AGI Therapeutics announces completion of the optimisation phase of development of AGI-010 Dublin, Ireland, and Columbia, MD, USA, 17 March 2008 - AGI Therapeutics plc ("AGI" or the "Company"), a specialty pharmaceuticals company focused on gastrointestinal drug products, today announces the completion of the optimisation phase of development of AGI-010, a modified release formulation of the proton pump inhibitor drug ("PPI") omeprazole which utilizes AGI's CHRONAB technology. As part of the optimization phase of development, AGI completed a number of studies in healthy human volunteers. These studies characterized the drug release profile, the pharmacokinetics of omeprazole and the intragastric pH following administration of a number of prototype formulations of AGI-010. Based on the outcome of these studies, a formulation has been identified which could have the potential to control intragastric pH during the night. Commenting on reaching the end of this key stage of development, Dr. John Devane, Chief Executive Officer of AGI, said: "We believe we have identified a unique formulation of omeprazole for once daily administration which could specifically address nocturnal acid breakthrough (NAB), a real unmet medical need for GERD patients. With our partner, Axcan Pharma, we will now focus on defining the appropriate development approach for the remainder of the AGI-010 program." AGI entered into a co-development and licence agreement with Axcan Pharma Inc. in September 2006, to jointly develop AGI-010 for North American markets. Contact Information: AGI Therapeutics plc. Tel: +353 1 449 3254 David Kelly, Chief Financial Officer AGI Therapeutics, Inc. Dr David Young, President, US Operations Tel: +1 443 285 0095 Financial Dynamics - UK Tel: +44 (0) 20 7269 7182 Deborah Scott/Lara Mott Financial Dynamics - Ireland Tel: +353 1 663 3607 Aisling Garvey Piper Jaffray Limited Tel: +44 (0) 20 3142 8700 Neil Mackison Will Carnwath Davy Tel: +353 (1) 614 8761 John Frain Notes to Editors: About AGI-010 AGI-010 is a modified release formulation of the proton pump inhibitor drug ("PPI"), omeprazole which is being developed by AGI for the treatment of Gastro-Esophageal Reflux Disease ("GERD"), and in particular for the treatment of Nocturnal Acid Breakthrough ("NAB"), a poorly controlled aspect of GERD. NAB is estimated to occur in more than 70 per cent of h.pylori-negative and in up to 50 per cent of h.pylori-positive patients on PPI therapy. Omeprazole is one of the most commonly prescribed PPI drugs for the treatment of GERD. AGI has developed CHRONAB, an approach to the formulation of PPIs to specifically address NAB. AGI's lead CHRONAB formulation is AGI-010, a modified release formulation of omeprazole, which is designed to be taken once-daily at dinner time and to release the drug over the late evening/early morning period to improve acid suppression during the night-time hours. About AGI Therapeutics plc AGI is a speciality pharmaceutical company which is focused on the development and commercialisation of differentiated drug products for gastrointestinal (GI) diseases and disorders. AGI's common shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Irish Enterprise Exchange of the Irish Stock Market (IEX) as AGI. The Company has a portfolio of product candidates derived from its Known Molecular Entity (KME) approach to drug re-profiling and development. The Company's lead product candidate, RezularTM, is an orally administered triple-action intestinal regulator, a first-in-class mechanism for the treatment of Diarrhoea predominant Irritable Bowel Syndrome, (IBS-D). Rezular is currently in Phase III clinical trials. KME is a re-profiling methodology used by the Company to identify existing therapeutic drugs which typically have been marketed for a number of years, have established safety profiles and can be developed for new clinical indications or with improved profiles in their existing clinical indications. In this way, the Company seeks to reduce the risk, time and cost of new product development as compared to the development of new chemical entities. AGI is developing a range of product candidates to treat a variety of prevalent GI diseases and disorders, including irritable bowel syndrome (IBS), dyspepsia, gastroparesis, ulcerative colitis, gastro-esophageal reflux disease (GERD) and diarrhoea-related conditions such as chemotherapy-induced diarrhoea (CID). The Company is targeting areas of the GI therapeutic drug products market for its product candidates where there are currently unmet medical needs or where the effectiveness of existing drug therapies can be further improved. The Company has five active clinical stage product candidates which are either isomers or new drug delivery formulations of existing approved drugs, and which have established safety and tolerability profiles in their currently approved clinical indications. For further information please see www.agitherapeutics.com Statements contained within this press release may contain forward-looking comments which involve risks and uncertainties that may cause actual results to vary from those contained in the forward-looking statements. In some cases, you can identify such forward-looking statements by terminology such as 'may', ' will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', ' estimates', 'predicts', 'potential', or 'continue'. Predictions and forward-looking references in this press release are subject to the satisfactory progress of research which is, by nature, unpredictable. Forward projections reflect management's best estimates based on information available at the time of issue. This information is provided by RNS The company news service from the London Stock Exchange
AGI THERAPEUTICS PLC ANNOUNCES RESEARCH UPDATE
| Source: AGI Therapeutics plc
Dublin, Ireland--(Marketwire - March 17, 2008) -