Alzheimer’s disease strikes about 10 percent of people over 65 and up to 50 percent of people over the age of 85. According Applied NeuroSolutions Inc. (OTCBB: APNS), Alzheimer’s affects an estimated 4.5 million people in the U.S.
The Illinois-based biopharmaceutical company focuses on diagnostics and therapeutics for the treatment of Alzheimer’s and has established a relationship with Albert Einstein College of Medicine (AECOM) which grants Applied NeuroSolutions licensing rights to market discoveries made in the neurodegenerative arena.
The company is currently working to identify drugs interfering with pathways to prevent disease development through both Therapeutic and Diagnostic Programs.
Fighting the disease in a multi-billion dollar field takes some cash. The company recently filed its 10QSB with the quarterly results for the period ended March 31, 2007. The company reported cash on hand at $674,174 as of March 31, 2007. Total revenues for the first quarter were $208,333 versus $53,600 for the first quarter of 2006.
Applied Neurosolutions reported a net loss of $718,757, or 1 cent per share, for the first quarter of 2007 versus a net loss of $870,026, or 1 cent per share in the first quarter of 2006. The company also has a deficit accumulated during the development stage equal to $46,221,409.
Shares of Applied Neurosolutions closed down 2 cents (7 percent) at 27 cents per share on volume of 258,500. The 52-week range is between 26 and 32 cents, and the company has a market capitalization of $29 million.