IBEX Reviews 2006 Events at Shareholders' Meeting and Outlines 2006 Plans for Cancer Program and Diagnostics Business.MONTREAL -- IBEX ibex (ī`bĕks), wild goat, genus Capra, found in rugged country on mountain ranges from central Asia to the Himalayas, S Europe, and NE Africa. Technologies Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IBT (1) (Instructor Based Training) Training courses conducted by human teachers. (2) (Internet Based Training) Training courses provided via the Internet. ) Webcast of IBEX CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Presentation Available Attendees at the annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. of IBEX Technologies Inc. (TSX:IBT), an innovator in the development of diagnostics and therapeutics for the management of cancer and arthritis listened to Paul Baehr, President, CEO and Chairman outline IBEX's development path for the company's proprietary Kallikrein cancer program. In addition, Mr. Baehr discussed the Company's intention to expand markets for its diagnostics product business that aids in the discovery and drug development. Mr. Baehr's Shareholders' meeting presentation will be available on the company website at www.ibex.ca until January 7, 2006. To access the webcast, go to IBEX's website and select "2005 Shareholder's Meeting" from the Investor Relations Investor relations The process by which the corporation communicates with its investors. page. Paul Baehr, President, CEO and Chairman of IBEX commented at the annual meeting, "Our long-term strategy is to build a therapeutic pipeline initially based on our proprietary cancer kallikreins. IBEX has issued and filed patents covering eight of the recently discovered kallikreins." "We are currently utilizing our expertise with biomarkers to draw conclusions about the potential use of kallikreins for therapeutic use.As previously reported, to date in animal models of ovarian cancer ovarian cancer Malignant tumour of the ovaries. Risk factors include early age of first menstruation (before age 12), late onset of menopause (after age 52), absence of pregnancy, presence of specific genetic mutations, use of fertility drugs, and personal history of breast , we have demonstrated positive pre-clinical effects examining certain of our proprietary kallikreins protective effects and significantly higher longevity in mice treated with cell lines containing IBEX's proprietary kallikreins." Commercialization Path for Kallikreins IBEX reported that it plans to complete two additional pre-clinical studies in the first half of 2006 and based on these results, determine timing for an Investigational New Drug application. Based on this plan, clinical studies would commence in late 2007. The Company also reported that it is in discussions with several large diagnostic companies about the potential out-license of its proprietary kallikreins for use in the clinical diagnostic setting. A significant market opportunity exists for ovarian and lung cancer lung cancer, cancer that originates in the tissues of the lungs. Lung cancer is the leading cause of cancer death in the United States in both men and women. Like other cancers, lung cancer occurs after repeated insults to the genetic material of the cell. since there are currently no screening tests available. "This is an exciting area and a significant opportunity for large players in the diagnostic arena," stated Paul Baehr. "The first commercialized kallikrein is the basis for the well-known PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. test for prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , a test which is routinely given to men annually after age 50."Annual sales of the PSA test are over US$350 million. Arthritis Assays for Predicting Disease Progression Similar to IBEX's cancer program, the Company's arthritis program is centered around biomarkers, which are useful in monitoring the progression of disease and effectiveness of drug treatment.The Company has developed and is marketing tests that are being used in the search for new and more effective arthritis therapy. Key customers include Amgen, Aventis, Centocor, Pfizer and Roche. "In 2006 we expect to broaden our reach with pharmaceutical customers, which will increase sales as well as add to our current database of controlled clinical study data. Data gathered from controlled trials will assist in evaluating the clinical usefulness of our arthritis tests." At the 2004 and 2005 meetings of the American College of Rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. , data were presented by Centocor Inc. (marketers of the anti-arthritic compound Remicade(R)) regarding the levels of certain biomarkers in a subset of patients from the ASPIRE(R) study, the largest trial ever in early Rheumatoid Arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. . Results indicated that at least one of the IBEX biomarkers, C2C (Client to Client) An earlier term for peer-to-peer (P2P), in which one user communicates with another user without going through a server in between. See peer-to-peer. , tracked well with the most important clinical endpoints. Enzyme Market Development Sales of IBEX's Heparinase product line have increased steadily over the past few years. As previously reported, year-to-date sales have increased over 41 percent versus last year.The Company plans to expand the customer base and develop new haematology applications in conjunction with potential new customers. Mr. Baehr concluded, "We have approximately CA$7 million in cash, which provides us with sufficient funding for approximately two years. As we move forward with plans for the kallikrein therapeutic program, we will review opportunities to raise additional capital to fund development of that program and other potential growth areas. About IBEX Technologies IBEX Technologies (TSX:IBT) is a Montreal-based biopharmaceutical company focused on the development of therapeutics and diagnostics for the management of cancer and arthritis. The Company also markets a series of proprietary enzymes (heparinases and chondroitinases), including IBEX(TM) Heparinase I which is used in medical devices monitoring hemostasis hemostasis /he·mo·sta·sis/ (he?mo-sta´sis) (he-mos´tah-sis) 1. the arrest of bleeding by the physiological properties of vasoconstriction and coagulation or by surgical means. 2. in a broad range of clinical settings. The Company's cancer program is based on a novel family of genes known as kallikreins. IBEX is exploring the role of kallikreins in metastatic Metastatic The term used to describe a secondary cancer, or one that has spread from one area of the body to another. Mentioned in: Coagulation Disorders metastatic pertaining to or of the nature of a metastasis. disease, as well as developing diagnostics to measure abnormal kallikrein levels in blood. The Company's arthritis program involves a series of biomarkers of cartilage degradation and synthesis. IBEX arthritis assays are currently being used by several leading pharmaceutical companies for research purposes. For more information, please visit the Company's Web site at www.ibex.ca. Safe Harbor Statement All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements. IBEX TECHNOLOGIES INC. (TSX:IBT) |
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