Inex Pharmaceuticals Forms Joint Venture with Elan Corporation to Develop and Commercialize Onco TCS

Apr 30, 2001, 01:00 ET from Inex Pharmaceuticals Corporation

    VANCOUVER, April 30 /PRNewswire/ - Inex Pharmaceuticals Corporation
 ("INEX"; TSE: IEX) announced today it has formed a joint venture with Elan
 Corporation, plc ("Elan"; NYSE:   ELN) for the development and commercialization
 of INEX's lead product, Onco TCS, now being evaluated in human clinical trials
 as a treatment for a number of cancers. INEX and Elan have both contributed
 assets to the joint venture including worldwide rights to Onco TCS and
 complementary intellectual property.
     David Main, INEX's President and CEO, said INEX could receive up to
 Cdn$60 million (US$39 million) in funding related to the joint venture and,
 completed today, an upfront Cdn$7.5 million purchase of INEX common shares.
 INEX and Elan will share profits from the product's commercialization.
     "This agreement meets our objectives for a partnership for Onco TCS,"
 Main said. "It brings considerable funds to complete and expand the
 development of Onco TCS and INEX retains a profit sharing arrangement with an
 international pharmaceutical company committed to oncology."
     "During our partnering process, Elan emerged as the preferred partner as
 they provide the added benefits of access to complementary intellectual
 property and expertise in the development, manufacturing and marketing of
 liposomal and other drug delivery products."
     Dr. Ivan Lieberburg, Chief Medical and Scientific Officer of Elan
 Corporation plc, said "We are pleased to join with INEX in this joint venture
 as they have demonstrated that their advances with TCS delivery technology
 provides a strong competitive advantage for Onco TCS. Onco TCS has the
 potential to become an important therapy for a number of cancers and
 complements other cancer drugs in our product portfolio including Myocet(TM)
 and Abelcet(TM)."
     Myocet(TM) and Abelcet(TM) are approved liposomal formulations of drugs
 for the treatment and management of cancer patients.
 
     About Onco TCS
     --------------
     INEX's lead product, Onco TCS, is a proprietary drug composed of the
 widely used off-patent cancer drug vincristine encapsulated in the company's
 TCS (liposomal) drug delivery technology. The TCS technology provides
 prolonged blood circulation, tumor accumulation and extended drug release at
 the cancer site. These characteristics are designed to increase the
 effectiveness and reduce the side effects of the encapsulated drug.
     Onco TCS is in a pivotal Phase II/III clinical trial as a treatment for
 relapsed aggressive non-Hodgkin's lymphoma. The trial is expected to provide
 sufficient data to seek marketing approval, with a regulatory filing in late
 2002 or early 2003. Onco TCS is also in Phase II clinical trials as a
 treatment for small cell lung cancer, relapsed solid tumours and leukemia in
 children and adolescents and first-line treatment of non-Hodgkin's lymphoma.
     In 2000, Elan acquired The Liposome Company ("TLC"), of Princeton, NJ, a
 biotechnology company dedicated to the development and commercialization of
 proprietary lipid and liposome-based pharmaceuticals. The contribution by Elan
 to the joint venture of certain TLC intellectual property will strengthen the
 overall intellectual property position of Onco TCS and will eliminate the need
 to pay certain third-party royalties INEX had previously anticipated.
 
     About INEX
     ----------
     INEX is a Canadian biopharmaceutical company that utilizes novel
 therapeutic compounds and proprietary drug delivery systems to commercialize
 improved therapies for the treatment of cancer.
     INEX's product pipeline is comprised of product candidates from two
 platform technologies - targeted chemotherapy and novel oncology compounds,
 called oligonucleotides.
 
     INEX's common shares are traded on the Toronto Stock Exchange under the
 trading symbol "IEX".
 
 

SOURCE Inex Pharmaceuticals Corporation
    VANCOUVER, April 30 /PRNewswire/ - Inex Pharmaceuticals Corporation
 ("INEX"; TSE: IEX) announced today it has formed a joint venture with Elan
 Corporation, plc ("Elan"; NYSE:   ELN) for the development and commercialization
 of INEX's lead product, Onco TCS, now being evaluated in human clinical trials
 as a treatment for a number of cancers. INEX and Elan have both contributed
 assets to the joint venture including worldwide rights to Onco TCS and
 complementary intellectual property.
     David Main, INEX's President and CEO, said INEX could receive up to
 Cdn$60 million (US$39 million) in funding related to the joint venture and,
 completed today, an upfront Cdn$7.5 million purchase of INEX common shares.
 INEX and Elan will share profits from the product's commercialization.
     "This agreement meets our objectives for a partnership for Onco TCS,"
 Main said. "It brings considerable funds to complete and expand the
 development of Onco TCS and INEX retains a profit sharing arrangement with an
 international pharmaceutical company committed to oncology."
     "During our partnering process, Elan emerged as the preferred partner as
 they provide the added benefits of access to complementary intellectual
 property and expertise in the development, manufacturing and marketing of
 liposomal and other drug delivery products."
     Dr. Ivan Lieberburg, Chief Medical and Scientific Officer of Elan
 Corporation plc, said "We are pleased to join with INEX in this joint venture
 as they have demonstrated that their advances with TCS delivery technology
 provides a strong competitive advantage for Onco TCS. Onco TCS has the
 potential to become an important therapy for a number of cancers and
 complements other cancer drugs in our product portfolio including Myocet(TM)
 and Abelcet(TM)."
     Myocet(TM) and Abelcet(TM) are approved liposomal formulations of drugs
 for the treatment and management of cancer patients.
 
     About Onco TCS
     --------------
     INEX's lead product, Onco TCS, is a proprietary drug composed of the
 widely used off-patent cancer drug vincristine encapsulated in the company's
 TCS (liposomal) drug delivery technology. The TCS technology provides
 prolonged blood circulation, tumor accumulation and extended drug release at
 the cancer site. These characteristics are designed to increase the
 effectiveness and reduce the side effects of the encapsulated drug.
     Onco TCS is in a pivotal Phase II/III clinical trial as a treatment for
 relapsed aggressive non-Hodgkin's lymphoma. The trial is expected to provide
 sufficient data to seek marketing approval, with a regulatory filing in late
 2002 or early 2003. Onco TCS is also in Phase II clinical trials as a
 treatment for small cell lung cancer, relapsed solid tumours and leukemia in
 children and adolescents and first-line treatment of non-Hodgkin's lymphoma.
     In 2000, Elan acquired The Liposome Company ("TLC"), of Princeton, NJ, a
 biotechnology company dedicated to the development and commercialization of
 proprietary lipid and liposome-based pharmaceuticals. The contribution by Elan
 to the joint venture of certain TLC intellectual property will strengthen the
 overall intellectual property position of Onco TCS and will eliminate the need
 to pay certain third-party royalties INEX had previously anticipated.
 
     About INEX
     ----------
     INEX is a Canadian biopharmaceutical company that utilizes novel
 therapeutic compounds and proprietary drug delivery systems to commercialize
 improved therapies for the treatment of cancer.
     INEX's product pipeline is comprised of product candidates from two
 platform technologies - targeted chemotherapy and novel oncology compounds,
 called oligonucleotides.
 
     INEX's common shares are traded on the Toronto Stock Exchange under the
 trading symbol "IEX".
 
 SOURCE Inex Pharmaceuticals Corporation