VIAP: Soars After Positive Recommendation from Data Safety Monitoring Board

Wednesday, October 10, 2007; Posted: 11:40 AM

Shares of VIA Pharmaceuticals Inc (VIAP) soared after an independent Data Safety Monitoring Board recommended that two Phase II studies of the Company's lead drug candidate, VIA-2291, for cardiovascular disease continue as planned. VIA-2291 is a small molecule drug that targets inflammation in the blood vessel wall. The Company expects top line results from the two Phase II trials for Acute Coronary Syndrome (ACS) and patients undergoing Carotid Endarterectomy (CEA) in the middle of 2008.

According to Dr. Adeoye Olukotun, Chief Medical Officer of VIA, "We intend to continue the current Phase II trials, and to initiate additional clinical studies. The safety profile of VIA-2291 indicates that it is well tolerated in patients, and that evidence of a positive pharmacological effect has been observed. We believe that a drug that addresses vascular inflammation in the treatment of atherosclerosis will address a significant unmet medical need."

Acute coronary syndrome (ACS) is often an intermediate stage between stable angina and a heart attack. Carotid endarterectomy (CEA) is a procedure to remove the inner lining of the carotid artery, if it has become thickened or damaged with plaque, to restore adequate blood flow to the brain.

Atherosclerosis is the result of chronic inflammation and the buildup of plaque in arterial blood vessel walls. Plaque consists of inflammatory cells, cholesterol and cellular debris. Atherosclerosis, depending on its severity and the location of the artery it affects, may result in a heart attack or stroke. Atherosclerosis is the leading cause of death in the United States, claiming more lives each year than all forms of cancer combined. There are currently no medications available for physicians to directly treat the underlying chronic inflammation of the blood vessel wall associated with atherosclerosis.

The potential U.S. market for VIA-2291 comprises the approximately 15.8 million patients in this country who have coronary artery disease. Peripheral artery disease affects approximately 8.0 million Americans and is associated with significant morbidity and mortality. Currently, no drug treatment is available that targets the underlying causes of peripheral artery disease or prevents its progression.

As of June 30, 2007, the Company's accumulated deficit was approximately $30.8 million, and it had cash on hand of $12.2 million.

Bay City Capital (Dr. Fred Craves, Managing Director), the Company's principal stockholder, beneficially owns approximately 51% of the Company's common stock. Bay City Capital serves as an advisor to life science investors.

In September, Think Equity initiated coverage of VIAP at Buy with a price target of $7.

KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC.

ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.

If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com

Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index