Business Wire - July 29, 2002
Joyce Groote, B.Sc., M.Sc., MBA, AbNovo's CEO, stated, "AbNovo will have a unique opportunity to develop new treatments for AIDS, particularly as drug-resistant strains of HIV are threatening the utility of many of the drugs currently available. The recent global AIDS conference held in Barcelona underscored the rapid spread of this disease and the urgency of developing more effective preventative and therapeutic measures. This is an exciting time to be working on new solutions to AIDS."
Ms. Groote is an experienced entrepreneur with a strong science and business management background who has successfully established and led five organizations, the most recent being BIOTECanada. She has considerable experience with successful interim management situations and moving organizations through periods of transition.
"Immune Network has experienced significant momentum in its antibody projects in the past year. This has been the result of various collaborations with key experts in the area of neutralizing monoclonal antibodies and HIV infection." said Jason Grebely, acting Vice President of AbNovo. "Our collaboration with Immune Network will help to advance the scientific development and to maximize the commercial opportunities for Immune Network and AbNovo." Mr. Grebely most recently has acted as a consultant to Immune Network Ltd. on the development of the company's Antibody technologies.
AbNovo will focus its initial efforts on the development of hNM01, the most advanced monoclonal antibody from the Immune Network pipeline, based on encouraging scientific and clinical results achieved to date. Neutralization of the HIV virus has been demonstrated pre-clinically and a phase I pilot study has been completed. No adverse or dose limiting effects were observed. Negotiations are underway for the manufacturing and clinical trial funding for further phase I/IIa clinical trials of this product candidate.
AbNovo intends to carry out the development of hNM01 to the end of phase II clinical trials. AbNovo will continue to seek alliances with other companies to create and deliver monoclonal antibody combination therapies for HIV. Immune Network Ltd. will be a minority shareholder of AbNovo and will extend an option to AbNovo for the acquisition of Immune's Antibody technologies for a yet to be determined value.
"Successes in using monoclonal antibodies for treating HIV over the past year have considerably strengthened the opportunities for combining hNM01 with other monoclonal antibodies to develop therapeutics." said Dr. Brian Conway, MD, FRCPC, of the University of British Columbia, who will direct the research program in infectious diseases for AbNovo. "In addition, studies recently conducted at the Dana Farber Cancer Institute at Harvard University suggest that combinations of monoclonal antibodies will represent an important advance in our approach to the treatment of HIV-1 infection."
Immune Network Ltd. recently announced the company's common shares would commence trading on the OTC Bulletin Board on a post-consolidation basis on Monday, July 29, 2002 under the new symbol IMMFF. The new CUSIP number for the company's post-consolidated common shares was incorrectly stated and should be 452925 308.
On behalf of the Board of Directors Allen Bain, Ph.D., CEO
Legal Notice Regarding Forward-Looking Statements
Statements in this press release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this release include but are not limited to AbNovo's plans to develop a business strategy intended to maximize commercial opportunities, to continue with the development of hNM01, including further clinical trials, and to seek alliances with other companies to create and deliver monoclonal antibody combination therapies for HIV. In addition there can be no assurance that combinations of monoclonal antibodies will prove to be an important advance in the approach to the treatment of HIV-1 infection.
It is important to note that Immune Network's, actual results and outcomes may differ materially from those contained in the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties such as: receipt of all necessary regulatory approvals; the continued financing of our operations; and the overall success of Immune Network in general.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in Immune Network's annual report on Form 20-F for the fiscal year ended December 31, 2001 filed with the Securities and Exchange Commission.
CONTACT: Immune Network Ltd. Investor Relations, 604/733-6623 or Toll Free, 877/644-5541 Email: info@immunenetwork.com Website: www.immunenetwork.com
SOURCE: Immune Network Ltd.
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