Inex Pharmaceuticals Closes Hana Biosciences Licensing Agreement
VANCOUVER, May 8, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) announced today that it has closed the previously announced transaction to license three products from its Targeted Chemotherapy pipeline to Hana Biosciences, Inc. ("Hana"; Nasdaq: HNAB). INEX has granted Hana a worldwide license to develop and commercialize Marqibo(TM) (sphingosomal vincristine), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan).
Under the terms of the transaction, upon closing, Hana will pay INEX US$11.5 million in an upfront payment, consisting of cash and Hana shares. The upfront payment consists of US$1.5 million in cash and 1,118,568 Hana common shares priced at US$8.94, a 20 day volume weighted average price prior to signing the Letter of Intent on March 17, 2006. INEX will receive an additional US$30.5 million if development and regulatory milestones are achieved and will also receive royalties on product sales. Hana will be responsible for all future development of the three products including all future expenses. INEX will continue to support Hana to transfer knowledge and expertise and to ensure the products can be advanced as quickly as possible and will also be reimbursed for this support.
Hana anticipates initiating pivotal trials for Marqibo in 2006 and initiating phase 1 clinical trials for INX-0125 (sphingosomal vinorelbine) in 2006 and for INX-0076 (sphingosomal topotecan) in 2007.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said that INEX is pleased with the upfront terms of the arrangement and with the prospects of receiving milestone and royalty payments as Hana successfully commercializes the products. "We are very pleased that the Hana and INEX teams were able to complete the agreements so quickly and we look forward to supporting Hana as they move these products through development."
Mark Ahn, PhD., President and Chief Executive Officer of Hana, said, "Marqibo has demonstrated promising activity in patients with non-Hodgkin\'s lymphoma and acute lymphoblastic leukemia in completed and ongoing studies. It enhances Hana\'s portfolio of novel anticancer compounds and underscores our patient-focused commitment to commercialize novel oncology therapies. We look forward to working with the FDA to finalize the Special Protocol Assessment in hematological cancers, and to initiating pivotal trials for Marqibo in 2006, while our current clinical programs continue on schedule."
In addition to supporting Hana with the Targeted Chemotherapy products, INEX will continue its work with the University of British Columbia on its next generation drug delivery platform to use with chemotherapy drugs as well as work to complete the spin-out of its Targeted Immunotherapy assets into Tekmira Pharmaceuticals Corporation.
About INEX\'s Targeted Chemotherapy Products
Marqibo (sphingosomal vincristine), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan) are proprietary drugs using INEX\'s proprietary sphingosomal drug delivery technology. This 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 while reducing the side effects of the encapsulated drug.
Marqibo has completed phase 2 clinical trials and is ready to enter phase 3 clinical trials in first-line aggressive non-Hodgkin\'s lymphoma and acute lymphoblastic leukemia. An Investigational New Drug (IND) application has been approved for the commencement of phase 1 clinical trials for INX-0125 in both the US and Canada and preclinical development is being completed for INX-0076.
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX can be found at www.inexpharm.com.
About Hana Biosciences, Inc.
Hana Biosciences, Inc. (Nasdaq: HNAB) is a South San Francisco, CA-based biopharmaceutical company that acquires, develops, and commercializes innovative products to advance cancer care. The company is committed to creating value by building a world-class team, accelerating the development of lead product candidates, expanding its pipeline by being the alliance partner of choice, and nurturing a unique company culture. Additional information on Hana Biosciences can be found at www.hanabiosciences.comPosts: 23 | Registered: Feb 2006
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Inex Pharmaceuticals Announces Court of Appeal Win 5/18/2006
VANCOUVER, May 18, 2006 (Canada NewsWire via COMTEX News Network) -- Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) announced that at today's hearing in the British Columbia Court of Appeal the Court unanimously ruled in favour of INEX. The Court of Appeal hearing included INEX's appeal of the Supreme Court of British Columbia's ruling that provided the holders of INEX's outstanding convertible promissory notes the right to vote on INEX's Plan of Arrangement to spin out its Targeted Immunotherapy assets into a new company, Tekmira Pharmaceuticals Corporation ("Tekmira").
The Court of Appeal also heard an appeal from Stark Trading and Shepherd Investments Ltd. (collectively "Stark"). Stark appealed the Supreme Court of British Columbia's decision to dismiss a bankruptcy petition and the ruling that the spin-out of Tekmira can take place given the terms of the convertible debt.
The Appeal Court denied Stark's appeals and granted INEX's appeal. As a result, the Court dismissed the bankruptcy petition brought by Stark, confirmed that the spin-out of Tekmira can take place given the terms of the convertible debt and has denied the Noteholders' ability to vote on the Plan of Arrangement.
Stark is the majority holder of certain promissory notes issued by Inex International Holdings, a subsidiary of INEX. The promissory notes are not due until April 2007 and can be repaid in cash or in shares, at INEX's option, at maturity.
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX can be found at www.inexpharm.com
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