HORSHOLM, Denmark, April 12, 2002 (PRIMEZONE) -- In June 2001 Pharmexa announced that it had in-licensed a vector-cell production system from GlaxoSmithKline (NYSE:GSK) for use in Pharmexa's AutoVac(TM) HER-2 Protein project against cancer. No further details were announced at that time.
The manufacturing of the AutoVac(TM) HER-2 Protein pharmaccine has now been successfully transferred to a contract manufacturer and animal toxicology studies will commence in April 2002 with a view to initiating clinical trials in early 2003. Beyond this point, switching to a different production system would cause a significant delay in the project. On this basis, the parties have agreed to disclose that GlaxoSmithKline, as part of the aforementioned licensing agreement, has an exclusive option to negotiate a license for the AutoVac(TM) HER-2 Protein project for a period after completion of phase I. This option does not cover the AutoVac(TM) HER-2 DNA project currently in phase I/II clinical trials.
If GlaxoSmithKline or any other licensee acquire rights to the AutoVaca HER-2 Protein project, Pharmexa expects to receive upfront, milestone and royalty payments on sales of finished products. Until then, the agreement has no economic effect in Pharmexa.
Note to editors:
Pharmexa A/S (CSE:PHARMX) is a leading company in the field of therapeutic vaccines for the treatment of serious chronic diseases. Pharmexa's proprietary AutoVac(TM) pharmaccine technology platform is broadly applicable, but the company has focused its resources on a number of cancer forms and chronic inflammatory diseases. Pharmexa's research and development programs are targeted towards breast cancer, asthma, bone degeneration, allergy and neurodegenerative diseases. The Pharmexa Group has entered into collaborative agreements with Lexigen/Merck KgaA, Ferring, Schering-Plough, H. Lundbeck, NeuroSearch and AstraZeneca. The Group has 145 employees. More information on Pharmexa can be found on www.pharmexa.com.
The cancer protein targeted by Pharmexa's two breast cancer vaccines is a cancer growth factor called HER-2. HER-2 is present in many cancer forms, including breast, ovary, uterus, stomach, bladder, prostate, colon and lung cancers. Pharmexa's AutoVac(TM) HER-2 DNA vaccine induces the immune system to launch killer cells against the cancer and in addition also leads to the creation of antibodies against the HER-2 Protein. The AutoVac(TM) HER-2 Protein vaccine works through the creation of a very high level of antibodies.