Decent news for this company this morning, been well beaten down, now Spanish company comes for collaboration
InNexus and Genhelix to Combine Antibody Development and Manufacturing Resources
INNEXUS BIOTECHNO INC IXS
7/10/2009 9:10:00 AM
LEON, Spain & BRITISH COLUMBIA, Canada, Jul 10, 2009 (BUSINESS WIRE) --
InNexus Biotechnology Inc. (TSX Venture: IXS) (OTCBB: IXSBF) and Genhelix Biopharmaceutical Company announced today the signing of a Letter of Intent to set the stage for a planned strategic collaboration to focus on developing novel antibodies engineered with InNexus' DXL(TM) technology.
The research and licensing agreement between the collaborators is expected to be completed later this year. InNexus will conduct preclinical development for a DXL(TM) therapeutic against an undisclosed target, with Genhelix providing GMP production and commercial manufacturing. DXL(TM) antibodies are biologics engineered with the novel ability to link with one another (self-binding) upon reaching their target, exhibiting marked enhancements for ADCC and CDC functions over the source antibody.
News of the planned alliance follows InNexus' recently announced successful meeting with the FDA, where the agency expressed clear support for the company's product development plans following a comprehensive review of the proposed clinical pathway for its lead preclinical candidate, DXL625 (CD20) for the prospective treatment of non-Hodgkin's lymphoma and/or chronic lymphocytic leukemia. The agency also provided a Manufacturing Exception Approval allowing InNexus to manufacture all clinical material needed for DXL625's Phase l human trial, in its facilities located on the campus of Mayo Clinic in Scottsdale, Arizona.
Speaking on the announcement, David Marcos Martinez, Chief Executive Officer of Genhelix, said, "The antibody industry is growing at an unprecedented rate. Today, it is estimated to have over $30 billion in worldwide sales, and antibodies are expected to be the pharmaceutical industry's leading choice for the development of new therapeutic compounds. We are excited to be working with Mr. Morhet, his team and the partnership, as both organizations have enormous potential."
Jeff Morhet, Chief Executive Officer of InNexus, said, "Our organizations are poised to strategically collaborate as partners focused on the development of new products, while maintaining our respective business competencies. This collaboration provides significant opportunities for both companies, and represents a creative approach to partnering that brings resources and capabilities together while the partners stay focused."
About Genhelix Biopharmaceutical Company
Genhelix is an independent biotechnology-based company devoted to the manufacturing of biopharmaceutical products through the application of mammalian cell culture technology under contract manufacturing agreements. The mission of the company is to produce high-value active compounds in the fields of anti-cancer, cardiovascular or immunology therapies. Applied technologies are based on monoclonal antibody manufacturing. Genhelix currently has agreements with leading biotechnological companies from Europe, America and Japan. To learn more about Genhelix, please visit www.genhelix.com.
About InNexus Biotechnology Inc.
InNexus is a public biotechnology 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. InNexus Biotechnology Inc. is listed on the TSX Venture Exchange (TSX Venture: IXS) and the NASD OTCBB (OTCBB: IXSBF). To learn more about InNexus, please visit 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, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: InNexus Biotechnology Inc.
Genhelix Biopharmaceutical Company David Marcos Martinez, Chief Executive Officer +34 987 219 558 www.genhelix.com or InNexus Biotechnology Inc. Jeff Morhet, Chairman & Chief Executive Officer +01 480-862-7500 www.ixsbio.com
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