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Ionix Patents Granted on Novel Analgesic Program: Series C Financing Initiated.

CAMBRIDGE, England -- Ionix Pharmaceuticals, a leader in the discovery and development of analgesic drugs, today announced that it has been granted further patent protection in support of its programmes to develop analgesics that modulate the sodium channel drug target, Nav1.8. On May 26, Ionix was granted two patents which cover proteins that regulate the expression of this target. These inventions form the basis of the company's IX-4000 drug discovery programme for the treatment of chronic pain and urological disorders.

Ionix is developing a portfolio of novel analgesic drugs, including programmes addressing voltage-gated calcium and sodium channels. The company has two programmes that focus on Nav1.8, a drug target that is activated and up-regulated in chronic pain states: IX-3000 channel blockers and IX-4000 channel regulators. Ionix also owns granted patents in the United States and Europe relating to the Nav1.8 target itself.

"Our strong intellectual property position supports the significant progress we have made in the development of selective blockers and regulators of Nav1.8." said Dr Mike Perkins, who recently joined Ionix as Chief Development Officer, having previously served as VP Global Regulatory Affairs with Pfizer.

The company also announced that it had initiated a Series C equity financing with new investment from existing investors Apax Partners and The Wellcome Trust. The financing will enable the development of calcium and sodium channel blocker programmes through to clinical proof-of-concept.

Andrew Sandham, President and CEO of Ionix said, "Our current investors are participating significantly in this financing round, endorsing the quality of our programmes, our discovery and development capabilities, and the strong value proposition to new investors."

In addition to its calcium and sodium ion channel analgesic programmes, Ionix is undertaking clinical development of IX-1003, intranasal buprenorphine for acute pain and has a pipeline of proprietary analgesic discovery programmes.

Notes to Editors

About Ionix Pharmaceuticals

Ionix Pharmaceuticals, based in Cambridge UK, is a leader in the discovery and development of new analgesic medicines for the treatment of acute and chronic pain. Using proprietary drug targets and state-of-the-art chemistry, the company is developing medicines that are designed to alleviate pain associated with trauma, operative procedures, and debilitating diseases such as arthritis, diabetes and multiple sclerosis. Ionix Pharmaceuticals is a privately held company and was founded in 2001.
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Publication:Business Wire
Date:Jun 21, 2004
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