For immediate release: May 13, 2004
VANCOUVER - Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) reported today in its first quarter 2004 operating results that achievement of two major milestones has advanced the Company toward its goals of commercializing its lead product Onco TCS and becoming a fully integrated biopharmaceutical company.
The first milestone, announced on January 20, 2004 was the successful negotiation of a strategic partnership with Enzon Pharmaceuticals, Inc. (“Enzon”; NASDAQ: ENZN) for the commercialization of Onco TCS in North America.
The second milestone, announced on March 15, 2004 was the completion of a “rolling submission” of a New Drug Application (NDA) with the United States Food and Drug Administration (FDA) seeking marketing approval for Onco TCS as a single-agent treatment for patients with relapsed aggressive non-Hodgkin’s lymphoma (NHL) previously treated with at least two combination chemotherapy regimens.
David Main, INEX’s president and chief executive officer, said the Company could receive a decision from the FDA within six months from the filing date of the NDA, subject to the acceptance of the application on a priority review basis. If approved, Onco TCS could be introduced to the marketplace and available to physicians and patients before the end of calendar year 2004 or early in 2005.
“Although filing an NDA never assures an approval from the FDA, we believe our data are compelling and address an important unmet medical need,” said Main.
“Approval would mark INEX’s transition into a fully integrated biopharmaceutical company, with demonstrable expertise in research, manufacturing management, clinical development, and the beginnings of commercialization capabilities. The commercialization stage starts with building our co-promotion sales force to market Onco TCS alongside our partner Enzon,” said Main.
Onco TCS
Onco TCS is a proprietary drug comprised of the widely used off-patent anticancer drug vincristine encapsulated in INEX’s proprietary liposomal drug delivery technology. INEX’s technology is designed to provide prolonged blood circulation, tumor accumulation and extended drug release at the cancer site. These characteristics are intended to increase the effectiveness and reduce the side effects of the encapsulated drug.
Partnership with Enzon Pharmaceuticals
Under the terms of the partnership, Enzon receives the exclusive North American commercialization rights for Onco TCS for all indications.
INEX received a US$12 million up-front payment and will receive up to a US$20 million payment upon Onco TCS receiving approval from the FDA. INEX could qualify to receive additional development milestones and sales-based bonus payments of US$43.75 million. INEX will also receive a percentage of commercial sales of Onco TCS and this percentage will increase as sales reach specific thresholds.
INEX has the option of complementing Enzon’s sales efforts by co-promoting Onco TCS through the formation of a small North American sales and medical science liaison force. The costs of building INEX’s co-promotion force will be shared equally by both companies. Enzon will record all sales in North America.
Main said the co-promotion component provides INEX with a cost-effective approach to building a commercial sales force in North America and strengthens its position as INEX considers in-licensing, partnering or acquisition of additional products to complement current pipeline activities.
Enzon and INEX will share equally the future development costs to obtain and maintain marketing approvals for Onco TCS in North America. Enzon will pay all sales and marketing costs and certain other post-approval clinical development costs typically associated with commercialization activities.
INEX retains manufacturing rights and will initially manufacture and supply the drug and be reimbursed by Enzon. The companies are discussing the potential of transferring manufacturing to Enzon’s sterile injectable manufacturing facility where Enzon manufactures its commercial drug ABELCET® (Amphotericin B Lipid Complex Injection) and where MYOCETTM (liposome encapsulated doxorubicin citrate complex) is manufactured for Elan Corporation, plc.
Enzon, a New Jersey-based biopharmaceutical company, has expertise in developing, manufacturing and marketing oncology and liposomal drugs. Enzon has a 60-person North American sales force marketing DEPOCYT®, ONCASPAR® AND ABELCET® to the oncology market. Enzon’s revenue in fiscal 2003 was US$146.4 million.
The signing of the Enzon partnership triggered INEX’s obligation to make a US$3.0 million cash payment to its former joint venture partner, Elan Corporation, plc ("Elan"). INEX is further obligated to make payments, in cash or shares at INEX’s option, of US$2.5 million when the FDA accepts the 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.
NDA marketing submission
In March, INEX announced that it had completed a “rolling submission” of an NDA with the US FDA. The NDA is seeking marketing approval for Onco TCS as a single-agent treatment for patients with relapsed aggressive NHL previously treated with at least two combination chemotherapy regimens.
INEX has requested that the NDA be granted Priority Review status as a product intended to address an unmet medical need. Applications that are granted Priority Review status are targeted for action by the FDA within six months from the date that the submission is complete. The Company expects to hear from the FDA within approximately 60 days from the completion of the filing of the NDA as to whether or not the submission has been accepted and given Priority Review status.
Earning approval based on a single-arm trial is a challenge. Even when, as in INEX’s situation, the FDA agrees with the specific trial design, approval can never be assured. The standard to obtaining Accelerated Approval requires that FDA must find the clinical results “compelling”. The Company believes it has demonstrated that Onco TCS meets this standard.
In 1999, the FDA agreed that INEX could seek approval for Onco TCS under Accelerated Approval regulations, a significant advantage as it provided a path to approval using clinical data from a single-arm trial, which meant that Onco TCS was not compared directly with other drugs as the FDA agreed there was no standard treatment for the patient group INEX was studying.
Additional Onco TCS indications
In addition to the lead indication, Enzon and INEX intend to develop Onco TCS for use as a single-agent therapy or in combination therapy for several cancers in which vincristine is now used.
Onco TCS is being evaluated in several phase II clinical trials as a treatment for first-line NHL, relapsed small cell lung cancer, relapsed Hodgkin’s disease, relapsed acute lymphoblastic leukemia, relapsed pediatric malignancies, relapsed NHL in combination with the approved cancer drug Rituxan® (rituximab), and relapsed NHL in combination with the approved cancer drug etoposide.
INEX will present follow-up results from a phase II evaluation of Onco TCS as first-line combination treatment for NHL at the annual meeting of the American Society of Clinical Oncology (ASCO) June 5-8, 2004. In this trial, free vincristine was replaced by Onco TCS in the standard first-line treatment for aggressive NHL.
INX-0076 (liposomal topotecan)
INEX’s second anticancer drug, INX-0076, is being developed under a partnership agreement entered into with GlaxoSmithKline (“GSK”, NYSE: GSK) in 2001. INX-0076 is the combination of INEX’s proprietary liposomal drug delivery technology and GSK’s approved camptothecin compound topotecan hydrochloride.
The phase I trial for INX-0076 was expected to begin in the first quarter of 2004, however GSK has informed INEX that the current timeline will not be met. INEX will provide an update on the new timeline as soon as more information is available.
INX-0125 (liposomal vinorelbine)
INX-0125 is the third drug to be developed in INEX’s targeted chemotherapy product pipeline. It comprises the Company’s liposomal carrier technology and the off-patent anticancer drug vinorelbine.
Preclinical data show that INX-0125 is more active against breast, colon and lung cancers than vinorelbine alone. In the first quarter, significant progress was made through the commencement of toxicology studies for INX-0125. The Company expects to complete pre-clinical studies by mid-year and to file an Investigational New Drug Application (IND) seeking approval to commence human clinical trials by the end of the year. The phase I clinical trial would start in 2005.
If INX-0125 is successful in clinical trials, it would be the Company’s intention to take this product through to commercialization in North America without a partner.
Targeted Immunotherapy-INX-0204
Development of the Company’s early stage targeted immunotherapy platform continues. In preclinical studies, INX-0204 achieved proof-of-principle by demonstrating that it can stimulate the immune system to inhibit the growth of tumors.
In 2003, the Company initiated four research collaborations with organizations whose proprietary disease markers, called antigens, can be combined with INX-0204 to form therapeutic products to treat various conditions, including cancer and infectious diseases. The Company expects results from these collaborations in 2004 and, based upon these results, will determine its partnering and development strategy for this platform of drug candidates.
In addition to the ongoing research collaborations, the Company also made progress during the first quarter on its internal development of the Targeted Immunotherapy program and expects to release additional data in the third quarter of this year at a scientific conference.
Financials
The net loss was $5.1 million ($0.15 per common share) during the first quarter of 2004. This net loss in the first quarter of 2004 was in line with management’s expectations and compares with $9.9 million ($0.32 per common share) for the first quarter of 2003 and $12.4 million ($0.34 per share) for the fourth quarter of 2003. The decrease in the net loss in the first quarter of 2004 as compared to the loss in the first quarter of 2003 and the loss in the fourth quarter of 2003 is primarily a result of a decrease in research and development expenditures and amortization expense, principally related to Onco TCS. Also contributing to the overall decrease in the current period’s loss as compared to the loss in the first quarter of 2003 and the loss in the fourth quarter of 2003 is an increase in revenue, which is mainly due to revenue recognized from the Enzon partnership agreement that was entered into by the Company in January 2004.
At March 31, 2004, INEX had cash, cash equivalents and short-term investments of approximately $53.5 million as compared to $50.8 million at December 31, 2003. INEX believes that the current funds on hand, anticipated funding from corporate partners and government grants, and expected interest income, should be sufficient to finance its operations and capital needs for in excess of two years. INEX’s funding needs may, however, vary depending upon a number of factors as more fully outlined in the Company’s 2003 Annual Report.
There have been no material changes during the three month period ended March 31, 2004 to the forward-looking information provided in the “Management’s Discussion and Analysis of Financial Condition and Operations” portion of the Company’s 2003 Annual Report. As per the Company’s previous guidance, before factoring the potential US$20.0 million payment due from Enzon upon approval of Onco TCS by the FDA, INEX currently expects to have an average net cash burn for 2004 of approximately $1.8 million per month. See “Risks and Uncertainties”.
Revenues from research and development collaborations, licensing fees and milestone payments were $3.7 million for the first quarter of 2004, $2.4 million for the first quarter of 2003 and $0.2 million for the fourth quarter of 2003. The overall increase in revenue in the first quarter of 2004 is attributable to revenue recorded from Enzon in conjunction with the strategic partnership agreement to jointly develop and commercialize Onco TCS and for Enzon’s share of ongoing development expenses for Onco TCS in the first quarter of 2004.
Research and development collaborations revenue increased to $1.3 million in the first quarter of 2004 as compared to nil in both the same period in 2003 and the fourth quarter in 2003 as a result of revenue recorded from Enzon in relation to Enzon’s share of ongoing development expenses for Onco TCS.
Licensing fees and milestone revenue was $2.3 million in the first quarter of 2004 as compared to $2.4 million during the comparable period in 2003 and $0.2 million during the fourth quarter in 2003. Licensing fees and milestone revenue in the first quarter of 2004 includes amortization of $1.9 million (US$1.4 million) of the up-front US$12.0 million payment received from Enzon in January 2004, which has initially been recorded as deferred revenue. Also included in licensing fees and milestone revenue at March 31, 2004 is the continuing amortization of the $1.6 million initial license fee received from GSK in 2001 also initially recorded as deferred revenue. The amount of GSK deferred revenue amortized into income was $0.1 million in the first quarter of 2004 and 2003. Licensing fees and milestone revenue in the first quarter of 2004 also includes $0.3 million in milestone payments earned from GSK as compared to $2.2 million in the comparable period in 2003.
Research and development expenses decreased to $5.8 million in the three month period ended March 31, 2004 as compared to $7.4 million in the comparable period in 2003 and $8.3 million in the three month period ended December 31, 2003. The decline of $1.6 million in the first quarter of 2004 as compared to the first quarter of 2003 is mainly the result of a significant decline in spending on technical studies and pre-commercial manufacturing activities related to Onco TCS in the first quarter of 2004 as compared to the first quarter of 2003 because most of this work was completed in 2003. Also contributing to the overall decrease in research and development expenses was a decline in spending on the preparation and activities related to the regulatory filing seeking marketing approval for Onco TCS from the FDA since most of this work was also completed in 2003. The Company commenced the filing of the NDA seeking marketing approval for Onco TCS in the third quarter of 2003 and completed the filing in March 2004.
The decline in research and development expenses of $2.5 million in the first quarter of 2004 as compared to the fourth quarter of 2003 is mainly the result of a decline in spending on the preparation and activities related to the NDA filing with the FDA for Onco TCS since most of this work was completed in 2003. Also contributing to the overall decrease was a decrease in the stock-based compensation expense in the first quarter of 2004 as compared to the fourth quarter of 2003.
Partially offsetting the overall decrease in research and development expenses was an increase in spending in the first quarter of 2004 related to INX-0125 (liposomal vinorelbine) and other pipeline product candidates as compared to each of the first quarter and fourth quarter of 2003.
General and administrative expenses decreased $0.2 million to $2.3 million for the three month period ended March 31, 2004 as compared to $2.5 million in the same period in 2003. There was also a decrease of $0.1 million in the first quarter of 2004 as compared to $2.4 million in the fourth quarter of 2003. The overall decrease in the first quarter of 2004 as compared to the first quarter of 2003 and as compared to the fourth quarter of 2003 was partly the result of a decrease in consultant, training and stock-based compensation expenses.
Amortization expense was $0.8 million in the first quarter of 2004 as compared to $2.3 million in the comparable period in 2003 and $2.2 million in the fourth quarter of 2003. The primary source of this decrease was a change in the estimated useful life of the Onco TCS medical technology that was licensed from Elan in April 2001. At the time the medical technology was licensed, the estimated useful life was approximately three years. Based on more recent developments and management’s expectations of reaching product commercialization, commencing in the first quarter of 2004 the estimated useful life of this medical technology has been extended for an additional ten years. As a result, the amortization expense of the Onco TCS medical technology in the first quarter of 2004 was $0.1 million as compared to $1.5 million in each of the first and fourth quarters of 2003.
In the first quarter of 2004 INEX made a US$3.0 million payment to Elan as part of an agreement with Elan entered into in April 2003. This payment, triggered by the signing of the strategic partnership with Enzon, has been recorded by the Company as an increase in the medical technology related to Onco TCS and will be amortized over the technology’s estimated ten year useful life until the fourth quarter of 2013.
Interest income for the first quarter of 2004 was $0.3 million as compared to $0.4 million for the first quarter of 2003 and $0.4 million for the fourth quarter of 2003. An increase in the average cash, cash equivalents, and short-term investments held during the first quarter in 2004 as compared to the same period in 2003 and as compared to the fourth quarter in 2003, was offset by lower average interest rates in the current period resulting in approximately the same interest income.
INEX’s net loss in the first quarter of 2004 included other losses of $0.1 million as compared to other losses of $0.4 million in the first quarter of 2003 and $0.03 million in the fourth quarter of 2003. The other losses in the three month period ended March 31, 2004 are mainly the result of foreign exchange losses on US dollar denominated holdings of cash and short-term investments.
Capital expenditures were $0.3 million, none of which were funded by capital leases, during the three month period ended March 31, 2004 as compared to $0.1 million, including $0.1 million funded by capital leases, during the same period in 2003. Capital expenditures in the fourth quarter of 2004 were $0.6 million, none of which were funded by capital leases.
Risks and Uncertainties
To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with INEX’s business. Operating risks include (i) INEX’s ability to successfully complete preclinical and clinical development of its products, (ii) INEX’s ability to complete and maintain corporate alliances relating to the development and commercialization of its technology and products and the effectiveness of INEX’s partners in carrying out such development and commercialization including, subject to regulatory approval in the US, Enzon’s ability to successfully launch Onco TCS, (iii) decisions, and the timing of decisions, made by health regulatory agencies regarding approval of INEX’s technology and products including the approvability of Onco TCS by the FDA under its Accelerated Approval legislation, (iv) INEX’s ability to obtain and enforce patent and other intellectual property protection for its technology and products, and in-licensed technology and products, (v) market acceptance of INEX’s technology and products, (vi) the competitive environment and impact of technological change, (vii) the continued availability of capital to finance INEX’s activities, and (viii) INEX’s ability to attract and retain employees to carry out its business plans.
INEX’s risks and uncertainties are discussed in further detail in the “Management’s Discussion and Analysis of Financial Condition and Operations” portion of its 2003 Annual Report and in its Annual Information Form dated May 13, 2004 and remain substantially unchanged. Both the 2003 Annual Report and Annual Information Form are available on www.sedar.com.
The unaudited interim consolidated financial statements presented here have been prepared in accordance with Canadian generally accepted accounting principles for interim financial information.
| Consolidated Balance Sheets (Expressed in Canadian Dollars) | ||||
|
March 31, 2004 |
December 31, 2003 | |||
|
(Unaudited) |
||||
|
| ||||
| Assets | ||||
| Current Assets | ||||
| Cash and cash equivalents | $44,988,609 | $46,107,754 | ||
| Short-term investments | 8,464,523 | 4,732,287 | ||
| Accounts receivable | 1,726,839 | 436,062 | ||
| Government grant receivable | 28,399 | 70,000 | ||
| Prepaid expenses and other assets | 645,740 | 649,511 | ||
|
| ||||
| 55,854,110 | 51,995,614 | |||
| Long-term investment | 1,656,520 | 2,001,166 | ||
| Property and equipment | 5,197,721 | 5,313,178 | ||
| Medical technology | 9,791,786 | 6,178,225 | ||
| Other long-term assets | 1,413,857 | 296,328 | ||
|
| ||||
| $73,913,994 | $65,784,511 | |||
|
| ||||
| Liabilities and Shareholders' Equity | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | $3,117,664 | $4,835,501 | ||
| Current portion of obligations under capital leases | 174,149 | 174,131 | ||
| Current portion of long-term debt | 599,605 | 365,906 | ||
| Current portion of deferred revenue | 3,905,045 | 503,310 | ||
|
| ||||
| 7,796,463 | 5,878,848 | |||
| Obligations under capital leases | 221,844 | 264,911 | ||
| Long-term debt | 1,181,012 | 781,096 | ||
| Deferred lease inducements | 462,496 | 440,699 | ||
| Deferred revenue | 10,488,000 | - | ||
| Deferred dilution gain | 1,817,782 | 2,162,428 | ||
|
| ||||
|
21,967,597 |
9,527,982 | |||
| Shareholders’ equity | ||||
| Share capital | ||||
| March 31, 2004 - 38,466,864 |
|
|||
| December 31, 2003 - 38,409,633 |
179,491,330 |
179,097,330 | ||
| Additional paid-in capital |
14,068,043 |
13,684,109 | ||
| Exchangeable and development notes |
48,935,856 |
48,243,515 | ||
| Deficit |
(190,548,832) |
(184,768,425) | ||
|
| ||||
| |
51,946,397 |
56,256,529 | ||
|
| ||||
|
$73,913,994 |
$65,784,511 | |||
|
| ||||
| Consolidated Statements of Operations (Expressed in Canadian Dollars) | ||||
|
Three Months Ended
| ||||
|
March 31, 2004 |
March 31, 2003 | |||
|
(Unaudited) |
(Unaudited) Restated | |||
|
| ||||
|
Revenue |
||||
| Research and development collaborations |
$1,311,300 |
$ - | ||
| Licensing fees and milestone payments |
2,339,067
|
2,359,617 | ||
|
| ||||
|
3,650,367
|
2,359,617 | |||
|
| ||||
| Expenses | ||||
| Research and development |
5,816,062 |
7,407,500 | ||
| General and administrative |
2,293,717
|
2,507,310 | ||
| Amortization |
793,629 |
2,274,786 | ||
|
| ||||
|
8,903,408 |
12,189,596 | |||
|
| ||||
|
Loss before other earnings (expenses) |
(5,253,041) |
(9,829,979) |
| Interest income |
314,198 |
357,960 |
| Other earnings (losses) |
(149,223) |
(422,443) |
| Dilution gain from Protiva Biotherapeutics Inc. |
344,646 |
380,617 |
| Equity in loss of Protiva Biotherapeutics Inc. |
(344,646) |
(380,617) |
|
| ||
| Loss for the period |
($5,088,066) |
($9,894,462) |
|
| ||
| Loss per common share |
($0.15) |
($0.32) |
|
| ||
| Consolidated Statements of Shareholders' Equity | ||||||
| (Expressed in Canadian Dollars) | ||||||
| Three months ended March 31, 2004 (Unaudited) |
Number of shares |
Share capital |
Additional paid-in capital |
Exchangeable and development notes |
Deficit |
Total shareholders' equity |
| Balance, December 31, 2003 |
38,409,633 |
$179,097,330 |
$13,684,109 |
$48,243,515 |
($184,768,425) |
$56,256,529 |
| Net loss |
- |
-
|
- |
- |
(5,088,066) |
(5,088,066) |
| Stock-based compensation |
- |
- |
518,277 |
- |
- |
518,277 |
| Issuance of common shares pursuant to exercise of options |
57,231 |
394,000 |
(134,343) |
- |
- |
259,657 |
| Accrued interest on exchangeable and development notes |
- |
- |
- |
692,341 |
(692,341) |
- |
|
| ||||||
| Balance, March 31, 2004 |
38,466,864 |
$179,491,330 |
$14,068,043 |
$48,935,856 |
($190,548,832) |
$51,946,397 |
|
| ||||||
| Three months ended March 31, 2003 (Unaudited) (Restated) |
Number of shares |
Share capital |
Additional paid-in capital |
Exchangeable and development notes |
Deficit |
Total shareholders' equity |
| Balance, December 31, 2002 |
32,974,762 |
$152,617,301 |
$11,110,970 |
$45,446,478 |
($137,782,022) |
$71,392,727 |
| Net loss |
- |
- |
- |
- |
(9,894,462) |
(9,894,462) |
| Stock-based compensation |
- |
- |
540,223 |
- |
- |
540,223 |
| Issuance of common shares pursuant to exercise of options |
335,100 |
580,119 |
(245,019) |
- |
- |
335,100 |
| Accrued interest on exchangeable a nd development notes |
- |
- |
- |
716,470 |
(716,470) |
- |
|
| ||||||
| Balance, March 31, 2003 |
33,309,862 |
$153,197,420 |
$11,406,174 |
$46,162,948 |
($148,392,954) |
$62,373,588 |
|
| ||||||
| Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) | |||
|
Three Months Ended
| |||
|
March 31, 2004 |
March 31, 2003 | ||
|
| |||
| Cash provided by (used in): |
(Unaudited) |
(Unaudited) Restated | |
| Operations | ||
| Loss for the period |
($5,088,066) |
($9,894,462) |
| Items not involving cash: |
||
| Amortization of property and equipment |
432,790 |
493,508 |
| Amortization of medical technology |
360,839 |
1,781,278 |
| Amortization of deferred revenue |
(2,007,865) |
(131,067) |
| Amortization of deferred lease inducements |
(27,723) |
(27,722) |
| Increase in deferred lease inducements |
49,520 |
- |
| Dilution gain from Protiva Biotherapeutics Inc. |
(344,646) |
(380,617) |
| Equity in loss of Protiva Biotherapeutics Inc. |
344,646 |
380,617 |
| Stock-based compensation expense |
518,277 |
540,223 |
| Increase in deferred revenue |
15,897,600 |
- |
| Net change in non-cash working capital |
(2,974,916) |
(3,807,270) |
|
| ||
|
7,160,456 |
(11,045,512) | |
|
| ||
|
Investments | ||
| Acquisition of property and equipment |
(317,333) |
(45,724) |
| Acquisition of medical technology |
(3,974,400) |
- |
| Acquisition of other long-term assets |
(947,121) |
- |
| Sale (purchase) of short-term investments, net |
(3,720,562) |
20,271,232 |
|
| ||
|
(8,959,416) |
20,225,508 | |
|
| ||
| Financing | ||
| Issuance of common shares pursuant to: |
||
| Exercise of options |
259,657 |
310,195 |
| Long-term debt, net of security deposit and financing costs |
556,666 |
- |
| Repayment of long-term debt |
(93,459) |
- |
| Repayment of obligations under capital leases |
(43,049) |
(52,977) |
|
| ||
|
679,815 |
257,218 | |
|
| ||
| Increase (decrease) in cash and cash equivalents |
(1,119,145) |
9,437,214 |
| Cash and cash equivalents, beginning of period |
46,107,754 |
32,280,361 |
|
| ||
| Cash and cash equivalents, end of period |
$44,988,609 |
$41,717,575 |
|
| ||
Certain prior period comparative figures have been reclassified to conform to the current period’s presentation.
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer.
Statements contained herein may not be based on historical fact, including without limitation statements containing the words “believes”, “may”, “plan”, “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
INEX’s common shares are traded on the Toronto Stock Exchange under the trading symbol “IEX”.
