InNexus Enters R&D Agreement Targeting Cancer with BioInvent of Sweden, Appoints New Chairman of the Board of Directors Sep 27 2006
InNexus Biotechnology, Inc. an innovative antibody-driven drug development company, today announced that it has entered into an R&D agreement with BioInvent International AB, a publicly-traded biotech firm, for the provision of InNexus' SuperAntibody(TM) Technology with a BioInvent therapeutic antibody, targeting cancer. Under the agreement the Parties will perform collaborative R&D aimed at a single target. The agreement also contains terms for future drug development including commercialization. Financial terms of the transaction were not disclosed. InNexus also announced today that its Board of Directors has appointed Jeff Morhet Chairman of the Board, to lead the company's growth and drug development strategy. Mr. Morhet serves as the President and CEO of InNexus and has extensive experience in the pharmaceutical industry. Commenting on the agreement with BioInvent, Mr. Morhet, President, CEO & Chairman of InNexus said, "We are delighted to be entering into this relationship with BioInvent as our extensive antibody enhancement experience underpins all of our technologies. This enables us to offer state of the art support to pharmaceutical and drug development companies as we seek to increase antibody potency, an achievement already demonstrated with other multiple fully human and humanized antibodies. The impact of such a demonstration is to not only produce a more effective drug candidate but to also use less drug, a key to the drug's cost of goods and profit." Mr. Morhet concluded, "This agreement also demonstrates InNexus' ability and commitment to develop SuperAntibody(TM) Technology into commercial product opportunities internally and for our partners." About InNexus InNexus is an innovative antibody-driven drug development company that has developed two technology platforms, SuperAntibody(TM) and TransMAbs(TM), which improve the potency of existing antibody products while opening new markets and disease applications. Both platforms utilize unique, novel and patented methods and technologies of InNexus. InNexus is headquartered in Scottsdale, Arizona on the campus of The Mayo Clinic and has its own in-house developmental facilities. These development facilities provide validation of protein and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. To learn more about InNexus, please visit www.innexusbiotech.com. About BioInvent BioInvent International AB, listed on the O list of the Stockholm Stock Exchange (SAX:BINV), is a research-based pharmaceutical company that focuses on development of antibody-based drugs. The Company is running innovative drug projects within the areas of thrombosis, oncology, atherosclerosis, ophthalmic diseases and HIV. The Company, which currently has 99 employees, is located at Ideon in Lund, Sweden. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts and are subject to risks and uncertainties which could cause actual results and the timing of certain events to differ materially from those set forth in or implied herein including, without limitation, risks associated with clinical development, regulatory approvals, product commercialization, intellectual property claims litigation and other risks associated with the company's proposed activities. http://www.arizonabiotech.com/ http://groups.yahoo.com/group/biotech-news/ http://www.arizonaentrepreneurs.com/ http://www.azhttp.com/ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/biotech-news/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/biotech-news/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
