Cardinal Health to Formulate
Revolutionary Cardiovascular Drug
MONTGOMERY, Texas -- Oct. 21, 2002 --
Endovasc Ltd. Inc. (OTCBB: ENVC)
- a biotechnology company with two potential blockbuster cardiovascular
drugs approved for final FDA Phase III human trials - announced today that
it has signed an agreement with Cardinal Health (NYSE: CAH),
according to which Cardinal Health will formulate ANGIOGENIX™ drug
according to cGMP FDA standards. Cardinal has already received USP grade
nicotine from the University of Kentucky, where it had been stored after
completing the Phase II trials.
Cardinal Health, Inc. - with over $51
billion in sales, and a market capitalization of almost $30 billion - is a
leading provider of products and services to healthcare providers and
manufacturers, helping them improve the efficiency and quality of
healthcare.
ANGIOGENIX™ is the revolutionary new
treatment that has shown to recruit the body's own stem cells that help
grow new blood vessels predicted to relieve chest pain and improve heart
function in patients with chronic myocardial ischemia. According to the
company, approximately 750,000 patients could be treated for this
condition every year.
"We should receive the final
ANGIOGENIX™ drug by early January. This is the final step before
starting the FDA Phase III human clinical trials," says David P.
Summers, Chairman and Chief Executive Officer of Endovasc Ltd., Inc.
Cardiovascular and metabolic markets
account for more than USD $69 billion in sales volume per year -- 25% of
the entire pharmaceutical market. Cardiovascular diseases are the number
one cause of death in the Western world today. They account for 50% of
deaths worldwide, nearly double of those caused by cancer, the second most
prevalent cause of death. It is estimated that in the United States alone,
the economic cost of cardiovascular diseases is over USD $250 billion per
year. Endovasc has two potential blockbuster cardiovascular drugs approved
for final FDA Phase III human clinical trials.
Recent experiments suggest that the
company's ANGIOGENIX™ treatment can stimulate angiogenesis and recruit
the body's own stem cells to spur the growth of new heart vessels
predicted to relieve chest pain and improve heart function. Liprostin™
is a liposomal prostaglandin-based treatment that studies suggest will
prevent restenosis (re-blockage of arteries), thus increasing blood
circulation, prevent clotting, and reducing leg pain by increasing the
oxygen and nutrients in increased blood flow.
About Endovasc
Endovasc's products include Angiogenix™,
the revolutionary new treatment that has shown to recruit the body's own
stem cells that help grow new blood vessels predicted to relieve chest
pain and improve heart function in patients with chronic myocardial
ischemia; Liprostin™, a liposomal prostaglandin-based treatment that
studies suggest may prevent restenosis (re-blockage of arteries), increase
circulation, and reduce leg pain in patients due to poor blood flow from
vascular disease. Additionally, the company has biodegradable stents,
drug-delivery stents and newly discovered nutraceutical applications that
may accelerate therapeutic development (stroke, muscular dystrophy
diseases, etc.) and quality-of-life of people seeking to increase muscle
mass. Another product using prostaglandin E-1 (PGE-1) precursor will be
produced as a dietary supplement for obesity in overweight diabetic women.
Endovasc believes that its nutraceutical
nicotine-based drinks, fitness bars or capsules (which, according to the
company, will contain nicotine levels too low to be habituating or to
cause the typical euphoria effects from smoking) combined with high
protein complexes could become blockbuster nonprescription products,
producing positive cash flow even sooner than its later stage drugs
because they are not subject to the FDA approval process.
Endovasc Ltd., Inc., established in 1996,
is a biotechnology company focused in the area of cardiovascular disease,
pioneering drug delivery technology designed to deliver and release drugs
to their intended targets in an efficient and controlled manner. The
company's pipeline of products and processes include: Liprostin™,
ANGIOGENIX™, PROStent™ stent-coating technology, and a biodegradable
stent prosthesis.
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. For
more information about Endovasc, please visit www.endovasc.com
(Investor questions and requests for materials can be submitted online.)
Contact:
Endovasc Ltd. Inc., Montgomery
Lana Copeland, 936/448-2222 (Investor Relations)
Fax: 936/582-2250
InvestorRelations@endovasc.com
http://www.endovasc.com
Source: BusinessWire
