Business Wire - December 3, 2001
InNexus is focused on the use of SuperAntibodies, a new technology to engineer increased potency and/or novel properties into monoclonal antibodies. Under the terms of the agreement signed today, IMM will grant to InNexus a sub-license option for the use of hNM01 and 1F7 technologies in the development of SuperAntibodies. InNexus will pay Immune Network $1 million in the form of its common shares issued annually in three installments, in addition to a single-digit royalty. The agreement with InNexus also provides for repayment of approximately US$125,000 in funds already advanced by IMM to InNexus this year under the terms of the now-expired option agreement signed in January 2001.
Immune Network will retain intellectual property surrounding hNM01 and 1F7 and will continue in the development of monoclonal antibodies and related immune modulation approaches to treat chronic viral infections. A treatment strategy using 1F7 technology may circumvent problems posed by HIV mutation and consequent resistance to many conventional HIV therapies. In pre-clinical studies, treatment with 1F7 appears to restore the immune system's equilibrium, enabling the immune system to mount an effective antibody and cellular response, even as the HIV virus mutates. hNM01 is a humanized monoclonal antibody that binds to the envelope protein of HIV. This binding leads to the activation of a part of the immune system (the complement system), which in turn causes the disruption of the HIV virus. Preclinical and clinical studies have shown that hNM01 is well tolerated, possesses no observed side effects at the highest doses and is effective against many clinical isolates of HIV.
SuperAntibody technology is the next generation technology platform for monoclonal antibodies able to increase their strength of binding and allow them to crosslink their target antigen. This can result in triggering "apoptosis" or cell suicide or the enhancement of complement-dependent or effector cell killing of pathogens, viruses or tumor cells. The technology platform can also be used to confer novel properties to antibodies such as the ability to penetrate cells and bind to intracellular targets such as virus components (before assembly) and can allow antibodies to be converted into vaccines. InNexus is developing the technology with its partner, ImmPheron Inc. of Lexington, KY.
"Immune Network is pleased with InNexus' progress in the past year with respect to their research on this antibody improvement platform", said Dr. Allen Bain, President and CEO of Immune Network. "This sublicense allows both companies to focus their efforts on their respective goals in the development of therapeutics to treat HIV infection."
Dr. Charles Morgan, President of InNexus, said "We are thankful for the support of Immune Network over the past year and are pleased to finalize the collaboration. We believe that the combination of Immune Network's antibodies with our technology platform has the potential to not only be effective treatments for a variety of chronic viral illnesses but also will help establish the general utility of the SuperAntibody Technology Platform for monoclonal antibodies."
On behalf of the Board of Directors Allen Bain, Ph.D., CEO
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CONTACT: Immune Network Ltd. Investor Relations, 604/222-5541 Toll free: 877/644-5541, ext. 466 Fax: 604/222-5542 E-mail: info@immunenetwork.com http://www.immunenetwork.com or InNexus Corporation Corporate Communications, 425/696-0068 E-mail: innexus@innexuscorp.com http://www.innexuscorp.com
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