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INEX PHARMACEUTICALS

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INEX PHARMACEUTICALS

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originunknown Grandfathered
05/10/06 6:39 AM
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Actuall marketcap: about 17 million Can$ Upfront payment: 11.5 million US$ Additional payments, milestones: 30.5 million US$ Inex Pharmaceuticals Closes Hana Biosciences Licensing Agreement 5/8/2006 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. About INEX 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.com
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