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INEX Pharmaceuticals (IEX.TO) Provides Progress Update on Alnylam Pharmaceuticals (ALNY) Collaboration



4/17/2007 2:11:52 PM

VANCOUVER, April 17 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation reported that one of its collaboration partners, Alnylam Pharmaceuticals, Inc. , announced today that it will advance a systemically delivered RNA interference (RNAi) therapeutic, ALN-VSP01, for the treatment of liver cancer and potentially other solid tumors. The announcement was made at the American Association for Cancer Research (AACR) Annual Meeting being held in Los Angeles, California. The complete details of Alnylam's announcement can be accessed from Alnylam's website at www.alnylam.com.

ALN-VSP01 is a lipid-based formulation of two small interfering RNAs, or siRNAs, the molecules that mediate RNAi. INEX will be manufacturing ALN-VSP01 in preparation for Alnylam conducting toxicology studies. INEX will also be eligible to receive milestone payments as ALN-VSP01 is developed and royalties on product sales. Alnylam has taken an exclusive license to INEX's liposomal delivery technology for the discovery, development, and commercialization of RNAi therapeutics and the companies have a research and manufacturing alliance on lipid-based delivery formulations. ALN-VSP01 is the second Alnylam development program to utilize lipid-based delivery technology.

Timothy M. Ruane, President and Chief Executive Officer of INEX, said "The collaboration with Alnylam continues to progress well as we support Alnylam in the advancement of their systemic RNAi therapeutics using lipid-based delivery technology. We will continue to provide research and manufacturing support as Alnylam's products move through development."

ALN-VSP01 is an RNAi therapeutic comprised of two siRNAs, each of which targets a distinct and well-validated gene in the growth and proliferation of tumors. One of the siRNAs targets vascular endothelial growth factor (VEGF), a key mediator of angiogenesis and the other siRNA targets kinesin spindle protein (KSP), a protein required for cell division that, when inhibited, leads to cell arrest and cell death in dividing cells.

About INEX

INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX and this news release can be found at www.inexpharm.com.

Forward Looking Statements

There are forward-looking statements and information contained herein that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions, and the negative of such expressions. Such forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements and information. Such factors include, among others, INEX's stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX's products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or information contained herein to reflect future results, events or developments, except as required by law.

INEX's common shares are traded on the Toronto Stock Exchange under the

trading symbol "IEX".

CONTACT: Contacts for Inex Pharmaceuticals Corporation, Investors, Ian Mortimer, Senior Vice President, Finance and Chief Financial Officer, Phone: (604) 419-3200; Media, Karen Cook Boas, James Hoggan & Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com

Inex Pharmaceuticals Corporation

CONTACT: Contacts for Inex Pharmaceuticals Corporation, Investors, IanMortimer, Senior Vice President, Finance and Chief Financial Officer,Phone: (604) 419-3200; Media, Karen Cook Boas, James Hoggan & AssociatesInc., Phone: (604) 739-7500, Email: kcook@hoggan.com


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