CARLSBAD, Calif. and SAN DIEGO, Sept. 8 /PRNewswire-FirstCall/ -- The
Immune Response Corporation (Nasdaq: IMNR), a biopharmaceutical company
dedicated to becoming a leading immune-based therapy company in HIV and
multiple sclerosis (MS), and NovaRx Corporation, a privately-held company
dedicated to developing therapeutic vaccines to treat cancer, announced today
they signed a licensing agreement to transfer all of The Immune Response
Corporation's in-licensed development and marketing rights of the Sidney
Kimmel Cancer Center's (SKCC) patent portfolio for cancer cell line vaccines
to NovaRx. In addition, NovaRx agreed to pay The Immune Response Corporation
the total sum of $1,050,000, including an upfront fee and a final payment due
on or before August of 2007. The Immune Response Corporation had previously
licensed the cancer cell vaccine technology from SKCC in 1994.
"When I joined the company early last year, we began a strategic re-focus
of The Immune Response Corporation in the areas of HIV and MS and this
transaction further supports that business objective," said John N. Bonfiglio,
Ph.D., Chief Executive Officer of The Immune Response Corporation.
"We are focused exclusively on the development of cancer vaccines and are
delighted that we will be in a position to realize increased profitability
through royalty reduction once the products under development become
commercially available." said Habib Fakhrai, Ph.D., President and CEO of
NovaRx Corporation. "As one of the inventors of the technology, I have
already worked with SKCC successfully on both our brain cancer and lung cancer
therapeutic vaccines. Our product to treat individuals with non-small cell
lung cancer is in a Phase II clinical trial, which has been fully enrolled 14
months ahead of schedule, and we look forward to the further expansion of our
cancer research as a result of this agreement."
In 1997, The Immune Response Corporation sublicensed a portion of the SKCC
patented technology to NovaRx for their exclusive use in treating a variety of
cancers, and has received milestone payments related to those licenses. The
previously licensed technology specifically covers blocking activity of a
potent immune suppressive cytokine, called Transforming Growth Factor-Beta
(TGFB), which is produced by tumor cells. When this potent immune suppressor
is present in the vaccine, it suppresses the ability of the vaccine's tumor
cell lines to stimulate immune responses to the patient's tumor.
The terms of the agreement state that NovaRx will acquire The Immune
Response Corporation's exclusive rights to SKCC's patent portfolio for cancer
cell line vaccines, and the exclusive rights to a key immortalized fibroblast
cell line for use with this technology. In return, NovaRx assumes all
responsibilities, liabilities, and financial obligations defined under both of
The Immune Response Corporation's previous agreements with SKCC and the
exclusive license to the immortalized fibroblast line for use with the
technology.
About NovaRx
NovaRx Corporation is a privately-held biopharmaceutical company based in
San Diego, California. The company is dedicated to developing new therapeutic
approaches for treating cancer with its lead indication focused on non-small
cell lung cancer, which is responsible for approximately 170,000 deaths in the
U.S. each year and is the number one cause of cancer death throughout the
world. Additionally, the company is planning to initiate a multi-center
pivotal Phase II/III clinical trial treating individuals with brain cancer in
2005.
Additional information on the company is available at http://www.novarx.com
About The Immune Response Corporation
The Immune Response Corporation (Nasdaq: IMNR) is a biopharmaceutical
company dedicated to becoming a leading immune-based therapy company in HIV
and multiple sclerosis (MS). The Company's HIV products are based on its
patented whole-killed virus technology, co-invented by Company founder Dr.
Jonas Salk, to stimulate HIV immune responses. REMUNE(R), currently in Phase
II clinical trials, is being developed as a first-line treatment for people
with early-stage HIV. The Company has initiated development of a new
immune-based therapy, IR103, which incorporates a second-generation
immunostimulatory oligonucleotide adjuvant.
The Immune Response Corporation is also developing an immune-based therapy
for MS, NeuroVax(TM), which is currently in Phase II and has shown potential
therapeutic value for this difficult-to-treat disease.
Please visit The Immune Response Corporation at http://www.imnr.com
This news release contains forward-looking statements. Forward-looking
statements are often signaled by forms of words such as should, could, will,
might, plan, projection, forecast, expect, guidance, potential and developing.
Actual results could vary materially from those expected due to a variety of
risk factors, including whether The Immune Response Corporation will continue
as a going concern and successfully raise proceeds from financing activities
sufficient to fund operations and additional clinical trials of REMUNE(R),
NeuroVax(TM) or IR103, the uncertainty of successful completion of any such
clinical trials, the fact that The Immune Response Corporation has not
succeeded in commercializing any drug, the risk that REMUNE(R), NeuroVax(TM)
or IR103 might not prove to be effective as either a therapeutic or preventive
vaccine, whether future trials will be conducted and whether the results of
such trials will coincide with the results of REMUNE(R), NeuroVax(TM) or IR103
in preclinical trials and/or earlier clinical trials. These risks, among
others, are set forth in The Immune Response Corporation's SEC filings
including, but not limited to, its Annual Report on Form 10-K for the year
ended December 31, 2003, and any subsequent Quarterly Reports on Form 10-Q.
The Immune Response Corporation undertakes no obligation to update the results
of these forward-looking statements to reflect events or circumstances after
today or to reflect the occurrence of unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation.
NeuroVax(TM) is a trademark of The Immune Response Corporation.
MEDIA CONTACT:
Laura Silver, Sam Brown Inc. Corporate Communications
+1-310-551-9940
silver@sambrown.com
INVESTOR RELATIONS CONTACT:
Kathy Waller, Financial Relations Board
+1-312-266-7800
kwaller@financialrelationsboard.com
AT THE COMPANIES:
Michael K. Green, Chief Financial Officer
The Immune Response Corporation
+1-760-431-7080
info@imnr.com
Creighton W. Lawhead, Chief Business Officer
NovaRx Corporation
+1-858-552-8600
novarx@novarx-pharma.com
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
CONTACT:
Media, Laura Silver of Sam Brown Inc.
Corporate Communications, +1-310-551-9940, silver@sambrown.com,
or Investors, Kathy Waller of Financial Relations Board,
+1-312-266-7800, kwaller@financialrelationsboard.com, both for
The Immune Response Corporation; or Michael K. Green, Chief
Financial Officer of The Immune Response Corporation,
+1-760-431-7080, info@imnr.com; or Creighton W. Lawhead, Chief
Business Officer of NovaRx Corporation, +1-858-552-8600,
novarx@novarx-pharma.com
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