior to existing conventional processes for efficiency and purity,” said Jang Hyun Cho, Ph.D., Eugene Science Director of Pharmaceutical Ingredient Development. “We use a simpler purification process, and enable wider substrate — or sterol conversion to AD/ADD — usages. This is only possible with Eugene Science’s patented nanotechnology for converting non-soluble sterols into water soluble sterols. Our technology also reduces the cost of production by broadening the otherwise limited spectrum of raw materials that can be used to produce AD/ADD, from sitosterol only, to all kinds of plant sterols.”
“With the successful grant of our patent in Korea, we can expect grants in other countries including the United States to follow shortly,” Dr. Cho concluded.
About Eugene Science
Based in Bucheon, Kyunggi-Do, Korea, Eugene Science is a global biotechnology company tackling ailments such as heart disease, obesity and diabetes through innovation in the nutraceutical field. Its first commercial heart disease product, CZ(tm), is a patented, nanoscience-based, water-soluble functional food ingredient containing natural plant sterols that help maintain healthy cholesterol levels by inhibiting its absorption. CZ(tm) is available in capsule form, or as a food or beverage additive. These plant sterols are approved by the U.S. FDA for health claims related to cholesterol lowering efficacy. Please visit www.eugene21.com.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Eugene Science, or its representatives, have made or may make forward-looking statements, orally or in writing. The words “estimate,” “project,” “potential,” “intended,” “expect,” “anticipate,” “believe” and similar expressions or words are intended to identify forward-looking statements. Such forward-looking statements may be included in, but are not limited to, various filings made by Eugene Science with the United States Securities and Exchange Commission (available at www.sec.gov), press releases or oral statements made with the approval of an authorized executive officer of Eugene Science. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. Reference is hereby made to Eugene Science’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 for information regarding those factors and conditions. Among the important factors that could cause actual results to differ materially from management’s projections, estimates and expectations include, but are not limited to: changing economic influences in the neutraceutical industry; dependence on key personnel; actions of third parties; the market for and the research, development and commercialization of the AD/ADD process; and the availability of adequate financing. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as of the date of this press release. Eugene Science undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Capital Group Communications
email: [email protected]
SOURCE: Eugene Science, Inc.