VIMRX Highlights Nexell Therapeutics At Annual Stockholders Meeting
WILMINGTON, Del.--(BW HealthWire)--June 24, 1998-- Stockholders Elect Directors, Approve Proposals
VIMRX Pharmaceuticals Inc. (Nasdaq: VMRX) yesterday held its Annual Meeting of Stockholders in New York City. Chairman Donald G. Drapkin, President and Chief Executive Officer Richard L. Dunning, and Nexell President and Chief Executive Officer L. William McIntosh, reviewed the progress made by VIMRX in the past year and its strategy for moving forward. The focus of the meeting was on VIMRX's majority owned subsidiary-Nexell Therapeutics, a new cell therapy company.
"Acquisition of majority ownership in Nexell Therapeutics, a fully operational cell therapy company with current revenues and significant growth potential, gives me the confidence to say that the business prospects for VIMRX have never been better," Dunning said.
At the meeting, stockholders elected the slate of nine directors presented for their approval, approved the 1998 Non-Incentive Stock Option Plan for Nexell employees, approved an amendment to VIMRX's 1997 Stock Option Plan, and ratified the appointment of independent auditors.
Mr. Dunning and Mr. McIntosh reviewed with stockholders the main business achievements of the past year, including:
-- The formation of Nexell Therapeutics Inc., a biotechnology
company jointly owned by VIMRX and Baxter Healthcare Corporation
that is developing and marketing innovative cell therapies for
cancer and other life threatening diseases. The company's lead
products, the Isolex(R)300 and 300i Stem Cell Selection System, are marketed in Europe and numerous other countries and are
currently under regulatory review in the United States by the
Food and Drug Administration (FDA).
-- Submission of a supplemental application to the FDA for the
Isolex(R)300i, the fully automated version of the Isolex(R)300
cell selection device, for the clinical separation of CD34+ stem
cells from peripheral blood.
"Nexell Therapeutics is well-positioned to be the global leader in cell therapies," said L. William McIntosh, Nexell president and CEO. "We have excellent products, strong patents, a significant research and development pipeline, and an outstanding team dedicated to providing innovative cell therapies for cancer, autoimmune diseases, viral infections, and gene therapy." Mr. Dunning also reviewed a number of strategic decisions and clinical highlights of the past year, including:
-- The consolidation and rationalization of the VIMRX portfolio of
companies and products, including the announcements of the
company's intention to restructure VIMRX Genomics Inc., and
further consolidate Innovir Laboratories, to focus resources on
research programs further along the development pathway.
-- The initiation of a Phase I clinical trial on VM301, a novel
compound that has shown promising wound-healing activity when
applied topically in preclinical studies. VIMRX is developing
VM301 for the treatment of both partial and full thickness
wounds, including burns, surgical wounds, diabetic skin ulcers, and decubitus ulcers (bed sores).
-- And, the completion of a Phase I/II trial for VIMRxyn(R) (synthetic hypericin) for the treatment of glioblastoma, a highly
invasive form of brain cancer. VIMRX has begun analyzing the data
from the trial and will announce results and clinical decisions
when complete. A second VIMRxyn(R) study is currently being
conducted to determine the potential of the compound to treat
skin diseases when applied topically followed by photo
therapeutic activation of the compound by light.
"In line with our strategic plans, VIMRX will provide aggressive support to Nexell as the core value in our portfolio while continuing to simplify and focus our overall operations," stated Dunning. "Further, VIMRX intends to maintain a cash position to support at least two years of operating expenses."
VIMRX Pharmaceuticals Inc.
VIMRX Pharmaceuticals Inc. (NASDAQ: VMRX) is a biotechnology company developing innovative technologies to improve human health. VIMRX's portfolio has two majority owned subsidiaries: Nexell Therapeutics Inc., a company formed with Baxter Healthcare Corporation focused on cell therapeutics for cancer and other life threatening diseases; Innovir Laboratories, Inc. (NASDAQ: INVR), which develops oligozymes for use as pharmaceutical research tools.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The forward- looking statements contained in this release are subject to certain risks and uncertainties. Actual results could differ materially from current expectations. Among the factors which could affect the Company's actual results and could cause results to differ from those contained in the forward-looking statements contained herein are: the timely commencement and success of the Company's clinical trials and other research endeavors, delays in receiving FDA or other regulatory approvals, the development of competing therapies and/or technologies, the terms of any future strategic alliances, the possible need for additional capital, and any additional factors described from time to time in the Company's periodic reports on Form 10-K and 10-Q, and any prospectus describing the Company's securities.
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CONTACT: VIMRX Pharmaceuticals
Media Contact: Laura A. Mastrangelo
302-998-1734/Pager for Media 800-916-8038
or
The Investor Relations Group
Contact:
Dian Griesel, Ph.D.
212-664-8489 |
