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CytoTherapeutics and Cognetix Collaborate on Development of New Class of CNS Compounds Agreement Covers Cell and Gene-based Delivery of Highly Specific, .. Source: PR Newswire PROVIDENCE, R.I. and SALT LAKE CITY, Feb. 20 /PRNewswire/ via Individual Inc. -- CytoTherapeuties, Inc. (Nasdaq: CTII) and Cognetix, Inc. today announced an agreement to develop cell and gene-based therapies to treat a broad range of human diseases. Under the terms of the agreement, CytoTherapeutics will take a significant equity position in Cognetix over the next year, and the companies will screen select proprietary peptides isolated by Cognetix that are specific to a range of central nervous system (CNS) receptor targets for clinical development using CytoTherapeutics' proprietary cell-based delivery technology. Cognetix is isolating proprietary conopeptides and similar compounds to act on selected targets in the CNS. Under the terms of the agreement, CytoTherapeutics will have access to Cognetix's proprietary conopeptides and the Company's ongoing research in additional proprietary conopeptides and similar compounds for genetic delivery. CytoTherapeutics, in return, will apply its proprietary technology using encapsulated cells to deliver therapeutics to the CNS and the periphery. CytoTherapeutics and Cognetix will work together exclusively in the development of cell and gene products to deliver Cognetix's proprietary portfolio of conopeptides as well as new compounds discovered under the collaboration. In the collaboration, CytoTherapeutics and Cognetix will focus on several CNS compounds with an initial emphasis on highly specific, high affinity calcium, sodium and potassium channel blockers. These peptides represent attractive therapeutic candidates for a broad range of neurological disorders, such as epilepsy, Parkinson's disease, chronic pain, stroke, and spinal ischemia. The parties expect to share development costs and profits, unless otherwise agreed. The Companies will jointly decide which candidates to screen and which products to develop. "Cognetix and CytoTherapeutics are working jointly because we believe that CytoTherapeutics' cell-based delivery provides unique benefits for delivery of Cognetix's peptides to the central nervous system," stated Davis Temple, Ph.D., Chairman and Chief Executive Officer of Cognetix, Inc. "This program will give CytoTherapeutics access to a novel class of potentially highly potent candidate compounds, thereby allowing the Company to expand our clinical development opportunities in areas where our technology is uniquely useful," stated Seth A. Rudnick, M.D., Chairman and Chief Executive Officer of CytoTherapeutics. "The combination of our technologies will provide a way to deliver small molecule-like therapeutics targeting unique CNS pathologies and to move them into the clinical pipeline. We are excited to move forward with the research and management team at Cognetix." Cognetix is a biopharmaceutical company formed to discover and develop lead compounds from conopeptides to treat CNS, peripheral nervous system and cardiovascular diseases. Conopeptides are derived from conus, a predatory species of marine sea snails, and are extremely specific for different receptor classes and their associated ion channels. The potent specificity of the conopeptides has arisen from millions of years of natural selection in the snail's environment. The Company's conopeptide technology is based on more than 20 years of research by its scientific co-founder, Dr. Baldermo Olivera, and his colleagues at the University of Utah. CytoTherapeutics, Inc. is a leader in the development of proprietary products and technology designed to deliver therapeutic substances to the central nervous system (CNS). The Company's CNS-focused technology is designed to provide controlled, site-specific and safe delivery of a variety of novel therapeutic substances across the blood-brain barrier, potentially overcoming a fundamental obstacle in the effective treatment of CNS diseases. The Company is currently developing products for the treatment of chronic pain, ALS, and Parkinson's disease, with research efforts also directed to several additional CNS disorders. For additional information, visit the Company's Internet web site at http://www.cyto.com. Certain statements in this press release include forward looking comments regarding, among other things, availability of funding, technical and business progress and clinical trial timetables. The Company's actual results may vary materially from those forward looking statements due to risks and uncertainties to which the Company is subject, such as delays in product development and in obtaining regulatory approvals, failure to meet milestones or other obligations under collaborative agreements and other risks, which are described in Exhibit 99 to the Company's Annual Report on Form 10-K entitled "Cautionary Factors Relevant to Forward Looking Statements." SOURCE CytoTherapeutics, Inc. /CONTACT: Seth A. Rudnick, M.D., Chairman and CEO of CytoTherapeutics, 401-272-3310, ext. 2113 or R. Tyler McCabe, Ph.D., Vice President, R&D, of Cognetix, 801-581-0400, or Karen Bergman of Burns McClellan, 212-505-1919/ (CTII) CO: Cyto Therapeutics, Inc.; Cognetix, Inc. ST: Rhode Island, Utah IN: MTC SU: JVN CH-SB -- NETH009 -- 2880 02/20/97 09:10 EST http://www.prnewswire.com [02-20-97 at 12:00 EST, PR Newswire]