September 20, 2005 08:30 ET

IBEX Announces Two New Distributor Agreements for its Glycobiology Enzymes

MONTREAL, QUEBEC--(CCNMatthews - Sept. 20, 2005) - IBEX Technologies Inc. (TSX:IBT), a Montreal-based biopharmaceutical company, today announced that is has signed two new distribution agreements for its glycobiology enzymes. Commencing this quarter, Associates of Cape Cod Inc., a wholly owned subsidiary of Seikagaku Corporation, and Prozyme Inc. a private California based company, will begin marketing and distributing the IBEX enzymes to customers in the worldwide research community.

"In addition to advancing our cancer and arthritis programs, we have been focused on increasing the market penetration of our proprietary enzyme products, a niche area in which IBEX has particular expertise and a unique patent position. We are pleased to partner with Associates of Cape Cod and Prozyme. Both companies have strong glycobiology expertise and market presence," said Paul Baehr, President & CEO of IBEX Technologies Inc. "Sales of our enzyme products have been growing steadily and we expect these new distribution agreements to further increase the exposure of our enzymes in the research community and support continued sales growth."

"ProZyme particularly welcomes the right to distribute IBEX enzymes, which will complement applications of its Glyko® FACE® Technology (Fluorophore-assisted Carbohydrate Electrophoresis) for GAG analysis", said E.J Wegstein, President Prozyme Inc.

"Associates of Cape Cod is aggressively acting to expand our offering to include high quality products that are synergistic with our existing glycobiology product line. The IBEX line of glycobiology enzymes meets those stringent standards, and will serve the growing needs of our customers" said Dr. A.J. Meuse, President and Chief Executive Officer of Associates of Cape Cod. "Partnering with IBEX further illustrates our commitment to delivering the highest quality products to continue to satisfy our customer's expectations."

IBEX's glycobiology enzymes include; heparinase I, heparinase II, heparinase III, chondroitinase AC and chondroitinase B. These enzymes are produced by IBEX using a manufacturing process developed and patented by IBEX. The manufacturing process is based on a genetically engineered cell line of the organism flavobacterium heparinum. Using this proprietary process, IBEX is able to manufacture its enzymes at a higher purity and on a more cost-effective basis than comparable products currently on the market.

IBEX's enzymes have broad research applicability in areas of carbohydrate characterization and cell biology, as well as several potential diagnostics and therapeutic applications. IBEXTM heparinase I is already incorporated in many sophisticated haematology products marketed by several leading international diagnostics and medical device companies including Dade Behring, Medtronic Inc., Haemoscope Corp , i-STAT and Pentapharm Inc.

About IBEX Technologies

IBEX Technologies Inc. is a Montreal-based biopharmaceutical company focused on the development of therapeutics and diagnostics for the management of cancer and arthritis. The Company also markets a series of proprietary enzymes (heparinases and chondroitinases). One of these, IBEXTM Heparinase I, is used in medical devices monitoring hemostasis in a broad range of clinical settings. The Company's cancer program is based on a novel family of genes known as kallikreins. IBEX is exploring the role of kallikreins in metastatic disease, as well as developing diagnostics to measure abnormal kallikrein levels in blood. The Company's arthritis program involves a series of biomarkers of cartilage degradation and synthesis. IBEX arthritis assays are currently being used by several leading pharmaceutical companies for research purposes.

For more information, please visit the IBEXs Web site at www.ibex.ca.

About Associates of Cape Cod

Associates of Cape Cod, Inc., based in Falmouth, MA, is a leader in the field of bacterial endotoxin and beta-glucan detection. A wholly owned subsidiary of Seikagaku Corporation, the Company pioneered the use of Horseshoe Crab blood extract, Limulus Amebocyte Lysate (LAL), used in the testing of pharmaceuticals, medical devices and biologics, for the presence of
potentially toxic endotoxins and glucans. In 1977 the Company was the first to receive an FDA license for the manufacture of this reagent. Our products are marketed throughout the world under the trade names Pyrotell®, Glucatell®,Pyrochrome® and Chromo-LAL. The Company also offers contract testing for endotoxins and glucans, and has a research biochemicals division, Seikagaku America, specializing in carbohydrate chemistry. For more information about Associates of Cape Cod, Inc. and their products, please visit their website at: www.acciusa.com.

About Prozyme

ProZyme, Inc. (ProZyme®), based in San Leandro, CA, USA, is a manufacturer of specialty enzymes, reagents and kits used in diagnostics and research worldwide. ProZyme also provides custom services including structural analysis of glycans for therapeutic proteins, including antibodies. In 2003 ProZyme purchased the assets of Glyko, Inc., which included the assets from the reagent division of Oxford GlycoSciences (OGS, purchased in 1997), uniting intellectual property portfolios and manufacturing and technical support capabilities for a broad line of tools for glycobiology analysis. ProZyme®, Glyko® and FACE® are registered trademarks of ProZyme, Inc. For more information about ProZyme and their products, please visit their website at: www.prozyme.com

Safe Harbour Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.

Contact Information

  • IBEX Technologies Inc.
    Paul Baehr
    President & CEO
    (514) 344-4004
    The Equicom Group Inc.
    Bruce Wigle
    Investor Relations
    (416) 815-0700 ext. 228