VANCOUVER, Aug. 4 /CNW/ - Inex Pharmaceuticals Corporation (INEX;
TSX:IEX) announced today that it has received notice that GlaxoSmithKline
(GSK; LSE and NYSE:GSK) will terminate the agreement to develop liposomal
topotecan (INX-0076) effective September 1, 2004. As part of the agreement,
GSK can terminate with 30 days written notice.
INEX and GSK entered into an agreement in November 2001 to develop GSK's
anticancer drug, topotecan hydrochloride, with INEX's proprietary liposomal
drug delivery technology. Since 2001, all of the preclinical studies including
toxicology have been completed in anticipation of clinical development.
However, GSK has experienced a number of technical problems in manufacturing
the necessary supply of materials needed for clinical trials, and these
problems have delayed the commencement of clinical development. To date, GSK
has paid INEX US$5.25 million in upfront and milestone payments.
David Main, President and CEO of INEX, said that it is disappointing that
this program did not advance as quickly as both GSK and INEX had envisioned.
"The research results for INX-0076 have been impressive and have shown
that topotecan hydrochloride encapsulated in our proprietary liposomal
technology is more effective when compared to the unencapsulated drug in
preclinical models. We are now evaluating our options regarding the future of
INX-0076 including the opportunity of developing INX-0076 or other
camptothecin compounds by ourselves," said Main.
INEX is a Canadian biopharmaceutical company developing and
commercializing proprietary drugs and drug delivery systems to improve the
treatment of cancer.
INEX's lead product is Onco TCS, a proprietary drug comprised of the
widely used off-patent anticancer drug vincristine encapsulated in INEX's
liposomal drug delivery technology. INEX is commercializing Onco TCS with
partner Enzon Pharmaceuticals Inc. A New Drug Application (NDA) for Onco TCS
has been accepted by the FDA with a target date of January 15, 2005 for
completion of review. The NDA is seeking marketing approval for Onco TCS as a
single-agent treatment for patients with relapsed aggressive non-Hodgkin's
lymphoma (NHL) previously treated with at least two combination chemotherapy
There are forward-looking statements contained herein that are not based
on historical fact, including without limitation statements containing the
words "believes," "may," "plans," "will," "estimate," "continue,"
"anticipates," "intends," "expects," and similar expressions. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, events or developments to be
materially different from any future results, events or developments expressed
or implied by such forward-looking statements. Such factors include, among
others, INEX's stage of development, lack of product revenues, additional
capital requirements, risks associated with the completion of clinical trials
and obtaining regulatory approval to market INEX's products, the ability to
protect its intellectual property and dependence on collaborative partners.
These factors should be considered carefully and readers are cautioned not to
place undue reliance on such forward-looking statements. The Company disclaims
any obligation to update any such factors or to publicly announce the result
of any revisions to any of the forward-looking statements contained herein to
reflect future results, events or developments.
INEX's common shares are traded on the Toronto Stock Exchange under the
trading symbol "IEX".
/For further information: INEX investor contact: Ian Mortimer, Senior
Director, Investor Relations Inex Pharmaceuticals Corporation,
Tel: (604) 419-3200, Email: info(at)inexpharm.com, Website: www.inexpharm.com;
INEX media contact: Miriam Zitner, James Hoggan & Associates Inc.,
Tel: (604) 739-7500, Email: mzitner(at)hoggan.com/
CO: Inex Pharmaceuticals Corporation
ST: British Columbia
-0- Aug/04/2004 12:30 GMT
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