Inflazyme Pharmaceuticals Ltd.
TSX : IZP

Inflazyme Pharmaceuticals Ltd.

October 29, 2007 09:00 ET

Inflazyme Pharmaceuticals Ltd.: Orexo Delays Shareholder Meeting to Seek Approval of Acquisition of Biolipox

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2007) - Inflazyme Pharmaceuticals Ltd. (TSX:IZP), today announced that it has been advised that Orexo AB (OMX Nordic List, Mid Cap:ORX) ("Orexo") has postponed its Extraordinary General Meeting until November 13, 2007. The meeting, originally set for November 1, 2007, is to seek shareholder approval of the acquisition of Biolipox AB ("Biolipox") by Orexo. As previously announced, we were advised that the new entity will retain the name Orexo, and the President and CEO of Biolipox, Dr. Torbjorn Bjerke will serve as the President and CEO of the new entity.

Inflazyme and Biolipox signed an Asset Sale Agreement on September 24, 2007, whereby Inflazyme agreed to sell the majority of its research and development assets to Biolipox in return for $4 million in cash and up to $7 million in potential milestones and royalties.

Inflazyme shareholders have been asked to vote on the sale of its assets to Biolipox at its Special Meeting to be held on November 16, 2007. The Inflazyme meeting will start at 9.00 a.m. (Pacific time) and is being held at the Vancouver Marriott Pinnacle Downtown Hotel, 1128 West Hastings Street, Vancouver, BC, V6E 4RF, Canada.

About Inflazyme

Inflazyme Pharmaceuticals is a biopharmaceutical company in respiratory and inflammatory diseases. Further information on the Company may be obtained from its website at www.inflazyme.com.

This news release contains certain "forward-looking statements" and "forward-looking information" which may include but is not limited to statements in respect of our future financial position or operations. Words like "believe", "intend", "may", "expect", "anticipate", "plan", "should" and other similar expressions are forward-looking statements that involve a number of risks and uncertainties. By their nature, forward-looking statements involve numerous factors, assumptions and estimates, some but not all of the factors that could cause actual results to differ materially from those projected in our forward-looking statements include among others: risks associated with the completion of clinical trials and obtaining regulatory approval to market our products, market acceptance of our technologies and products; our ability to obtain financing; our financial and technical resources relative to those of our competitors; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain and develop partnership opportunities; and other risk factors identified from time to time in the Company's regulatory filings. For a further description of the principal risks affecting the Company, see our regulatory filings. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements.

Contact Information

  • Inflazyme Pharmaceuticals Ltd.
    Julie Rezler
    Sr. Director, Corporate Development
    Toll Free: 1-800-315-3660 or (604) 279-8511
    (604) 279-8711 (FAX)
    Email: ir@inflazyme.com
    Website: www.inflazyme.com