VANCOUVER, March 27 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that it has signed an exclusive research collaboration agreement with Alnylam Pharmaceuticals, Inc. to evaluate Alnylam’s RNAi therapeutics with INEX’s systemic liposomal delivery technology.
The work with Alnylam on the encapsulation and delivery of RNAi therapeutics builds on INEX’s expertise in the delivery of oligonucleotides under its Targeted Immunotherapy platform.
The collaboration will evaluate multiple targets including apolipoprotein B (apoB), a protein involved in cholesterol metabolism. The INEX and Alnylam agreement will build on preliminary data published by Alnylam and its collaborators in Nature, the leading international journal of science, showing that the systemic delivery of an apoB RNAi therapeutic significantly reduced blood cholesterol levels.
Under the terms of the agreement, Alnylam has the option to execute a global exclusive license for specific RNAi therapeutic targets. The license agreement would include upfront license fees, future milestone payments and royalties as the products are commercialized. Alnylam also has the right to expand the option to negotiate license terms for additional targets.
The exercise of the license option is dependent on the successful completion of the research collaboration and the completion of INEX’s spin-out of its Targeted Immunotherapy technology into Tekmira Pharmaceuticals Corporation (“Tekmira”). Tekmira would provide the required personnel and funding to support the research collaboration and license agreement.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said that combining INEX’s expertise in the systemic delivery of oligonucleotides with Alnylam’s leading position in RNAi therapeutics is a perfect fit. “We look forward to building on Alnylam’s promising data published in Nature and finalizing the spin-out of Tekmira to advance this collaboration to a full license agreement.”
John Maraganore, Ph.D., President and Chief Executive Officer of Alnylam Pharmaceuticals, said, “We are enthusiastic about the collaboration with INEX as brings together two companies with leadership positions in their respective fields. We look forward to working with INEX to advance the development of novel systemic RNAi therapeutics.”
About Tekmira Pharmaceuticals Corporation
INEX expects to complete the spin-out of Tekmira late in the second quarter of 2006 after receiving necessary court and regulatory approvals. Tekmira will focus on advancing INEX’s Targeted Immunotherapy technology and its lead product, INX-0167. The Targeted Immunotherapy technology is based on the encapsulation of immunostimulatory oligonucleotides in liposomes and combines the immunostimulatory properties of oligonucleotides into a single synthetic particle. Preclinical studies have demonstrated that INX-0167 enhances the number and potency of certain immune cells, including natural killer (NK) cells. The resultant increase in NK cell activity is important for the enhancement of the potency of monoclonal antibodies through a mechanism known as antibody-dependent cell mediated cytotoxicity (ADCC).
About RNA Interference (RNAi)
RNA interference, or RNAi, is a naturally occurring mechanism within cells for selectively silencing and regulating specific genes. Since many diseases are caused by the inappropriate activity of specific genes, the ability to silence genes selectively through RNAi could provide a new way to treat a wide range of human diseases. RNAi is induced by small, double- stranded RNA molecules. One method to activate RNAi is with chemically synthesized small interfering RNAs, or siRNAs, which are double-stranded RNAs that are targeted to a specific disease-associated gene. The siRNA molecules are used by the natural RNAi machinery in cells to cause highly targeted gene silencing.
About Alnylam
Alnylam is a biopharmaceutical company developing novel therapeutics based on RNA interference, or RNAi. The company is applying its therapeutic expertise in RNAi to address significant medical needs, many of which cannot effectively be addressed with small molecules or antibodies, the current major classes of drugs. Alnylam is building a pipeline of RNAi therapeutics; its lead program is in Phase I human clinical trials for the treatment of respiratory syncytial virus (RSV) infection, which is the leading cause of hospitalization in infants in the U.S. The company’s leadership position in fundamental patents, technology, and know-how relating to RNAi has enabled it to form major alliances with leading companies including Merck, Medtronic, and Novartis. The company, founded in 2002, maintains global headquarters in Cambridge, Massachusetts, and has an additional operating unit in Kulmbach, Germany. Alnylam is honored to be the ‘emerging/mid-cap’ company recipient of the 2006 James D. Watson Helix Award, the biotechnology industry’s award for outstanding achievement. For more information, please visit www.alnylam.com.
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.
INEX Forward Looking Statements
There are forward-looking statements 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. Such forward- looking statements 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. 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. 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 contained herein to reflect future results, events or developments.
Contact Information Inex Pharmaceuticals Corporation Investors Ian Mortimer Vice President, Finance and Chief Financial Officer Phone: 604-419-3200 Email: info@inexpharm.com Website: www.inexpharm.com Media Karen Cook James Hoggan & Associates Inc. Phone: 604-739-7500 Email: kcook@hoggan.com
Inex Pharmaceuticals Corporation
CONTACT: Inex Pharmaceuticals Corporation, Investors, Ian Mortimer, VicePresident, Finance and Chief Financial Officer, Phone: (604) 419-3200,Email: info@inexpharm.com, Website: www.inexpharm.com; Media, Karen Cook,James Hoggan & Associates Inc., Phone: (604) 739-7500, Email:kcook@hoggan.com
