Daniel Chain Sues Pfizer for $2M

Intellect Neurosciences has filed a breach of contract suit against Pfizer Inc. for failing to make a $2 million milestone payment for rights to its Alzheimer’s disease technology.

Intellect Neurosciences was founded by CEO Daniel Chain, who laid the groundwork for the technology in dispute with Pfizer during his tenure at Mindset, a Jerusalem-based startup.

Intellect contends that the licensing fee was triggered when the U.S. Patent and Trademark Office issued the company a patent on May 8 that covers its Antisenilin monoclonal antibody platform technology for the treatment and prevention of Alzheimer’s disease.

“It’s a distressing situation for us, a small company,

to go head-to-head with a major company,” Intellect Neurosciences Chairman and CEO Daniel Chain said in a report to The Pink Sheet. The milestone payment “was clear, black and white in the agreement.”

Intellect Neurosciences’ patent discloses therapeutic antibodies to treat or delay onset of Alzheimer’s disease. The antibodies bind to both ends of the beta amyloid protein without binding to the amyloid precursor protein.

Following the recent American Neurology Association annual meeting, Chain posted an Oct. 9 personal perspective on the conference on the company’s homepage. “As the dust settles after the initial disappointing results from four major Alzheimer’s Phase III trials,” he concludes, the ANA “offered glimmers of light that renewed hope. The presenters and expert panelists conveyed a strong sense that Intellect is correct in its belief beta amyloid (Aβ) plays a central and causative role in the pathogenesis of Alzheimer’s disease and that immunotherapy represents a realistic path forward. The next-generation drugs will have an improved probability of success because of the lessons we have learned.”

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