InNexus Bio Issues a Shareholder Update
AM ET 12/2/09 | BusinessWire
InNexus Biotechnology Inc. (TSX Venture:IXS)(www.ixsbio.com), a drug development company commercializing the next generation of antibodies based on its groundbreaking Dynamic Cross Linking (DXL(TM)) technology, today issued a shareholder update on several key initiatives for the 2009 calendar year.
Dear Shareholders and Friends,
Despite the challenging economy of 2008/2009 and the cautious investment environment particularly affecting small publicly traded biotech companies, InNexus has successfully advanced the development of its lead pre-clinical candidate, DXL625 (CD20) for the prospective treatment of Non-Hodgkin's Lymphoma and Chronic Lymphocytic Leukemia. Review of this product at a Pre-IND meeting with the Food & Drug Administration (FDA) resulted in a highly positive outcome as the FDA, in support of our regulatory and manufacturing plans, provided a rare manufacturing exception that will allow for the onsite manufacture of DXL625 at our facilities on the campus of the Mayo Clinic in Scottsdale, Arizona for use in Phase I human clinical trials. The FDA also provided recommendations for a more cost efficient and expeditious design for final preclinical studies to set the stage for clinical testing within humans in Phase I. We have targeted late 2010 for completion of the preclinical studies and submission of the IND to the FDA. Following the submission and approval of our IND, we will begin our first human trials. This is an exciting milestone for the company and can greatly increase the value of a therapeutic antibody product. Ongoing development of DXL625, however, remains dependent on continued flow of investment funds into the program and InNexus is in active negotiations with potential partners to share costs and accelerate the development of DXL625.
We continue to rely on investments from lead investors, as well as the senior leadership of InNexus, to fund operations and R&D efforts. To maximize productive use of these investments and ensure successful operations into 2010 and beyond, we have taken aggressive steps to streamline our operating costs by reducing staff, implementing across the board salary cuts, subleasing available surplus space in our facilities and deferring senior leadership salaries. We are considering other cost saving measures to further reduce our operating costs and insure the focus of our business and development activities.
To further advance our scientific and financial efforts, we have added two new members to the InNexus team. Earlier this year, we were privileged to add the eminent oncologist Dr. Daniel Von Hoff to our world-class Scientific Advisory Board and he has already made significant contributions to our programs. More recently, we have reinforced our leadership team with the addition of David Petulla as our Chief Financial Officer. InNexus' previous CFO, Wade Brooksby, due to ongoing health concerns, left his demanding role on the leadership team but remains actively involved with our team and Board of Directors.
In addition to internally developing DXL(TM) products for various applications, we are also actively identifying collaborators to co-develop and license our proprietary technologies. Following the successful FDA meeting earlier this year for DXL625, we commenced a focused business development effort. While time consuming and difficult, our effort during 2009 has resulted in the signing of research and development collaborative agreements with multiple large international pharmaceutical companies for the evaluation and development of DXL(TM) based antibodies. With these new partners and ongoing programs, we hope to formally announce and provide greater detail of our collaborative efforts during 2010. We will continue efforts to build industry collaborations by advancing these relationships and actively engaging additional pharmaceutical partners for potential collaborations and licensing agreements.
In the coming year, we also expect to further advance our lead product, DXL625 (CD20) as well as developing additional antibodies for oncology and other disease conditions, showcasing the potential for DXL(TM) based products and our offering to the pharmaceutical industry.
We believe our partnering activities will provide significant value to the company and its shareholders. The InNexus leadership team is confident that the company has intellectual resources and a business strategy to not only survive but also truly thrive in this economically difficult environment.
Thank you for your continued support of our efforts and best wishes, Jeff Morhet InNexus Biotechnology Chairman and CEO
InNexus Resources
-- AACR 2008 Scientific Poster on DXL625(TM)
-- DXL(TM) Pipeline & Programs
-- Stock Quick Check
-- Scientific Advisory Board
-- Leadership Team
About InNexus Biotechnology
InNexus Biotechnology Inc. 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.V:IXS). 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.
InNexus Biotechnology Inc.
Jeff Morhet, Chairman & Chief Executive Officer
1-480-862-7500
www.ixsbio.com
