Auritec Pharmaceuticals receives grant to study Schizophrenia drug system

Pasadena, California, April 5 2004

Auritec Pharmaceuticals, Inc. is pleased to announce the receipt of a Small Business Innovation Research grant sponsored by the National Institutes of Health.  The grant will fund work on the application of Auritec’s Plexis™ technology to the field of atypical antipsychotics, for the treatment of schizophrenia and related conditions.  Extended release pharmaceuticals in this area are particularly needed, since patient adherence to a daily oral dose regimen is often a significant problem.

Auritec is also pleased to announce a partnership with McLean Hospital and Harvard University School of Medicine for this research program.  McLean and Harvard’s participation will be headed up by Dr Ross Baldessarini, who is author of more than 60 publications on schizophrenia and an established authority in the field.

Auritec Pharmaceuticals, Inc. is a small company based in Pasadena, California, specializing in innovative, extended release drug delivery systems. Auritec was founded by Thomas J Smith, MD and Gary Ransom. Dr Smith was previously Medical Director and Chairman at Control Delivery Systems, Inc. (CDS), where he was the co-founder, PI on key patents and remains a significant shareholder. Dr Smith is joined on Auritec's management team by Gary Ransom, a seasoned international business executive, who focuses on strategy, marketing and business development.

Auritec has developed a novel approach to extended release drug delivery with implications so far for indications including schizophrenia, Parkinson’s disease, arthritis, and AIDS. Auritec’s primary objective is to develop and test the use of its Plexis(™) platform in a wide range of drug classes, and subsequently license the technology to key partners to continue development, trials and eventual commercialization.