Innexus Biotechnology announces business development initiative on lead preclinical candidate

InNexus Biotechnology Inc. announced today that the Company will embark on a business development initiative for DXL625™ (CD20), the Company’s lead preclinical candidate for the prospective treatment of Non-Hodgkin's Lymphoma and/or Chronic Lymphocytic Leukemia.

“We have worked hard to establish DXL625 as a superior therapeutic over Rituxan®,” said Jeff Morhet, Chairman and CEO. “We have also optimized our manufacturing process for production of clinical Phase I materials at our facility on the Mayo Clinic campus in Scottsdale, Arizona, and established safety with the successful completion of our toxicology studies last year. We are pleased to continue working toward a 2010 Investigational New Drug Application (IND) submission to the FDA.”

Royalty Pharma – the industry leader in acquiring revenue-producing intellectual property, with royalty interests in such blockbuster biopharmaceutical products as Abbott’s Humira®, J&J/Centocor’s Remicade®, Pfizer’s Lyrica®, Amgen’s Neupogen® and Neulasta®, Genentech’s Rituxan®, Gilead’s Emtriva®, Truvada® and Atripla®, and Celgene’s Thalomid® – holds a royalty in the DXL625 product candidate.

Pablo Legorreta, Chief Executive Officer of Royalty Pharma stated, “The recently announced successful meeting with the FDA and the agency’s expressed support for InNexus’ proposed clinical pathway for DXL625 is very encouraging. We remain supportive of InNexus’ continued development of DXL625. We are excited to have this product candidate as a part of our portfolio of royalty interests on leading biopharmaceutical products.”

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