InNexus Biotechnology Inc., OTC Bulletin Board: IXSBF TSX Venture: IXS
Arizona Biotechnology Marketing
Biotechnology News
InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
- Innovative Biotech Targets Another Large Well-Known Product and Continues
Expansion of Antibody Therapeutics Pipeline -
InNexus Biotechnology Inc., (OTC Bulletin Board: IXSBF; TSX Venture: IXS;
http://www.ixsbio.com), a drug development company commercializing the next
generation of monoclonal antibodies based on its Dynamic Cross Linking
(DXL(TM)) technology, announces the development of a new antibody product
from its DXL(TM) platform technology, DXL1218 (EGFR), for the prospective
treatment of colorectal cancer.
"Recent experimental data suggests that DXL1218 (EGFR) is superior to
competing commercialized products on the market, such as ERBITUX(R)
(cetuximab), in terms of potency and efficacy," said Jeff Morhet, CEO and
Chairman of InNexus. "I am very excited, as this latest development lends
further support to the robustness and predictability of the DXL(TM)
platform and the superiority of products from the platform over presently
commercialized offerings."
Speaking on InNexus' announcement, Pablo Legorreta, Chief Executive
Officer of Royalty Pharma said, "We are quite pleased with the rapid
progress of our research partner InNexus. Jeff has had a vision for rapid
product development based on DXL(TM) technology coupled with advanced in
vivo studies and a significant regulatory strategy. We look forward to
their continued rollout of products and performance."
Private Placement
InNexus also announces it intends to issue 10% unsecured convertible
debentures, for maximum proceeds to InNexus of $1.25 million. Each
debenture will be convertible into common shares of InNexus at the rate of
one common share for each $0.10 of debt converted. The debenture will have
a term of 2 years and net proceeds from the private placement will be used
by InNexus for research and development and general corporate business.
Closing of the private placement is expected to occur on or about 14
November 2008.
In connection with the private placement, certain insiders of InNexus
comprised of some members of the Board and senior management, are expected
to participate in the offering for an aggregate of approximately 40% on the
same terms and InNexus may pay finders' fees to registered persons in an
amount equal to 7% of the proceeds from the sale of the debentures to
purchasers referred by such finder in accordance with the policies of the
TSX Venture Exchange.
Participation in the private placement by insiders of InNexus is
considered to be a related-party transaction as defined under Multilateral
Instrument 61-101, however, the transaction is exempt from the formal
valuation and minority shareholder approval requirements under the
instrument as neither the fair market value of the securities being issued
nor the consideration paid exceeds 25 per cent of InNexus' market
capitalization.
Upon conversion of the debenture, the common shares will be subject to
a four-month "hold period" from the date of conversion under the policies
of the TSX Venture Exchange and applicable securities legislation.
About Colorectal Cancer
Colorectal cancer is the third most common cancer found in men and
women in the United States and is a term referring to cancer that develops
in the colon or rectum. The American Cancer Society estimates that there
will be about 108,070 new cases of colon cancer and 40,740 new cases of
rectal cancer in 2008 in the United States. Combined, they will cause about
49,960 deaths.
One of the leading products available is ERBITUX(R) (cetuximab)
marketed by ImClone Systems Incorporated. ImClone recently reported that
global net sales of ERBITUX(R) for the first quarter of 2008 grew to $417.3
million, an increase of 12% compared to $371.0 million for the previous
quarter and an increase of 36% compared to $306.1 million for the same
period last year.
About InNexus
InNexus is a drug development company commercializing the next
generation of monoclonal antibodies based on its DXL(TM) technology, which
improves the potency of existing antibody products while opening new
markets and disease applications. DXL(TM) antibodies utilize unique, novel
and patented methods and technologies of InNexus.
InNexus is headquartered in British Columbia with principal management
based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own
in-house developmental facilities. These development resources 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 http://www.ixsbio.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This news
release may contain assumptions, estimates, and other forward-looking
statements that involve inherent risks and uncertainties and are subject to
factors, many of which are beyond the Company's control, that may cause
actual results or performance to differ materially from those currently
anticipated in such statements.
SOURCE InNexus Biotechnology Inc.
Arizona Internet Marketing
Biotechnology News
InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
- Innovative Biotech Targets Another Large Well-Known Product and Continues
Expansion of Antibody Therapeutics Pipeline -
InNexus Biotechnology Inc., (OTC Bulletin Board: IXSBF; TSX Venture: IXS;
http://www.ixsbio.com), a drug development company commercializing the next
generation of monoclonal antibodies based on its Dynamic Cross Linking
(DXL(TM)) technology, announces the development of a new antibody product
from its DXL(TM) platform technology, DXL1218 (EGFR), for the prospective
treatment of colorectal cancer.
"Recent experimental data suggests that DXL1218 (EGFR) is superior to
competing commercialized products on the market, such as ERBITUX(R)
(cetuximab), in terms of potency and efficacy," said Jeff Morhet, CEO and
Chairman of InNexus. "I am very excited, as this latest development lends
further support to the robustness and predictability of the DXL(TM)
platform and the superiority of products from the platform over presently
commercialized offerings."
Speaking on InNexus' announcement, Pablo Legorreta, Chief Executive
Officer of Royalty Pharma said, "We are quite pleased with the rapid
progress of our research partner InNexus. Jeff has had a vision for rapid
product development based on DXL(TM) technology coupled with advanced in
vivo studies and a significant regulatory strategy. We look forward to
their continued rollout of products and performance."
Private Placement
InNexus also announces it intends to issue 10% unsecured convertible
debentures, for maximum proceeds to InNexus of $1.25 million. Each
debenture will be convertible into common shares of InNexus at the rate of
one common share for each $0.10 of debt converted. The debenture will have
a term of 2 years and net proceeds from the private placement will be used
by InNexus for research and development and general corporate business.
Closing of the private placement is expected to occur on or about 14
November 2008.
In connection with the private placement, certain insiders of InNexus
comprised of some members of the Board and senior management, are expected
to participate in the offering for an aggregate of approximately 40% on the
same terms and InNexus may pay finders' fees to registered persons in an
amount equal to 7% of the proceeds from the sale of the debentures to
purchasers referred by such finder in accordance with the policies of the
TSX Venture Exchange.
Participation in the private placement by insiders of InNexus is
considered to be a related-party transaction as defined under Multilateral
Instrument 61-101, however, the transaction is exempt from the formal
valuation and minority shareholder approval requirements under the
instrument as neither the fair market value of the securities being issued
nor the consideration paid exceeds 25 per cent of InNexus' market
capitalization.
Upon conversion of the debenture, the common shares will be subject to
a four-month "hold period" from the date of conversion under the policies
of the TSX Venture Exchange and applicable securities legislation.
About Colorectal Cancer
Colorectal cancer is the third most common cancer found in men and
women in the United States and is a term referring to cancer that develops
in the colon or rectum. The American Cancer Society estimates that there
will be about 108,070 new cases of colon cancer and 40,740 new cases of
rectal cancer in 2008 in the United States. Combined, they will cause about
49,960 deaths.
One of the leading products available is ERBITUX(R) (cetuximab)
marketed by ImClone Systems Incorporated. ImClone recently reported that
global net sales of ERBITUX(R) for the first quarter of 2008 grew to $417.3
million, an increase of 12% compared to $371.0 million for the previous
quarter and an increase of 36% compared to $306.1 million for the same
period last year.
About InNexus
InNexus is a drug development company commercializing the next
generation of monoclonal antibodies based on its DXL(TM) technology, which
improves the potency of existing antibody products while opening new
markets and disease applications. DXL(TM) antibodies utilize unique, novel
and patented methods and technologies of InNexus.
InNexus is headquartered in British Columbia with principal management
based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own
in-house developmental facilities. These development resources 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 http://www.ixsbio.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This news
release may contain assumptions, estimates, and other forward-looking
statements that involve inherent risks and uncertainties and are subject to
factors, many of which are beyond the Company's control, that may cause
actual results or performance to differ materially from those currently
anticipated in such statements.
SOURCE InNexus Biotechnology Inc.
Arizona Internet Marketing
posted by Bill Austin - InNexus Biotechnology Inc., OTC Bulletin Board: IXSBF TSX Venture: IXS
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