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IRX Therapeutics Completes $12.5 Million Convertible Note Offering

Posted on: Wednesday, 22 March 2006, 12:00 CST

IRX Therapeutics, a privately-held company dedicated to the development and commercialization of novel drugs for the treatment of cancer and viral diseases, today announced that it has raised $12.5 million through a convertible note offering.

The new funding will be used to further develop cancer and viral disease products, including IRX-2 the Company's lead cancer drug. The 12 year old company has raised more than $26 million in private financing.

"This is an exciting time at IRX Therapeutics as we look forward to completing the U.S. Phase II clinical trial and are preparing for a pivotal Phase III study of IRX-2," said John T. Spitznagel, Chairman of the Board of Directors. "This additional funding demonstrates the continued strong interest in our products and therapies and commitment from leading financial investors."

IRX Therapeutics also announced that Frank J. Loverro has joined its Board of Directors. Mr. Loverro is a Managing Director of Kelso & Company, a New York based private equity firm. Mr. Loverro joined Kelso in 1993, after working in investment banking at CS First Boston. He received a B.A. with distinction in Economics from the University of Virginia. Mr. Loverro is a director of Eagle Bulk Shipping Inc. and RHI Entertainment, LLC, two Kelso & Company portfolio companies, as well as a director of BlackRock Kelso Capital, a privately funded Business Development Company that provides capital to middle market companies.

"We are pleased to welcome Mr. Loverro to the Board of Directors," Mr. Spitznagel said. "His financial expertise will compliment the experience of our existing members, which includes representatives from the business, academic, and investment communities."

Mr. Loverro commented, "I am delighted to join the IRX Board of Directors. I have been following the Company for a number of years and am impressed with the progress made in the clinical development of IRX-2, the lead candidate drug to treat head and neck cancer."

IRX Therapeutics discovers and develops therapeutic treatments that act on multiple cellular targets to restore the immune system's ability to treat cancer and viral diseases. IRX-2 seeks to correct both dendritic cell and T-cell defects to stimulate an immune response to destroy tumor cells. IRX-2 received Fast Track designation by the Food and Drug Administration in November of 2003. An open label Phase II clinical trial in late-stage head and neck cancer patients was completed which demonstrated statistically significant improvement in the treatment group and a clinical response rate of 38%. After forty-eight months, the overall survival of IRX-2 treated patients was 61% versus 32% for the concurrent institutional control group. IRX Therapeutics anticipates commencing the Phase III registration-directed clinical trial in the latter half of 2006.

Mr. Loverro joins Ferid Murad, M.D., Ph.D., who was awarded the 1998 Nobel Prize in Medicine; Howard H. Stevenson, the Sarofim-Rock Professor of Business Administration at Harvard Business School; Harvey J. Brandwein, Ph.D., President and Chief Executive Officer, and John W. Hadden II, Chief Operating Officer, on the Company's Board. Further Board members include John W. Hadden, M.D., Founder and Chief Scientific Officer, Stephen R. Goldberg, and Lawrence M. Wolf.

About IRX Therapeutics

IRX Therapeutics is a privately held immunotherapy company focusing on the development and commercialization of treatments for advanced cancer and viral diseases. Founded in 1994 by John W. Hadden, M.D., a pioneer in the field of Immunopharmacology, IRX Therapeutics is developing an innovative approach that stimulates a coordinated cellular immune response to treat human diseases. The Company's product pipeline includes IRX-2, a therapeutic cancer therapy that seeks to stimulate a cellular immune response in the host to destroy tumor cells. Other products in development similarly seek to stimulate a cellular immune response for the treatment of other cancers and viral diseases. This immune response is essential for the eradication of most viruses and tumors, and relies on the effective functioning of dendritic cells, macrophages, and T-cells.

For more information on IRX Therapeutics, please visit the Company's website at http://www.irxtherapeutics.com.

Source: Business Wire

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