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INEX Pharmaceuticals (IEX.TO) Submits Petition Against Protiva Biotherapeutics


2/26/2007 12:10:58 PM

VANCOUVER, Feb. 23 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that it has submitted a petition for filing in the Supreme Court of British Columbia seeking to have Protiva Biotherapeutics Inc. ("Protiva") declared bankrupt and that a bankruptcy order be made in respect of the property of Protiva.

Under agreements between INEX and Protiva, Protiva is to reimburse INEX for certain patent costs incurred by INEX. Protiva has not paid INEX, as per the agreements, since June 2006. The total amount owed to INEX from July 2006 to December 2006 is $71,882.89, not including interest. INEX has been told that there are other creditors of Protiva whose invoices have not been paid when due.

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 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.

CONTACT: Investors, Ian Mortimer, Vice President, Finance and Chief Financial Officer, Phone: (604) 419-3200, Email: imortimer@inexpharm.com, Website: www.inexpharm.com; Media, Karen Cook Boas, James Hoggan & Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com

Inex Pharmaceuticals Corporation

CONTACT: Investors, Ian Mortimer, Vice President, Finance and ChiefFinancial Officer, Phone: (604) 419-3200, Email: imortimer@inexpharm.com,Website: www.inexpharm.com; Media, Karen Cook Boas, James Hoggan &Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com


Read at BioSpace.com


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