BVF update. Lightened considerably on SNAP; not a surprise considering SNAP is being munched. And bought a 20%+ stake in this Canadian pink sheeter:
>>VANCOUVER, Oct. 29 /PRNewswire-FirstCall/ - Micrologix Biotech Inc. (TSX: MBI - News) released its quarterly CEO Message, providing an update on its development programs and guidance on expected progress over the next 12 months. Specifically, this includes the following highlights (all dates are on a calendar year basis):
First Quarter 2003
- Initiation of Phase IIb clinical trial for MBI 594AN, for the
treatment of acne. This study will be conducted in approximately 10
centers in the US, enrolling 240 patients, with 2 active groups (2.5%
and 1.25%) and vehicle alone (placebo). The treatment period will be
12 weeks and the study will be powered for statistical significance at
the 80% level.
- Complete enrollment in Phase III trial of MBI 226, for the prevention
of CVC-related bloodstream infections. It is expected that
approximately 1400 patients will be enrolled in the study.
Third Quarter 2003
- Obtain results of the Phase III study of MBI 226.
Fourth Quarter 2003
- Complete the Phase IIb study of MBI 594AN.
- Complete validation of HCV Replication Assay and seek licensing
opportunities from pharmaceutical and biotechnology companies engaged
in HCV drug development.
- Identify a lead candidate in the lipopeptide program.
First Half 2004
- Initiate advanced non-clinical studies of lipopeptide product
candidate (clinical trials expected to begin in second half of 2004).
- Submit an NDA for MBI 226 with US FDA.
"We have made tremendous progress in transforming Micrologix into a sustainable, successful company for the long term," stated Jim DeMesa, M.D., President & CEO. "We are very proud that we have continuously done what we said we would do over the past year and expect to continue that practice going forward."
In addition to the highlights mentioned above, Dr. DeMesa provided guidance on some of the Company's objectives for the next 12-18 months. These include:
- Obtain a development and commercialization partner for MBI 594AN.
- Establish and advance development plan for MBI 1121, for the treatment
of HPV-induced genital warts.
- Establish early-stage corporate research and development
collaborations to further leverage the Company's resources and
technologies.
- Continue to pursue opportunities to further develop and expand the
Company's product pipeline.
- Continue to manage and augment the Company's cash resources
aggressively to ensure appropriate capital for ongoing development
programs.
Additionally, the Company has initiated activity toward its goal of establishing a presence in the US capital markets. This has begun with the retention of a top-tier US investor relations firm, The Investor Relations Group, Inc. (IRG), based in New York.
IRG, founded by Dian Griesel, Ph.D., represents select publicly traded companies with a unique specialization for assisting those in the small-cap sector. IRG arranges one-on-one meetings for its portfolio companies with pre- qualified money managers handling investment portfolios that range from $10 million to $10 billion+, selected from its proprietary contact base of over 33,000 qualified fund managers who have an investing history in small-cap stocks.
In a recent press release, IRG announced the addition of Jeff Kraws as Co- President and Partner of IRG. Mr. Kraws has been frequently ranked as one of the Top 20 Pharmaceutical Analysts on Wall Street by Institutional Investor and other ranking services that evaluate analyst performance. He was recently awarded his third five-star rating in the last four years from Zacks Investment Research, the highest ranking available from Zacks. Additionally, Mr. Kraws was ranked by Zacks as one of the top five biotechnology analysts on the Street and among the top ten pharmaceutical analysts for stock selection performance. During very difficult market conditions, he has achieved a five- star rating for the second year in a row due to back-to-back excellence in stock performance of his pharmaceutical stock picks. Mr. Kraws was also recently ranked first among all pharmaceutical analysts in the industry for stock performance in 2001 as tabulated by analyst ranking from Starmine.com.
Mr. Kraws commented, "Micrologix appears to be a compelling market opportunity. We look forward to increasing the capital market's awareness of this Company as they advance their development programs and progress toward commercialization."
About Micrologix
Micrologix Biotech Inc. is engaged in the research, development, and commercialization of drugs that advance therapy, improve health, and enrich lives. The Company's focus is toward anti-infective drug development with three product candidates in human clinical studies and earlier-stage candidates in various stages of research, development, and evaluation.
"Jim DeMesa"
________________________
James DeMesa, MD
President & CEO
Investor & Media Relations Contacts:
Jonathan Burke Gino De Jesus/ Dian Griesel, Ph.D
Micrologix Biotech Inc. The Investor Relations Group
Telephone: 604-221-9666 Extension 241 Telephone: 212-825-3210
Toll Free: 1-800-665-1968 Email: theproteam@aol.com
Email: jburke@mbiotech.com <<
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Cheers, Tuck |
