InNexus receives $116,760 cash grant under QTDP program to develop DXL anti-cancer antibodies

InNexus Biotechnology Inc. (TSX:IXS.V) (www.ixsbio.com), a leading drug development company commercializing the next generation of antibodies based on its groundbreaking Dynamic Cross Linking (DXL™) technology, today announced it has been awarded a cash grant by the U.S. government totaling $116,760 for projects related to the Company's development of DXL™ anti-cancer antibodies.

Jeff Morhet, InNexus CEO, said, ""The funds will be used to advance the preclinical and clinical development of InNexus' DXL™ product candidates (engineered antibodies) for diseases and disorders affecting the immune system, heart and breast, as well as the further development of the InNexus' Transmab™ program targeting inflammation disorders such as psoriasis. Our program was recognized by the federal government for its significant achievement and innovative approach in advancing the battle against cancer."

These grants were certified under the Qualifying Therapeutic Discovery Project (QTDP) program, which was created as part of the Patient Protection and Affordable Care Act of 2010. The QTDP program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to (i) have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly.

Source: InNexus Biotechnology Inc.