AvidBiologics Partners with the National Research Council of Canada for Three Novel Antibody-Drug Conjugates;

AvidBiologics Partners with the National Research Council of Canada for Three
                       Novel Antibody-Drug Conjugates;

PR Newswire

TORONTO, Jan. 29, 2013

Transforming AvidBiologics' pipeline into one of the most competitive in the
industry.

TORONTO, Jan.  29, 2013  /PRNewswire/ -  AvidBiologics Inc.,  a life  sciences 
company developing antibody-drug conjugates  (ADCs), announces the  conclusion 
of an agreement  with the National  Research Council Canada  (NRC) to  develop 
three novel ADCs for the treatment of cancer.

The agreement is  a partnership  under which the  three novel,  tumor-specific 
antibodies, which were generated as  part of the NRC's integrated  therapeutic 
antibody development (ITAD) initiative, are being produced and tested for  use 
as ADCs.  The ITAD  program, which  is led  by Dr.  Maureen  O'Connor-McCourt, 
Senior Research Officer  within the Human  Health Therapeutics research  area, 
integrates NRC's chain of cutting  edge genomic, proteomic and  bioinformatics 
technology platforms to  discover and  develop novel  therapeutic targets  and 
antibodies.

The three  new  ADC programs  target  undisclosed solid  tumor  antigens  also 
identified by  the NRC  through the  ITAD program.  These novel  antigens  are 
highly expressed by multiple cancers, exhibit tumor-restricted expression, and
are rapidly internalized. These characteristics make these antigens ideal  for 
targeting with ADCs.

"AvidBiologics is Canada's only company concentrating solely on  antibody-drug 
conjugates",  said  David  Allan,  Chairman  of  AvidBiologics,  "and  we  are 
privileged to  have  concluded  this  agreement  with  the  National  Research 
Council. This  agreement  positions  AvidBiologics as  an  important  receptor 
company for translating  this country's  exceptional basic  research into  ADC 
products of  benefit  to human  health.  In  its brief  period  of  existence, 
AvidBiologics has  made  significant  advances in  its  programs  through  its 
partnership with  the NRC  and access  to NRC's  advanced  protein-engineering 
capabilities. We anticipate  that this agreement  will be a  showcase for  the 
value of public-private partnerships."

AvidBiologics is currently developing two unique ADCs targeting the  epidermal 
growth factor  receptor (EGFR);  one ADC  is engineered  to target  EGFR in  a 
tumor- specific manner, while  the second is a  bispecific ADC targeting  EGFR 
and a different, undisclosed antigen. Both ADC programs are designed to safely
deliver highly  cytotoxic agents  to EGFR-expressing  tumors, a  function  not 
possible with  currently-marketed  anti-EGFR  antibodies, all  of  which  have 
substantial off-tumor toxicity.

"This partnership transforms AvidBiologics into a leading ADC company with one
of the most  compelling ADC pipelines  in the industry  worldwide", said  Ilia 
Tikhomirov, CEO of AvidBiologics. "This  diversified pipeline now consists  of 
our two ADCs in current development that are designed to efficiently target  a 
validated tumor antigen  via innovative antibody  engineering strategies,  and 
the three  new  ADCs  against  novel  cancer  antigens  with  tumor-restricted 
expression. We  look  forward to  this  alliance with  the  NRC's  world-class 
facility and  scientific  team  to  progress these  ADC  candidates  from  the 
laboratory into the clinic."

AvidBiologics is advised  by Dr.  Gregory P.  Adams, Co-Leader,  Developmental 
Therapeutics at  Fox Chase  Cancer Center  and a  widely published  author  on 
antibody engineering and antibody-based tumor targeting, and by Dr. Walter  A. 
Blättler, scientific founder of ImmunoGen Inc.

About AvidBiologics

AvidBiologics is a privately-funded Canadian biotechnology development company
created  to  be  Canada's  first   to  concentrate  solely  on   antibody-drug 
conjugates. It is a 2011 spin-out  from YM BioSciences Inc. where the  seminal 
discoveries related to  the EGFR-targeting  ADCs were  made. AvidBiologics  is 
based in the MaRS Discovery District  in Toronto, Canada's innovation hub  and 
incubator to emerging life sciences companies.

SOURCE AvidBiologics Inc.

Contact:

Ilia A. Tikhomirov
President and CEO
AvidBiologics Inc.
MaRS Centre, Heritage Building,
101 College Street, Suite 120-D
Toronto, ON, Canada M5G 1L7
Tel: +1.416.737.6511
Email: ilia@avidbiologics.com
URL: http://www.avidbiologics.com/