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Inflazyme Pharmaceuticals (IZP.TO) Not To Progress Further Development Of GH9001


10/19/2005 5:11:18 PM

Resources Directed To Recently Expanded Anti-Inflammatory Programs

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 13, 2004--Inflazyme Pharmaceuticals Ltd. (TSX: IZP - News) today announced that, following completion of its Phase Ib, multiple dose clinical trial with the antithrombotic GH9001, the product will not be progressed into further development. The product was being developed with partner LEO Pharma. Resources will now be directed instead towards Inflazyme's core anti-inflammatory programs.

This decision is based on an analysis of the Phase Ib clinical trial results, which showed an increase in liver enzymes in subjects given repeated doses of the drug. These changes in liver enzymes were fully reversible and asymptomatic in all cases. Elevations in liver enzymes were not observed in either the pre-clinical toxicology studies or the Phase Ia single-dose study.

Ian McBeath, President & CEO of Inflazyme, said today: "This product came to us through our acquisition last year of GlycoDesign. Elevation of liver enzymes is seen with other heparin products and Inflazyme could continue to work with this compound to potentially resolve the safety concern. However, the combination may now not have the anticipated competitive position over the numerous other currently used products in this market. We believe, therefore, that it is prudent to redirect the resources towards our anti-inflammatory products, which remain the core focus of the Company. Our recent acquisition of Adprotech Limited, from which we gained a number of new anti-inflammatory programs, including a product in early clinical trials, APT070, will receive the redirected resources."

GH9001 is a novel combination of a medium molecular weight heparin and a highly sulfated, low molecular weight dermatan sulfate. It was anticipated that the combination, in which each component utilized a different endogenous antithrombotic mechanism, might have a unique marketing position and overcome many of the current deficiencies of anticoagulation therapies whilst providing improved treatment options.

Details of Inflazyme's Inflammatory Programs

Inflazyme's anti-inflammatory programs are centered on the development of unique orally active, small-molecule compounds, LSAIDs(TM) (Leukocyte Selective Anti-Inflammatory Drugs), which have been discovered by Inflazyme scientists. Inflazyme's lead LSAID(TM), IPL512,602, is currently completing a Phase IIa asthma trial in the United States, in conjunction with partner Aventis Pharma. The results of this trial are expected to be announced, on schedule, some time in Q2/Q3, 2004.

On April 20, 2004, Inflazyme announced that it had acquired Adprotech Limited, a Cambridge, UK biotechnology company developing new protein therapeutics based upon different approaches to the inhibition of the human complement system. The lead product in development, APT070, is currently in early Phase I/II clinical trials in the UK in rheumatoid arthritis, results of which are expected by the end of 2004.

Inflazyme is a Vancouver based biopharmaceutical company focused on developing new therapies for the treatment of inflammation and other related diseases. Further information on the Company may be obtained from its website at www.inflazyme.com.

Conference Call

Inflazyme will host a conference call to discuss this announcement on Friday, May 14, 2004 at 8:00 a.m. Eastern Standard Time. Audio replay of the conference call will be available until May 21, 2004 by dialing 1-800-408-3053 or 416-695-5800 and entering pass code 3034018.

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.

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Contact:

Inflazyme Pharmaceuticals Ltd.

Ms. Julie Rezler

Sr. Director, Corporate Development

(800) 315-3660 or (604) 279-8511

Fax: (604) 279-8711

Email: info@inflazyme.com

Website: www.inflazyme.com

OR

James Hoggan & Associates, Inc.

Nancy McHarg

Media Contact

(604) 739-7500

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Source: Inflazyme Pharmaceuticals Ltd.


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