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ION CHANNEL INNOVATIONS SEEKS FUNDING FOR PHASE 1 TESTING OF HMAXI-K FOR ERECTILE DYSFUNCTION AND PRECLINICAL TRIALS FOR URINARY INCONTINENCE 11/14/2003 (New York) Today, the management of Ion Channel Innovations announced the completion of a new business plan for the future and with this the company has begun seeking funds to support the upcoming clinical trials of hMaxi-K for the treatment of erectile dysfunction and preclinical trials for treatment of urinary incontinence. Member and business advisor to the company, Gregory Milano, today said, “As with all Phase 1 treatments, there are many hurdles to jump. But I became an investor months before becoming and advisor due to my attraction to the expected effectiveness of the approach and, most importantly, the size of the potential market. Indeed, when the company received FDA approval for human testing in August, co-inventor, company co founder and directing member Dr. George J. Christ, PhD said, “Industry organizations have estimated that there are 30 million men in the US with erectile dysfunction and 19 million men and women with urinary incontinence problems. Currently, these are the two largest growing U.S.markets in the field of urology at approximately $2 billion and $857 million in annual sales, respectively. At this time, the company is only seeking enough funding for 2004 and if the trials during that year are successful, there will be another round of fund raising for the future. As with all development stage biotechnology companies, any investment in Ion Channel Innovations involves a high degree of risk. Anyone contemplating an investment should consider the company business plan carefully before deciding whether to invest. The value of our company could decline due to any of a wide range of risks and uncertainties, and investors may lose part or all of their investment.
About Ion Channel Innovations LLC: Ion Channel Therapy (ICT) has the potential to be the first breakthrough use of genetic therapy in humans, and the company plans to become the world’s leader in developing and commercializing ICT.
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