KAILUA-KONA, Hawaii, June 25 /PRNewswire/ -- Aquasearch, Inc.
(OTC Bulletin Board: AQSE), Hawaii's Biotechnology Company of 2000, announced
today that it has been selected by the State of Hawaii to exhibit at the
world's largest biotechnology convention in San Diego, California from June
24th to June 27th. BIO 2001, the annual meeting of the Biotechnology Industry
Organization, is expected to attract 13,000 attendees from biopharmaceutical
companies around the world.
"We are very excited that Aquasearch will be exhibiting at BIO 2001," said
Mark Huntley, Ph.D., Chief Executive Officer of Aquasearch. "This is an
excellent opportunity for us to meet with companies that we have isolated as
potential partners for our drug discovery program."
Aquasearch's drug discovery program, which is searching for potential drug
candidates derived from microalgae, is centered on its proprietary cultivation
technology designed to enable drug discovery from microscopic plants. In
January, Aquasearch signed an exclusive agreement with the University of
Hawaii to develop new pharmaceuticals from a collection of more than
2,400 strains of microalgae held by the University. The collection has
already produced cryptophycin, an anti-cancer drug candidate now in Phase II
clinical trials being run by Eli Lilly and Company.
"We believe that Aquasearch's previously announced anti-cancer drug
candidate, now under further study by the U.S. National Cancer Institute, and
many other compounds we are developing from the University of Hawaii's
collection, puts us in a unique position in the biopharmaceutical industry,"
said Dr. Huntley.
"Most of the companies at this conference are looking to partner with
other companies to discover new drugs," he said. "We believe that our
exclusive access to over 170 novel -- and bioactive -- compounds from the
University of Hawaii's collection makes us an attractive candidate for a
collaborative drug development deal with many of the biotechnology companies
attending this conference."
"Even though a majority of prescription drugs now on the market were
originally derived from plants, the pharmaceutical industry has virtually
ignored microalgae as a source of new drugs because sufficient quantities
could not be provided for study," said Huntley. "We believe that our
technology -- growing microalgae at large scale under controlled conditions --
opens that door. Pharmaceutical companies need to expand their product
pipelines. Genomics and proteomics have given the industry powerful tools for
the rapid discovery of new drug candidates, but the tools are useless if there
are no new chemical structures to look at. We believe our collaboration with
the University of Hawaii provides a tremendous opportunity for the industry."
Dr. Huntley will be attending the conference with Dr. Melanie Weaver and
Richard L. Sherman. Dr. Weaver, Aquasearch's Director of Clinical Operations,
manages the Company's clinical trials. Mr. Sherman is a director of
Aquasearch. He is a former deputy general counsel of SmithKline Beckman
Corporation, where for 13 years he structured and negotiated major commercial
transactions, acquisitions and strategic alliances. He managed SmithKline's
legal department and accumulated experience in dealing with companies
throughout Europe, Asia, Africa and the former Soviet Union. SmithKline
merged in 2000 with Glaxo Wellcome to form GlaxoSmithKline.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act
of 1995
This press release contains forward-looking information within the meaning
of Section 21E of the Securities Exchange Act of 1934, including statements
regarding the potential for the Company's drug discovery program, the outcome
of its agreements with the University of Hawaii and the U.S. National Cancer
Institute, as well as statements that include the words "believe," "expect,"
or similar expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Aquasearch to differ materially from
those implied or expressed by such forward-looking statements. Such factors
include, among others, the risk factors included in Aquasearch's Annual Report
on Form 10-KSB for the fiscal year ended October 31, 2000 and any subsequent
reports filed with the Securities and Exchange Commission under the Exchange
Act. This press release speaks as of the date first set forth above and
Aquasearch assumes no responsibility to update the information included herein
for events occurring after the date hereof.
For further information please contact Andrew Haag, Aquasearch Director of
Investor Relations, 866-247-4740; or Jeff Weaver, CEO of Western Financial
Communications, 949-574-1191, for Aquasearch.
SOURCE Aquasearch, Inc.
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Related links:
http://www.aquasearch.com
CONTACT:
Andrew Haag, Director of Investor Relations
of Aquasearch, 866-247-4740; or Jeff Weaver, CEO of Western
Financial Communications, 949-574-1191, for Aquasearch
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