For immediate release: January 20, 2004
VANCOUVER – Inex Pharmaceuticals Corporation (“INEX”; TSX: IEX) announced today that the strategic partnership it has signed with Enzon Pharmaceuticals, Inc. (“Enzon”; NASDAQ: ENZN) to commercialize its proprietary oncology product Onco TCS has triggered the Company’s obligation to make a US$3 million cash payment to its former joint venture partner, Elan Corporation, plc (“Elan”; NYSE: ELN).
David Main, INEX’s President and CEO, said the terms of the agreement reached April 2003 with Elan also obligate INEX to make payments, in cash or shares at INEX’s option, of US$2.5 million when the United States Food and Drug Administration (FDA) accepts the New Drug Application (NDA) for Onco TCS for review and US$2.5 million when the FDA approves Onco TCS. Beyond such payments, Elan has no rights to royalties on future sales on Onco TCS.
The news release announcing the INEX-Enzon partnership can be found on INEX’s website at www.inexpharm.com.
About INEX
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer.
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimate,” “continue,” “anticipates,” “intends,” “expects,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, INEX’s stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX’s products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
INEX investor contact:
Ian Mortimer
Senior Director, Investor Relations
Inex Pharmaceuticals Corporation
Tel: 604.419.3200
Email: info@inexpharm.com
Website: www.inexpharm.com
INEX media contact:
Miriam Zitner
James Hoggan & Associates Inc.
Tel: 604.739.7500
Email: mzitner@hoggan.com
