Eli Lilly to pay Applied NeuroSolutions $250,000 for renewal of their collaboration

Applied NeuroSolutions, Inc. (OTCBB:APSN)(www.AppliedNeuroSolutions.com), a biotechnology company focused on the development of products for the early diagnosis and treatment of Alzheimer's disease ("AD"), today announced that Eli Lilly and Company (NYSE:LLY) has agreed to a one-year renewal of its drug discovery collaboration. Lilly will pay $250,000 to Applied NeuroSolutions for the one-year collaboration renewal.

The original collaboration term was for three years, with two one-year options to extend the collaboration term at Lilly’s sole discretion. Lilly exercised the first one-year option.

“It is very exciting that Eli Lilly and Company believes we are making sufficient progress in our drug discovery efforts to renew the collaboration for another year,” commented Craig S. Taylor, Ph.D., Applied NeuroSolutions’ President and CEO. “The efforts of Peter Davies, Ph.D., our founding scientist, Lilly, and Applied NeuroSolutions have achieved significant internal milestones to date and we are hopeful that continued progress will lead to achievement of our first paid milestone from Lilly in 2010.”

SOURCE Applied NeuroSolutions