Inflazyme Pharmaceuticals Ltd.
TSX : IZP

Inflazyme Pharmaceuticals Ltd.

October 18, 2007 21:00 ET

Inflazyme Pharmaceuticals Postpones AGM and Special Meeting of Shareholders to November 16, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) - Inflazyme Pharmaceuticals Ltd. (TSX:IZP) today announced that it has postponed its AGM and Special Meeting of Shareholders.

The purpose of the meeting is to seek approval, if considered advisable, of the sale of the majority of Inflazyme's research and development assets to Biolipox AB in return for $4 million in cash and up to $7 million in potential milestones and royalties. Originally scheduled for October 25, 2007, the AGM and Special Meeting will now be held at 9.00am (Pacific time) on November 16, 2007 at The Vancouver Marriott Pinnacle Downtown Hotel, 1128 West Hastings Street, Vancouver, BC, V6E 4RF, Canada.

The reason for delaying the meeting is to give our shareholders due notice of the proposed merger between Biolipox AB and Orexo AB (OMX Nordic List, Mid Cap: ORX). Orexo AB is a public Swedish pharmaceutical company that is seeking to acquire Biolipox. Dr. Torbjorn Bjerke, the President and CEO of Biolipox will serve as the President and CEO of the merged entity. Inflazyme issued a press release on this proposed transaction on October 17, 2007.

Inflazyme is distributing to all shareholders of record, as of September 20, 2007, supplemental information as formal notice of the proposed merger between Biolipox and Orexo, and details of the new date and location of the AGM and Special Meeting of Inflazyme Shareholders.

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