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| 13-Nov-2000 |
Endovasc Receives Second Installment of $4.5 Million Funding Agreement |
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MONTGOMERY, Texas--(BUSINESS WIRE)--Nov. 13, 2000--Endovasc Ltd. Inc. (OTCBB:ENDV - news) today announced the second takedown of the funding agreement signed earlier this year. The agreement calls for a private placement of $1.5 million in two stages in return for Endovasc's convertible preferred stock.
M. Dwight Cantrell, chief financial officer, reported to shareholders at the company's annual shareholder meeting on Friday, Nov. 3rd, "We have taken the next step in the funding of our clinical trials, and with additional committed funds are assured of their continued success."
Dr. David Summers, Endovasc's chief executive officer said, "The new monies will finance our Liprostin(TM) Phase I/II clinical trials, as well as the continued research and development of Endovasc's recently acquired worldwide exclusive licensed nicotine receptor agonist (NRA)."
Liprostin™ Phase I/II clinical trials have begun at the University of Texas-Houston, Memorial Hermann Hospital under the supervision of Dr. Richard Smalling, a world renowned cardiovascular researcher who is co-director of the division of cardiology at University of Texas Medical School-Houston and director of clinical cardiology at Memorial Hermann Hospital. Liprostin™ which is a liposome encapsulated form of prostaglandin E-1 (PGE-1) will be tested to demonstrate improved circulation on the lower limbs of patients with "critical limb ischemia'' (CLI) and avoid amputation.
Endovasc is the owner of the worldwide exclusive license from Stanford University for the development and commercialization of an outstanding, patent-pending research discovery for the use of nicotine as an angiogenic (new blood vessel growth) agent and a potential treatment of failing hearts. The discovery, made in the laboratory of Dr. John Cooke, associate professor of medicine and director of section of vascular medicine at the Stanford University, Cardiovascular Research Center was announced in March 2000 at the American College of Cardiology (ACC) annual meeting and at the European Society of Cardiologist (ESC) in September 2000. Using small doses of simple nicotine, Dr. Cooke and colleagues stimulated angiogenesis in injured areas of the heart and limbs of mice. Research has progressed to work with rabbits, also conducted at Dr. Cooke's laboratory. The next planned stage in the United States will be a pig study conducted by Dr. Martin Leon at the Cardiovascular Research Foundation in New York, followed in the Spring of 2001 by human clinical trials in Italy conducted by Dr. Antonio Colombo, a world renowned cardiologist with Lenox Hill Hospital in New York and the EMO Centro Cuore Columbus Hospital in Milan.
Endovasc Ltd. Inc. is a biopharmaceutical company using liposomal drug delivery for products that have already shown safety and efficacy in generic form. The company's products and processes are covered by patents and trade secrets for competing in a $2 billion market. In February 2000, the company obtained from Stanford University the world-wide exclusive license for NRA, a potent "angiogenic" growth agent that stimulates the growth of new blood vessels in strategic areas of the body.
The foregoing statements are made under the "Safe Harbor" Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements that involve risks and uncertainties that may not be evident at the time of this release.
Contact:
Endovasc Ltd. Inc., Montgomery
Barbara Richardson, 936/448-2222
bjr@endovasc.com
Fax: 936/582-2250
www.endovasc.com
or
The Dilenschneider Group, New York
Dick Kosmicki, 212/922-0900
rkosmicki@dgi-nyc.com
Fax: 212/922-0971
or
Matt Swetonic, 212/922-0900
mswetonic@dgi-nyc.com
Fax: 212/922-0971 |
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