For immediate release: November 02, 2006
VANCOUVER, BC — Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) reported today in its third quarter 2006 operating results that the Company continues to advance its internal and partnered product development programs and is working towards closing the spin-out of Tekmira Pharmaceuticals Corporation (“Tekmira”). The Tekmira spin-out is dependent on the outcomes of court hearings to be held during the fourth quarter.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said, “Although we can’t begin operating as Tekmira until the legal approvals are received, we and our partners are continuing to make significant progress in advancing our products and technology.”
INEX announced October 18, 2006 that a hearing in the Supreme Court of British Columbia originally scheduled for October 23, 2006 has been rescheduled for November 7 and 8, 2006. The court will hear INEX’s request for a court order to transfer the ongoing legal dispute with Protiva Biotherapeutics, Inc. (“Protiva”) from INEX to Tekmira and a court approval of the Plan of Arrangement to transfer all of the Company’s assets to Tekmira. The court will also hear Protiva’s motion to try to prevent the spin-out of Tekmira.
“We remain confident in our legal and contractual positions versus Protiva and we are working to close the Tekmira spin-out as quickly as possible,” Ruane said.
PRODUCT DEVELOPMENT
INX-0167 / The Company’s internal product development is currently focused on INX-0167, a product candidate that stimulates the immune system to attack cancer cells. The Company plans to begin formal toxicology studies in early 2007 that will complete a package of preclinical data sufficient to file in late 2007 an Investigational New Drug (“IND”) application with the United States Food and Drug Administration (“FDA”) for permission to evaluate INX-0167 in human clinical trials.
At the Annual Meeting of the American Association of Immunologists held May 12-16, 2006, the Company presented preliminary preclinical data showing that INX-0167 can generate a potent immune response in non-human primates. Additional data on INX-0167 will be presented at the American Society of Hematology meeting being held December 9-12, 2006.
Alnylam Pharmaceuticals collaboration / INEX announced July 17, 2006 that it was accelerating its collaboration with Alnylam Pharmaceuticals, Inc. (“Alnylam”; NASDAQ: ALNY), a leader in the development of therapeutics based on RNA interference (“RNAi”). The collaboration, announced March 25, 2006, explores the use of INEX’s liposomal delivery technology for the systemic delivery of Alnylam’s RNAi therapeutic products. RNAi therapies have shown the potential to block the action of disease-causing genes. Due to the rapid progress made so far, INEX and Alnylam decided to move into the next phase of the collaboration, which includes looking at additional gene targets. In conjunction with this decision, Alnylam made further payments during the quarter to INEX totalling approximately $2.1 million, $1.1 million of which relates to an option to take a broad exclusive license to INEX’s technology.
Hana Biosciences partnership / INEX announced August 30, 2006, that its partner Hana Biosciences (“Hana”; NASDAQ: HNAB) had enrolled the first patient in a phase 1 human clinical trial evaluating the safety, tolerability and preliminary efficacy of INX-0125 (sphingosomal vinorelbine) as a treatment for advanced solid tumors. Commencement of patient dosing for this trial triggered a US$1.0 million milestone payment from Hana to INEX as part of the agreement announced May 8, 2006 in which Hana licensed three products from INEX’s Targeted Chemotherapy pipeline, including INX-0125, Marqibo and INX-0076.
Protiva Dispute / On March 28, 2006, the Company announced it had received a statement of claim filed by Protiva in the Supreme Court of British Columbia. INEX holds a minority interest in Protiva. Under the Company’s agreements with Protiva, it believes it has retained all rights to certain oligonucleotide delivery technology, including the delivery of small interfering RNA. INEX also believes that any technology advancements made by Protiva and its collaborators or by INEX for the delivery of oligonucleotides are owned by INEX or should be licensed to INEX on an exclusive, worldwide paid-up and royalty-free basis.
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