Immune Network Sells B.C. Research Interest to CroMedica.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--June 20, 2001 Immune Network Ltd. (OTC:IMMKF)(CDNX CDNX See Canadian Venture Exchange (CDNX). :IMM.) signed a letter of intent today to sell its two-thirds interest in B.C. Research to CroMedica Global Inc. The proceeds of the sale, valued at about $8 million, will be applied to all remaining costs of Immune Network's DAD2000 Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II , as well as costs associated with a Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I of Immune Network's new product, IQ201. The letter of intent also calls for an ongoing limited right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. for Immune Network to participate in equity financings of pharmaceutical and biotech projects arising from the B.C. Research technology incubator. Dr. Allen Bain, President and CEO of Immune Network, said, "This is a good deal for all concerned. We are focused on Alzheimer drug development. Our current trial program is fully financed and CroMedica is an optimal shareholder and partner for B.C. Research. When financing allows in the future, we will be well positioned to access the project pipeline of B.C. Research." "CroMedica is very pleased to continue our partnership with Immune Network in the development of its lead Alzheimer disease product and to diversify CroMedica's interests to the area of biotech incubation and high technology innovation," says Dr. Erich Mohr, Chairman and CEO. On behalf of the Board of Directors Allen Bain, Ph.D., CEO About Immune Network Immune Network is currently focused on its Alzheimer disease project. The DAD2000 trial ("Dapsone dapsone /dap·sone/ (dap´son) an antibacterial bacteriostatic for a broad spectrum of gram-positive and gram-negative organisms; used as a leprostatic, as a dermatitis herpetiformis suppressant, and in the prophylaxis of falciparum for Alzheimer Disease") is a Phase II clinical trial designed to test the ability of dapsone to slow the progression of Alzheimer disease by inhibiting brain inflammation. To learn more about Immune Network Ltd., please visit our website: www.immunenetwork.com "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward looking statements that are not historical facts and are subject to risks and uncertainties which could cause actual results to differ materially from those set forth in or implied herein. These risks are described in detail in the company's Securities and Exchange Commission filings. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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