IMUTEC PHARMA RESPONDS TO RISE IN STOCK PRICE
Recent in-licensing of anti-proliferative and anti-angiogenic compounds
cited as reason
TSE / ME: IMT
NASDAQ: IMUTF
TORONTO, May 6 /CNW/ - Imutec Pharma Inc., at the request of The Toronto
Stock Exchange and the Montreal Exchange, commented on the recent rise in its
stock price.
''Although the company itself has not released any news that would cause
the rise in the stock price, there has been a lot of media attention over the
past couple of days focusing on promising new anti-cancer compounds. Compounds
which Imutec Pharma recently added to its product pipeline have shown potent
anti-cancer activity in animal models through a novel mechanism of action,''
stated Philippe G. Lacaille, President and CEO of Imutec Pharma Inc.
These new anti-cancer compounds licensed by Imutec Pharma are analogues,
or chemical derivatives, of the parent molecule, clotrimazole. The parent
compound has shown anti-proliferative properties as well as anti-angiogenic
activity in an animal model of angiogenesis. The analogues selected for
preclinical development have been shown to be more potent in their
anti-proliferative effect than the parent molecule, and Imutec Pharma expects
these compounds to show anti-angiogenic properties as well.
The anti-cancer activity of the parent molecule was discovered by a team
of scientists led by Dr. Jose Halperin, Associate Professor of Medicine at
Harvard Medical School.
''We recently announced the initiation of the pre-clinical development of
these exciting new anti-cancer products in collaboration with the U.S.
National Cancer Institute (NCI),'' continued Mr. Lacaille, ''and we believe
this event, combined with the recent media attention on anti-angiogenic drugs,
is responsible for the rise in our share price.''
Imutec Pharma Inc. is a pharmaceutical company engaged in the development
and commercialization of innovative products for the treatment of cancer and
certain viral diseases. Through an active acquisition and in-licensing
program, Imutec Pharma's goal is to build and clinically develop a portfolio
of innovative drugs targeted at life-threatening diseases. Thereafter, Imutec
Pharma intends to undertake late stage clinical development and marketing in
cooperation with strategic pharmaceutical partners. Founded in 1986, Imutec
Pharma Inc. is a public company listed on the Toronto Stock Exchange and the
Montreal Stock Exchange under the symbol IMT and on the NASDAQ exchange under
the symbol IMUTF.
Except for historical information, this press release contains
forward-looking statements which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risks and
uncertainties which may cause actual results to differ materially from those
statements. Those risks and uncertainties include, but are not limited to,
changing market conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of competitive
products and pricing, new product development, uncertainties related to the
regulatory approval process, and other risks detailed from time-to-time in the
Company's ongoing quarterly filings, annual reports and 20-F filings.
Imutec Pharma's press releases are available through the Company's
Internet site: imutec.com
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