June 21, 2007 - Avid Radiopharmaceuticals, Inc., a product-focused molecular imaging company, and Bayer Schering Pharma, a diagnostic imaging pharmaceutical company, today announced that Bayer Schering Pharma has exercised its right to license Avid's 18F-AV1/ZK compound, a molecular imaging agent that targets amyloid plaques in the brain.
When used with positron emission tomography (PET) imaging, the AV1/ZK compound enables earlier and more accurate diagnosis of Alzheimer’s Disease (AD), a disease that is expected to affect up to 16 million Americans by the year 2050, and also allow researchers to better evaluate therapeutic drug candidates for the prevention or reversal of amyloid plaque build-up in the brain.
AV1/ZK is one of a series of novel compounds discovered in the laboratory of Dr. Hank Kung from the University of Pennsylvania and exclusively licensed to Avid for development and commercialization. Avid entered into an exclusive option agreement with Schering AG (now Bayer Schering Pharma) in December 2005 for the development of AV1/ZK and related compounds referred to as 18F-stilbenes for positron emission tomography (PET) imaging of Alzheimer's disease.
For more information: www.avidrp.com