CURAXIS PHARMACEUTICAL CORP 
By RALEIGH, N.C., Aug. 17, 2011 (GLOBE NEWSWIRE) -- Timothy R. Wright, Chairman and Interim Chief Executive Officer of Curaxis Pharmaceutical Corporation ("Curaxis" or the "Company") (OTCQB:CURX) (Frankfurt:8CX), announced today that the new management team and newly implemented board of directors have been working diligently through the transition phase and are moving forward in their evaluation of the Company's current financial position, scientific collateral and strategic alternatives. On June 27, 2011, the Company announced changes to its Board of Directors (the "Board") and its executive management team to better position the Company for its next phase of growth and development. The new Board has a wealth of experience and comprehensive knowledge of life sciences, operations and strategic management in the area of pharmaceuticals. In addition, the newly appointed Board members have significant experience in the necessary industry arenas to execute the Company's business plan on an accelerated basis.
The Board is completing a comprehensive analysis of the financial position of the Company to enable them to properly evaluate potential funding alternatives. In addition, the Board has been focused on several remaining transition items including, but not limited to, continued compliance with current U.S. Securities & Exchange Commission (the "SEC") reporting obligations, the efficient processing of capital transactions for pre-merger shareholders, the scientific evaluation of the Company's inventory of pre-clinical and clinical data and related intellectual property and the development of strategic alternatives. The Company filed its quarterly report on Form 10-Q for the period ended June 30, 2011, with the SEC last week. Mr. Wright commented, saying, "Several strategic and financial options have been identified and are being evaluated for their feasibility considering the overall financial situation that currently exists. The Board is working diligently to define a path forward that will strengthen shareholder value." The Board has established specific committees to address tactical objectives underlying the current evaluation process.
About Curaxis Pharmaceutical Corporation
Curaxis is an emerging specialty pharmaceutical company with a hormone drug product candidate for the treatment of Alzheimer's disease and multiple cancers. Curaxis' therapeutic platform is based on the hypothesis that many diseases of aging may be caused by age-related changes in the function of the hypothalamic-pituitary-gonadal (HPG) axis. The HPG axis is a hormonal endocrine feedback loop that controls development, reproduction and aging in animals. This drug development platform is built on the premise that hormones associated with this feedback loop are beneficial early in life, when they promote growth and development, but are harmful later in life when the mechanism for feedback is compromised, thereby leading to disease processes, including pathologies associated with Alzheimer's disease and various cancers.
Forward Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
CONTACT: Judith S. T. Geaslen
Email: jgeaslen@curaxispharma.com
