VANCOUVER, British Columbia--(BUSINESS WIRE)--April 20, 2004--Inflazyme Pharmaceuticals Ltd. (TSX:IZP) today announced that they have completed their acquisition of Adprotech Ltd. Inflazyme issued approximately 12.7 million common shares in exchange for all of the issued and outstanding shares of Adprotech. Adprotech shareholders will now hold approximately 12% of the outstanding Inflazyme common shares. Adprotech shareholders have agreed to a lock up of their shares, which will be released on a percentage basis from a date four months after completion of the acquisition.
Adprotech Ltd. is a biotechnology company based in Cambridge, England, focusing on the development of new protein therapeutics using different approaches to the inhibition of the human complement system in the area of inflammatory and auto immune diseases.
The complement system is a key component of the innate immune system and a regulator of both acute and chronic inflammatory disorders. Activation of the complement system plays a key role in the normal inflammatory response to injury. Inappropriate or excessive activation may contribute to tissue damage associated with many different diseases.
Adprotech has a portfolio of complement regulating products with various potential applications. A lead product, APT070, is in early clinical trials in the U.K. in rheumatoid arthritis.
Inflazyme is a Vancouver based biopharmaceutical company focused on developing new therapies for the treatment of inflammation and other related diseases. Inflazyme's lead technologies are a range of novel, small molecule LSAIDs(TM) (Leukocyte Selective Anti-Inflammatory Drugs) that are being developed for a variety of inflammatory diseases. The most advanced LSAID(TM) molecule, IPL512,602, is currently in a Phase IIa asthma clinical trial being carried out in collaboration with Aventis Pharma, the results of which are expected within Q2/Q3 of this year. Further information on the Company may be obtained from its website at www.inflazyme.com.
Statements in this news release other than historical information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as the availability of resources, the timing and effects of regulatory actions, the strength of competition, the outcome of litigation and the effectiveness of patent protection. Additional information regarding risks and uncertainties is set forth in the current Annual Information Form for Inflazyme on file with the Canadian Securities Commissions.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.
Inflazyme Pharmaceuticals Ltd.
Ms. Julie Rezler Sr. Director, Corporate Development (604) 279-8511 or Toll Free: (800) 315-3660 Fax: (604) 279-8711 Email: email@example.com Website: www.inflazyme.com OR
James Hoggan & Associates, Inc. Nancy McHarg Media Contact (604) 739-7500