The Company’s neurological disease program is based on our discovery of the neuroprotective effects of a small organic molecule (PAN-811) and its derivatives. The drug candidate has an excellent toxicity profile and clearly effective mechanisms (multi-faceted) in protecting neurons from any acute and/or chronic damage. Panacea Pharmaceuticals has clearly shown its utility in protecting neurons under any insults and in several neurodegenerative diseases (acute such as stroke, or chronic such as retina disease and Alzheimer’s disease) by in vitro and in vivo (animal) studies. We have completed the manufacturing process development and have produced large quantities under GMP conditions. This preparation is water-soluble and is Panacea’s proprietary formulation. PAN-811 is not cytotoxic to neurons, because neurons are primarily mitotically fixed, and do not express ribonucleotide reductase (its mode of action as cytostatic agent). Additionally, we expect the neuroprotective dose to be at very low levels.

Panacea is currently performing the preclinical studies on this drug. Phase 1 clinical trial is expected to begin in 2017.