VANCOUVER, Nov. 8 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced that it received notice yesterday that Stark Trading and Shepherd Investments International Ltd. (collectively “Stark”) will appeal the decision of the Supreme Court of British Columbia dismissing the bankruptcy petition brought forward by Stark. The Supreme Court of British Columbia dismissed the bankruptcy petition on October 27, 2005.
Timothy M. Ruane, President and Chief Operating Officer of INEX, said INEX has not received any details of the legal basis for Stark’s appeal. “We believe the decision of the Supreme Court to dismiss the bankruptcy petition was correct and we will continue to defend our position vigorously. We are continuing to operate our business and advance our products through development to maximize the value of our assets for all stakeholders.”
Stark is the majority holder of certain promissory notes issued by Inex International Holdings, a subsidiary of INEX. The promissory notes are not due until April 2007 and can be repaid in cash or in shares, at INEX’s option, at maturity.
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 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 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 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: info@inexpharm.com,Website: www.inexpharm.com; Media - Karen Cook Boas, James Hoggan &Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com