SOURCE: Pipex Pharmaceuticals, Inc.

November 16, 2007 09:07 ET

Pipex Pharmaceuticals Receives $7.3 Million Through the Exercise of Warrants Issued in 2006

Simplifies Capital Structure as We File Our NDA This Month on Our Anti-Copper Drug Candidate, COPREXA and Complete Necessary Testing to File Our 510(k) for FreeBound, our Investigational Serum Free Copper Diagnostic Device

ANN ARBOR, MI--(Marketwire - November 16, 2007) - Pipex Pharmaceuticals, Inc. (AMEX: PP) ("Pipex"), a specialty pharmaceutical company developing innovative late-stage drug candidates for the treatment of neurologic and fibrotic diseases, announced that it has received approximately $7.3 million in gross proceeds through the exercise of warrants to purchase the Company's common stock. These warrants had been previously issued in connection with the Company's 2006 private placement transaction.

Steve H. Kanzer, Chairman and Chief Executive Officer of Pipex, commented, "Based on current cash projections, this puts Pipex well into 2009 without the need for further financing. In 2008, should we be successful in obtaining FDA approval for our lead anti-copper drug candidate, COPREXA, for which an NDA is being filed later this month and/or our serum free copper diagnostic device, FreeBound, for which a pre-IDE package was submitted to the FDA in October, we plan to introduce either or both of these products during 2008."

Pipex engaged Noble International Investments, Inc., a FINRA member firm, as its exclusive warrant solicitation agent.

About Pipex Pharmaceuticals, Inc.

Pipex Pharmaceuticals, Inc. ("Pipex") is a specialty pharmaceutical company that is developing proprietary, late-stage drug candidates for the treatment of neurologic and fibrotic diseases. Pipex's strategy is to exclusively in-license proprietary, clinical-stage drug candidates and complete the further clinical testing, manufacturing and regulatory requirements sufficient to seek marketing authorizations via the filing of New Drug Applications (NDAs) with the FDA in the U.S. and Marketing Application Authorizations (MAAs) with the European Medicines Evaluation Agency (EMEA). For further information, please visit, www.pipexinc.com.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, that reflect Pipex Pharmaceuticals, Inc. and subsidiaries ("we" or "our") current expectations about its future results, performance, prospects and opportunities, including statements regarding the potential use of FreeBound as a diagnostic device, or COPREXA™ for the treatment of Alzheimer's disease, inflammatory and fibrotic diseases, as well as the prospects for regulatory filings in the treatment of neurologic Wilson's disease, including filing NDA with the FDA during November 2007 and that such NDA will be accepted for filing by the FDA and/or that the FDA will agree with our analysis of data supporting the safety, clinical efficacy, manufacturing, stability and other regulatory requirements necessary for COPREXA to be approved for use in neurologically presenting Wilson's disease or that even if approved for initial indication, that we will be able to conduct and complete necessary initial and registration clinical trials required to support and receive FDA approval for a Supplemental New Drug Application to market COPREXA for the treatment of Alzheimer's disease or other disease indications, such as, idiopathic pulmonary fibrosis, for example. Where possible, the Company has tried to identify these forward-looking statements by using words such as "anticipates," "believes," "intends," or similar expressions. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements, including risks set forth in our filings with the Securities and Exchange Commission. We cannot assure you that we will be able to successfully develop or commercialize products based on our technologies, including COPREXA™, TRIMESTA™, SOLOVAX™, EFFIRMA™ or Anti-CD4 802-2, particularly in light of the significant uncertainty inherent in developing, manufacturing and conducting preclinical and clinical trials of new pharmaceuticals, and obtaining regulatory approvals, that our technologies will prove to be safe and effective, that our cash expenditures will not exceed projected levels, that we will be able to obtain future financing or funds when needed, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that we will be able to successfully obtain any further grants and awards, maintain our existing grants which are subject to performance, that we will be able to patent, register or protect our technology from challenge and products from competition or maintain or expand our license agreements with our current licensors, or that our business strategy will be successful. All forward-looking statements made in this press release are made as of the date hereof, and the Company assumes no obligation to update the forward-looking statements included in this news release whether as a result of new information, future events, or otherwise, other than as required by law.

Contact Information

  • For Further Information, Contact:

    Steve H. Kanzer, CPA, Esq.
    Chairman and Chief Executive Officer
    (734) 332-7800

    Thomas Redington
    (investor relations)
    Redington, Inc.
    (203) 222-7399