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VGX Pharmaceuticals
Announces Reorganization of its Manufacturing Assets
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Bell, PA – June 3, 2008 – |
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VGX Pharmaceuticals (VGX) announced today that the
Company has consolidated all of its manufacturing assets under the management
of its publicly-traded, Korea-based affiliate, VGX International, Inc.
The primary asset, a DNA plasmid manufacturing facility in The Woodlands,
TX, currently operates a 500-liter scale bioreactor under cGMP (current
Good Manufacturing Practices) guidelines.
The reorganization focuses the strategic objectives
of both firms and allows the Company to devote its resources exclusively
to research and clinical development of novel product candidates. It also
enables VGX International to provide efficient and cost-effective manufacturing
of DNA-based products for clinical supplies, from Phase I to Phase III,
as well as commercial products for VGX and other contract clients. In
October 2007, VGX International initiated a major project to construct
and operate a large-scale (3000-liter) cGMP, DNA plasmid manufacturing
facility in Korea – the first of its kind in Asia.
Products manufactured at the state-of-the-art Texas
facility have entered human clinical trials. In less than one year, the
facility has manufactured all of the Company’s Phase I product supplies
for its current DNA-based clinical candidates including: VGX-3100, a therapeutic
vaccine for cervical cancer; VGX-3200, a therapeutic based on human growth
hormone releasing hormone for cancer-related cachexia; and VGX-3400, a
novel DNA vaccine for avian influenza. In addition, the facility has manufactured
clinical product supplies under contract for leading companies and non-profit
organizations.
“The reorganization allows VGX Pharmaceuticals
to focus on maintaining its rapid pace of developing novel product candidates
for infectious diseases and cancer,” said Dr. J. Joseph Kim, President
and CEO. “It will also enable VGX International to become the world-class,
“go-to” manufacturer of DNA-based products at any stage of
development from 10-liter scale to 3000-liter scale. We believe the streamlined
operations will significantly benefit the Company and VGX International’s
other contract manufacturing clients as they advance their product candidates.”
In November 2005, the Company acquired a controlling
interest of a publicly traded pharmaceutical company, which was subsequently
renamed VGX International Inc. (Korean Stock Exchange: Stock Ticker No.
011000), to expand its overseas manufacturing and marketing capabilities.
Since then, VGX International has become a leading entity in the manufacture
of biopharmaceutical products in Asia.
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 biopharmaceutical company with small molecule
and biologic product candidates for the treatment of infectious diseases,
cancer, and inflammatory diseases. The Company's clinical development
programs include PICTOVIR™ for HIV infection, which is in Phase
II clinical trials, PENNVAX™-B for HIV infection, which is in 2
separate Phase I clinical trials, and VGX-1027 for inflammatory diseases,
which is in Phase I clinical trials. In addition, the Company has filed
INDs for VGX-3100, a DNA therapeutic vaccine for cervical cancer; VGX-3200,
a novel DNA therapy that utilizes GHRH for the treatment of cancer cachexia
and anemia; and VGX-3400, a DNA preventative vaccine for avian influenza.
VGX has established a vertically-integrated DNA Vaccines and Therapies
Platform with extensive capabilities including SynCon™ DNA-based
product candidates, the CELLECTRA® delivery device, and
efficient cGMP plasmid manufacturing facilities. The cGMP facilities are
used for VGX’s own product supplies and for contract manufacturing.
Vertical control over key aspects of product development has enabled the
Company to consistently develop multiple product candidates, from bench-to-IND
filing, within 1 year. 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.
About VGX
International
VGX International, a publicly-traded global biopharmaceutical company
listed on Korean Stock Exchange. VGX International is headquartered in
Seoul, Korea. The Company is dedicated to developing revolutionary new
drug candidates for the treatment of cancer and inflammatory diseases,
providing the most advanced cGMP solutions for better facilities, and
supplying high-end biopharmaceutical products to global clients. The Company's
clinical development programs include VGX-1027 for type 1 diabetes and
VGX-100 for gastric cancer, which are both currently in pre-clinical stages.
The Company provides cGMP manufacturing solutions to other pharmaceutical
companies in Asia for new construction of GMP facilities and its related
fields. The Company also provides contract manufacturing services dedicated
to supplying biopharmaceutical products to global institutions and companies
working on DNA therapies. More information about VGX International can
be found at www.vgxi.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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