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Monday, November 08, 2010 10:50:14 AM

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InNexus Biotechnology Awarded Federal Grant

A9:00 AM ET 11/5/10 | BusinessWire
InNexus Biotechnology Inc. (TSX:IXS.V) (www.ixsbio.com), a leading drug development company commercializing the next generation of antibodies based on its groundbreaking Dynamic Cross Linking (DXL(TM)) technology, today announced it has been awarded a cash grant by the U.S. government totaling $116,760 for projects related to the Company's development of DXL(TM) anti-cancer antibodies.

Jeff Morhet, InNexus CEO, said, ""The funds will be used to advance the preclinical and clinical development of InNexus' DXL(TM) product candidates (engineered antibodies) for diseases and disorders affecting the immune system, heart and breast, as well as the further development of the InNexus' Transmab(TM) program targeting inflammation disorders such as psoriasis. Our program was recognized by the federal government for its significant achievement and innovative approach in advancing the battle against cancer."

These grants were certified under the Qualifying Therapeutic Discovery Project (QTDP) program, which was created as part of the Patient Protection and Affordable Care Act of 2010. The QTDP program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to (i) have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly.

InNexus Resources

* AACR 2009 Scientific Poster on DXL625(TM)

* DXL(TM) Pipeline & Programs

* Stock Quick Check

* Scientific Advisory Board

* Leadership Team

About InNexus Biotechnology

InNexus is a leading drug development company commercializing the next generation of monoclonal antibodies based on its DXL(TM) and Transmab(TM) technology to improve the potency of existing antibodies and to develop novel antibodies based on the unique and patented methods and technologies of InNexus. InNexus has its own in-house developmental (GLP) and manufacturing (GMP) facilities, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. InNexus is listed on the TSX Venture Exchange (TSX.V:IXS).

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.

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