(PR NEWSWIRE) ID Biomedical subsidiary receives $5.9 million from Technology
ID Biomedical subsidiary receives $5.9 million from Technology Partnerships
Canada
TRADING SYMBOLS - NASDAQ - "IDBE", TSE - "IDB"
VANCOUVER, June 4 /PRNewswire/ - ID Biomedical announced today that it
will receive $5.9 million in federal funding from Technology Partnerships
Canada (TPC). The funding will be directed through ID Biomedical's wholly
owned subsidiary, Intellivax International. The funding will be targeted
toward further development of the Company's proprietary platform technology,
Proteosomes(TM), for the delivery of intranasal subunit vaccines.
Proteosomes(TM) have the potential to change immunization practices by
delivering vaccines with an intranasal spray rather than by injection.
Vaccines delivered by nasal spray may be better received by children and may
also allow for self-administration by adults. In addition, the technology has
the potential to provide better immunity due to its ability to stimulate a
strong immune response at mucosal surfaces. This could be extremely beneficial
since mucous membranes, such as the nose and respiratory tract, are the entry
point for 95 percent of infectious diseases.
Dr. Anthony Holler CEO of ID Biomedical, said that the funds will be used
to advance the further development of Proteosomes(TM), as well as vaccine
products based on this technology platform. "This funding further strengthens
our financial resources and will assist us in exploiting the tremendous
potential of the Proteosome(TM) technology in a variety of different
applications. We have stated our intentions of entering into strategic
alliances with third parties to broaden our pipeline of Proteosomes(TM)-based
products. This is the first of what we expect will be a number of different
arrangements that will be fundamental to ID Biomedical achieving its goal of
maximizing the value of this important asset."
Under the agreement, ID Biomedical expects to receive approximately $2
million a year for the next three years. The Company has agreed to pay TPC a
percentage of the amounts it receives from the commercialization of products
developed under the program. There is a cap on the amount of any such
payments.
About ID Biomedical
ID Biomedical Corporation is a North American based biopharmaceutical
company focused on the development of proprietary subunit vaccine products
including those based on its platform intranasal adjuvant/delivery technology,
Proteosomes(TM). ID Biomedical has also developed a proprietary genomics
analysis system, Cycling Probe(TM) Technology.
ID Biomedical is developing subunit vaccines for the prevention of a
number of different diseases. The Company's lead products in clinical
development are StreptAvax(TM), a vaccine for the prevention of diseases
caused by group A streptococcus and an intranasal vaccine for the prevention
of influenza (flu). Additionally, the Company has a number of vaccines in pre-
clinical development.
ID Biomedical is licensing Cycling Probe(TM) Technology as well as its
broad patents in signal amplification to the genomics and diagnostic industry
for further product and technology development. Currently, Applied Biosystems
(NYSE: ABI) Mitsubishi Chemical Corporation, Alexon-Trend, a subsidiary of
Apogent Technologies, formerly Sybron International (NYSE: AOT), DiscoveRx and
Third Wave Technologies (NASDAQ: TWTI) have obtained rights to ID Biomedical's
patents.
About Technology Partnerships Canada
Technology Partnerships Canada (TPC) is a technology investment fund
established in 1996 to contribute to the achievement of Canada's objectives of
increasing economic growth, creating jobs and wealth, and supporting
sustainable development. TPC supports and advances government initiatives by
investing strategically in research, development and innovation in order to
encourage private sector investment, and so maintain and grow the technology
base and technological capabilities of Canadian industry. TPC also encourages
the development of small and medium-sized enterprises (SMEs) in all regions of
Canada.
The foregoing information contains so-called forward-looking statements.
These include statements about ID Biomedical's expectations, beliefs,
intentions or strategies for the future, which it indicates by words or
phrases such as "anticipate", "expect", "intend", "plan", "will", "we
believe", "ID Biomedical believes", "management believes" and similar
language. All forward-looking statements are based on ID Biomedical's current
expectations and are subject to risks uncertainties and to assumptions made.
Important factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements include: (i) the
ability to successfully complete preclinical and clinical development of its
products; ii) the ability to obtain and enforce timely patent and intellectual
property protection for its technology and products; iii) the ability to
avoid, either by product design, licensing arrangement or otherwise,
infringement of third parties' intellectual property; iv) decisions, and the
timing of decisions, made by the health regulatory agencies regarding approval
of its products for human testing; v) the ability to complete and maintain
corporate alliances relating to the development and commercialization of its
technology and products, vi) market acceptance of its technology and products,
and (vii) the competitive environment and impact of technological change. ID
Biomedical bases its forward-looking statements on information currently
available to it, and assumes no obligation to update them.
SOURCE ID Biomedical Corporation
-0- 06/04/2001
/CONTACT: ID Biomedical Corporation, Dean Linden, Manager, Corporate
Communications, 604-431-9314, www.idbiomedical.com; Magnus & Co., Jo Foster,
Media Relations, 626-294-1030;
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw./
(IDB. IDBE)
CO: ID Biomedical Corporation
ST: British Columbia
IN: MTC
SU:
-30-
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