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| VGX
Pharmaceuticals Signs Marketing and License Agreement
for Asia and Other Developing Regions
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| Blue
Bell, PA – February 21, 2007 – |
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VGX Pharmaceuticals announced today that the Company
has granted VGX International, its publicly traded (KSE: 011000) Affiliate
based in Seoul, Korea, an exclusive right to sell and market the Company’s
investigational HIV compound PICTOVIR™ for the countries in Asia
and other developing regions including Africa. PICTOVIR™ is currently
in Phase II clinical trials in multiple sites in the US and has not yet
been approved for sale for treating HIV. The present agreement follows
on the previously announced commercialization agreement between the two
companies for VGX-1027, VGX’s lead candidate in development for
anti-inflammatory diseases including Type I diabetes.
Currently 30 to 50 percent of patients with HIV infections who are treated
with current drug regimens develop resistance to one or more antiretroviral
drugs, reducing the treatment options available to them. Since there is
no known effective cure or vaccine for AIDS, HIV drug resistance has become
a serious treatment concern. There is a great need for a new class of
drug compounds to combat drug resistance observed with existing compounds.
The first PICTOVIR™ Phase I/II clinical study was completed in 2005
under an IND held by the National Institutes of Allergy and Infectious
Diseases in collaboration with VGX Pharmaceuticals. Based upon the preliminary
results, VGX opened its own IND to support additional Phase II clinical
trials for PICTOVIR™ with higher doses to determine the dosage level
necessary to achieve a clinically significant antiviral effect.
The Company’s other clinical development programs include VGX-410C
for chronic HCV infection, which is currently in Phase II clinical trials
in the US. In addition, several new Phase I clinical trials are being
prepared to be initiated with a strong pipeline, which includes VGX-150
for Melanoma and VGX-100 for Lymphoma/Leukemia and Gastric Cancer as well
as VGX-1027 for the treatment of Rheumatoid Arthritis and Type 1 Diabetes.
Cautionary
Factors That May Affect Future Results - Materials in this
Web site contain information that includes or is based upon forward-looking
statements within the meaning of the Securities Litigation Reform
Act of 1995. Forward-looking statements relate to expectations or
forecasts of future events. You can identify these statements by the
fact that they do not relate strictly to historical or current facts.
They use words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning
in connection with a discussion of potential future events, circumstances
or future operating or financial performance. In particular, these
include statements relating to future actions, prospective products
or product approvals, future performance or results of current and
anticipated products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, and financial results. Any or all of our
forward-looking statements here or in other publications may turn
out to be wrong. They can be affected by inaccurate assumptions or
by known or unknown risks and uncertainties. Many such factors will
be important in determining our actual future results. Consequently,
no forward-looking statement can be guaranteed, and forward-looking
statements may be adversely affected by factors, including general
market conditions, competitive product development, product availability,
current and future branded and generic competition, federal and state
regulations and legislation, manufacturing issues, timing of the elimination
of trade buying, patent positions, litigations and investigations.
Our actual results may vary materially, and there are no guarantees
about the performance or valuation of VGX stock. It is also important
to read the disclosure notice contained in many of the individual
VGX documents available on this Web site as many contain important
information on such cautionary factors as of the date of the individual
document. We undertake no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised, however, to consult any further disclosures
we make on related subjects in our reports. |
About VGX
Pharmaceuticals
VGX Pharmaceuticals is a leading biopharmaceutical company with strong product
candidates for the treatment of infectious diseases including HIV and hepatitis
C virus (HCV) as well as cancer and inflammatory diseases. The Company’s
clinical development programs include PICTOVIR™ for HIV infection
and VGX-410C for chronic HCV infection, which are currently in Phase II
clinical trials. In addition, a Phase I clinical trial will be initiated
in 2007 for the Company’s lead cancer drug compound, VGX-150 for the
treatment of Melanoma. Moreover, VGX Pharmaceuticals’ therapeutic
platform is designed to advance a strong and continual pipeline of additional
drug candidates into the clinic with VGX-100 for cancer therapy and VGX-1027
and VGX-750 for inflammatory diseases currently in development. The product
candidates and technology programs are protected by the Company’s
extensive global intellectual property portfolio. More information about
VGX can be found at www.vgxp.com.
Company Contact:
Kevin W. Rassas
Senior Vice President
Tel. 267.440.4208
Fax 267.440.4242
E-mail: Rassas@vgxp.com
www.vgxp.com
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