For immediate release: March 21, 2007
VANCOUVER, BC - Inex Pharmaceuticals Corporation ("INEX"; TSE: IEX) released its 2006 audited operating results today and announced plans to build on the year’s scientific, business and financing successes. In 2007, the Company will focus on advancing its anti-cancer product candidate INX-0167 toward clinical trials while continuing to support its partners as they advance products based on INEX’s technology.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said the past 12 months included a number of achievements including partnership agreements with Alnylam Pharmaceuticals, Inc. (“Alnylam”; Nasdaq: “ALNY”) and Hana Biosciences, Inc. (“Hana”; Nasdaq: “HNAB”) as well as the settlement of convertible debt and the completion of a $16.0 million equity financing.
“As a result of our business and financing successes we believe we have the financial stability for the next two to three years to advance our internal pipeline and to support our partners to advance their products using our technology. In the next 18 months, we expect there will be a minimum of six products using our technology in clinical trials,” said Ruane.
INX-0167
INX-0167 is the Company’s lead internal product candidate using DNA oligonucleotides to stimulate the immune system to treat cancer. Preclinical studies have demonstrated the capability of INX-0167 to enhance natural killer cell activity and to dramatically improve the anti-tumour effectiveness of monoclonal antibodies when tested in lymphoma and breast cancer models. In 2007, the Company will focus on safety and toxicology studies in animals to identify a safe initial dose for beginning Phase 1 human clinical trials. INX-0167 targets Toll-like receptor 9 (TLR9) which stimulates an immune response including the activation of natural killer cells.
Partnerships
The partnership with Alnylam announced in 2006 and expanded in early 2007 is developing drugs that consist of Alnylam’s proprietary small interfering RNA (siRNA) oligonucleotides encapsulated in INEX’s oligonucleotide delivery technology. Alnylam siRNA drugs have demonstrated the capability to switch off genes that produce disease-causing proteins through a mechanism known as RNA interference (RNAi). The partnership with Alnylam also gives INEX rights to develop three siRNA drugs that use Alnylam’s RNAi technology and to develop immune stimulatory drugs using Alnylam’s RNA technology.
A partnership with Hana was signed in 2006 for the development and commercialization of INEX’s targeted chemotherapy products — Marqibo® (sphingosomal vincristine), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan). The Company also has partnerships with two other companies, Esperion Therapeutics, Inc. (now owned by Pfizer Inc.) and Aradigm Corporation to whom was licensed, in 1999 and 2004 respectively, technology and patents for development into drug products. All costs are borne by the partners and INEX has the opportunity to receive milestones and royalties on success.
Upcoming Events
Over the next 12 months, INEX expects to provide progress updates on the following objectives of either INEX or its partners:
First Half 2007
· Complete the spin-out of Tekmira Pharmaceuticals Corporation (“Tekmira”).
· Commencement by Hana of a pivotal Phase 2 clinical trial to evaluate Marqibo as a treatment for relapsed acute lymphoblastic leukemia.
Second Half 2007
· Completion by Hana of a Phase 1 clinical trial evaluating INX-0125.
