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| VGX
Pharmaceuticals Announces an R&D and License Agreement with
VGX International to Develop Novel Type 1 Diabetes Therapeutics
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Bell, PA – December 18, 2006 – |
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VGX Pharmaceuticals announced today that the Company
has granted VGX International, its Affiliate based in Seoul, Korea, a
worldwide exclusive license to conduct research, development and marketing
of VGX-1027 for Type 1 Diabetes. Under the terms of this agreement, VGX
Pharmaceuticals and VGX International will collaborate on pre-clinical
as well as other phases of clinical trials for the development of VGX-1027
for T1D indication. VGX Pharmaceuticals will receive milestones and royalties
on the future sale of this product worldwide and has retained an option
to develop VGX-1027 in the US.
VGX-1027 is an immune modulator that inhibits production of several pro-inflammatory
cytokines responsible for the damaging effects of inflammatory diseases.
Pre-clinical studies have shown that VGX-1027 is effective in inhibiting
these cytokines in cell culture, and has shown efficacy in several disease
models in animals including the ones for T1D, RA, psoriasis, and colitis
Recently the results of the VGX-1027 preclinical animal efficacy studies
in T1D was published in the Journal of Pharmacology and Experimental Therapeutics
(JPET) (http://jpet.aspetjournals.org).
VGX Pharmaceuticals has retained its right to develop VGX-1027 for inflammatory
diseases including rheumatoid arthritis (RA), psoriasis, and colitis.
VGX Pharmaceuticals is developing orally-active, small-molecule VGX-1027
as a treatment for RA.
“The development program for VGX-1027 represents VGX Pharmaceuticals’
entry into the important T1D and RA disease fields with lead drug candidates
having several potential advantages over currently available treatment
options,” says J. Joseph Kim, Ph.D., President and CEO of VGX Pharmaceuticals.
“Working with VGX International provides important synergy to develop
this novel compound more efficiently and effectively.
An Investigational New Drug Application (IND) for VGX-1027 for T1D is
expected to be filed and Phase I clinical trials are expected to be initiated
in the second quarter of 2007.
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.
About VGX International
VGX International is a KOSPI-listed company located in Seoul, Korea with
more than 30 years in manufacturing and marketing industries. In 2005, the
Company initiated a Pharmaceutical division in collaborations with VGX Pharmaceuticals.
In addition to a plan to initiate building an API manufacturing facility
with the API agreement signed with VGX Pharmaceuticals in 2006, the Company
plans to conduct new drug development programs. Current product development
portfolio includes candidates for type 1 diabetes and stomach cancer. Furthermore,
VGX International will formulate marketing strategies for such new drugs
in Asia and other developing regions. 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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