BioQuest Inc. and BioKeys Inc. Sign Letter of Intent.

Business Editors & Health/Medical Writers

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HOUSTON--(BW HealthWire)--Feb. 23, 2000

BioQuest Inc. (Pink Sheets:HIVX) announced today that the company has signed a Letter of Intent to merge with BioKeys Inc. of San Diego.

BioKeys Inc., a development stage pharmaceutical company, has two new anti-cancer agents and a broad spectrum anti-viral based upon two new platform technologies for drug discovery. First, their lead compound, "Co-factor", is a biomodulator which has been shown in early human trials to greatly enhance the activity of 5-FU (5-Fluorouracil) in colorectal and breast cancer. 5-FU is the most used chemotherapeutic worldwide. "Co-factor" is being readied to enter Phase III clinical trials. Secondly, the company is engaged in Preclinical studies of a platform technology for a family of cancer chemotherapeutics broadly referred to as Orgaoselenones. These compounds are expected to address the tumor resistance to currently used platinating and alkylating chemotherapeutic compounds observed in cancers of the brain, head and neck, ovary, and breast. Finally, the company is in the midst of Preclinical studies of Thiovir. Thiovir is the first compound in a family of orally bio-available anti-HIV, anti-HIV opportunistic infectious agent, and Human Papilloma Virus (HPV) antivirals.

BioQuest Inc. is a biotechnology development company in the field of HIV/AIDS antiviral therapy, prophylaxis, and vaccine development. BioQuest's patented Antibody-negative Cell Mediated Immunity Vaccine is now undergoing testing in Rhesus Monkeys using a "chimeric" Simian/Human Immunodeficiency Virus. This trial is currently producing data that, if confirmed in subsequent testing, represent proof of principle. Also in the pre-clinical pipeline are two more approaches to treatment and prevention of HIV/AIDS. BioQuest's lead compound, R15K, is a blocking agent designed to prevent HIV from entering and infecting human immune system cells. Additionally, the patented compound S4S has been shown in vitro to be able to attack and disable the very proteins HIV uses to bind to and infect human immune system cells, thus rendering HIV non-infectious.

The merged company will take the name BioKeys Inc. Its board of directors will include the current chairman of the board and CEO of BioKeys, Frank O'Donnell, M.D. Dr. O'Donnell was formerly founder and chairman of the board of Visx Inc. (Nasdaq:VISX) and is currently chairman of the board of APP Inc. (American Prescription Providers), which is currently the largest provider of HIV/AIDS prescription drugs in the northeast. Also joining the combined board is R. Wayne Fritzsche. Fritzsche was, along with Polio Vaccine pioneer and Nobel Laureate Dr. Jonas Salk, one of the founders of Immune Response Inc. (Nasdaq:IMNR). Finally, M. Ross Johnson, Ph.D., formerly president and CEO of Trimeris Inc. (Nasdaq:TRMS) will serve as chairman of the board of the merged company.

This press release contains certain forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are made based on management's current expectations and beliefs. Actual results may vary from those currently anticipated based upon a number of factors, including uncertainties inherent in the drug development process, the timing and success of clinical trials, and the receipt of necessary approvals from the United States Food and Drug Administration. The company undertakes no obligation to release publicly any revisions which may be made to reflect events or circumstances after the date hereof.