Business Wire - January 27, 2000

These allowances expand the company's existing protection by covering the use of Maxamine, as well as the use of any H2 receptor agonist, serotonin, and hydrogen peroxide scavengers, in combination with any of seven different Natural Killer (NK) cell-activating cytokines and flavonoids. The patent allowances relate to U.S. Patent Application Nos. 08681,108 and 08/932,406 entitled "Enhanced Activation of Natural Killer Cells" and "Enhanced Activation of Natural Killer Cells Using an NK Cell Activator and a Hydrogen Peroxide Scavenger or Inhibitor," respectively.

"We believe that the basis for Maxamine's mechanism of action, and for the favorable results we have seen to date in our clinical trials, is the protection of key immune cells from phagocytic cells," said Dr. Kurt Gehlsen, Maxim's vice president, development and chief technical officer. "These two new patent allowances substantially broaden our existing protection and are designed to prevent others from developing another technique to prevent the release of free radicals by phagocytes, or to scavenge these free radicals subsequent to release."

The company now has seven issued or allowed U.S. patents and nine U.S. patent applications relating to Maxamine. Corresponding international patents or patent applications have been issued or are pending.

Maxamine Mechanism

Two kinds of immune cells, NK cells and cytotoxic T cells, possess an ability to kill and support the killing of cancer cells and virally infected cells. However, NK cells and T cells are suppressed by phagocytic cells, another class of white blood cells found in abundant quantities in and around tumors and areas of infections. The release of free radicals by phagocytes results in apoptosis (programmed cell death) of NK cells and T cells, thereby destroying their killing (cytotoxic) capability and rendering the immune response against the tumor or virally infected cell largely ineffective.

Maxamine, based upon a naturally occurring molecule, attaches to phagocytes and prevents the production and release of free radicals, thereby allowing immune-activating agents, such as the cytokines interleukin-2 and interferon-alpha, to more effectively activate NK cells and T cells to enhance the immune system killing of tumor cells or virally infected cells.

Maxim Pharmaceuticals is developing advanced drugs, therapies and vaccines for cancer and infectious diseases. The company's lead drug candidate, Maxamine, is currently being tested in three Phase III cancer clinical trials in 12 countries around the world for malignant melanoma and acute myelogenous leukemia. The company expects to complete its U.S. Phase III trial of Maxamine in the treatment of advanced malignant melanoma in the first half of 2000, and to file a New Drug Application with the Food and Drug Administration in mid 2000.

Phase II trials of Maxamine are also underway for the treatment of hepatitis C patients and advanced renal cell carcinoma patients. Maxamine is designed to be safely administered by patients in their own homes, and more than 1,000 patients have been treated in completed and ongoing clinical trials. The company is also developing MaxDerm(TM), a Maxamine-related drug for the treatment of medical conditions for which topical therapy is appropriate such as oral mucositis, herpes, decubitus ulcers, shingles, burns and related conditions. The company's third platform technology, MaxVax(TM), now in preclinical development, utilizes a needle-free mucosal vaccine carrier/adjuvant system for a broad range of infectious diseases.

This news release contains certain forward-looking statements that involve risks and uncertainties. Such forward-looking statements include statements regarding the patent protection surrounding Maxamine, the efficacy and intended utilization of Maxamine and the company's clinical trials. Such statements are only predictions and the company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the risks associated with our ability to obtain, maintain and protect patents, the risk that products that appeared promising in early research and clinical trials do not demonstrate efficacy in larger-scale clinical trials, and the risk that the company will not obtain approval to market its products. These factors and others are more fully discussed under "Risk Factors" and elsewhere in the company's periodic and other reports as filed with the Securities and Exchange Commission.

Note: Maxamine(R), Maxamine Therapy(TM), MaxDerm(TM) MaxVax(TM), and the Maxim logo are trademarks of the company.

Editor's Note: This release is also available on the Internet at: http://www.maxim.com.

CONTACT: Maxim Pharmaceuticals Larry G. Stambaugh or Dale A. Sander, 858/453-4040 or Burns McClellan Ethan Denkensohn or Lisa Fern, 212/213-0006
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