VANCOUVER, March 7 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that the Appeal Court of British Columbia upheld the B.C. Supreme Court decision to dismiss a bankruptcy petition brought forward by Stark Trading and Shepherd Investments International Ltd. (collectively “Stark”). The original bankruptcy petition was filed on September 27, 2005 and dismissed on October 27, 2005. The appeal was heard February 13, 2006.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said that INEX is continuing to advance its products to maximize value for all stakeholders including the spin-out of its Targeted Immunotherapy assets into Tekmira. “We believe the bankruptcy petition had no merit and we are pleased with the Appeal Court decision. Our internal focus remains working towards the completion of the Tekmira spin-out and advancing our Targeted Chemotherapy products through partnering.”
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: Information: Investors, Ian Mortimer, Vice President, Finance andChief 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
