Inflazyme Pharmaceuticals Ltd.
TSX : IZP

Inflazyme Pharmaceuticals Ltd.

November 13, 2007 17:00 ET

Inflazyme Pharmaceuticals Ltd.: Orexo Shareholders Approve Acquisition of Biolipox

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) - Inflazyme Pharmaceuticals Ltd. (TSX:IZP) today announced that the shareholders of Orexo AB (OMX Nordic List, Mid Cap:ORX) have approved the acquisition of Biolipox AB. The new entity has retained the name Orexo and the President and CEO of Biolipox, Dr. Torbjorn Bjerke, will be formally appointed as the President and CEO of the new entity once the transaction is closed.

Inflazyme announced the agreement to sell the majority of its R&D assets to Biolipox on September 24, 2007. Inflazyme shareholders have been asked to vote on the sale of its assets to Biolipox at its AGM and Special Meeting of shareholders on November 16, 2007. The meeting starts at 9.00am (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
    1-800-315-3660 or (604) 279-8511
    (604) 279-8711 (FAX)
    Email: ir@inflazyme.com
    Website: www.inflazyme.com