SOURCE: Pipex Pharmaceuticals, Inc.

September 17, 2007 08:57 ET

Pipex Pharmaceuticals Receives State of Michigan Economic Development Job Training Grant

Grant Supports Training of Employees at Pipex's New cGMP Pharmaceutical Manufacturing Facility in Ann Arbor Michigan

ANN ARBOR, MI--(Marketwire - September 17, 2007) - Pipex Pharmaceuticals, Inc. ("Pipex") (AMEX: PP), a specialty pharmaceutical company developing innovative late-stage drug candidates for the treatment of neurologic and fibrotic diseases, announced today that it was notified by the Michigan Economic Development Corporation (MEDC) that Pipex has received a Michigan Economic Development Job Training Grant (EDJT) to support the training of Pipex employees involved in the cGMP pharmaceutical production of its lead product, COPREXA (oral tetrathiomolybdate) for neurologically-presenting Wilson's disease and potential additional product candidates of Pipex.

The EDJT grant in the amount of $57,000 will assist in the costs of training company personnel in such areas as standard operations procedures (SOPs) intended to assure compliance with current Good Manufacturing Practices (cGMP) for the production of pharmaceutical products, including COPREXA.

Dr. Charles Bisgaier, President of Pipex, stated, "The depth of the State of Michigan's available experienced pharmaceutical talent, available facilities infrastructure and relatively low cost of living combine to create a unique opportunity to establish new pharmaceutical manufacturing facilities, such as ours. The additional direct and indirect financial support of the Michigan Economic Development Corporation through programs such as the Michigan Economic Development Job Training Grant furthers our goals and the goals of the state to reposition its manufacturing activities for the 21st Century. We are pleased to be part of this transition and the growing community of pharmaceutical and biotechnology companies that are taking advantage of the attractive pharmaceutical manufacturing conditions that are unique to Michigan."

About the Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the State of Michigan's one-stop resource for businesses seeking to grow in Michigan. Whether it's an expansion, a relocation, or even a concern with another agency of state government, the Michigan Economic Development Corporation can help. MEDC was formed in 1999 through an alliance between the State of Michigan and several local communities. Visit www.michigan.org for more information.

About Michigan's Economic Development Job Training (EDJT) Program

Michigan's Economic Development Job Training (EDJT) program is a trend-setting program to deliver job training assistance to employers. The EDJT program seeks to ensure that Michigan has the training resources to retain and attract business and people to move into the 21st Century with a highly skilled workforce. The Michigan legislature has appropriated funds to the MEDC for the administration of the EDJT program. Priorities are given to companies that compete in advanced manufacturing or materials, life sciences, technology, homeland security or defense and alternative energy. For information about the EDJT program, visit www.michigan.org/medc/.

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.pipexpharma.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 Pipex Therapeutics, Inc. ("we" or "our") current expectations about its future results, performance, prospects and opportunities, including statements regarding the EDJT grant. 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. We cannot assure you that we will be able to successfully develop or commercialize products based on our technologies, including COPREXA, TRIMESTA, SOLOVAX, Z-Monocys, 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, risks associated with delays and risks that may be associated with the establishment of a new pharmaceutical manufacturing facility with new personnel and new procedures and risks and delays associated with our attainment and compliance with current Good Manufacturing Practices for our intended products, risks 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. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements.

Contact Information

  • For Further Information Contact:

    Charles Bisgaier, Ph.D..
    President
    (734) 332-7800

    Thomas Redington
    Investor Relations
    Redington, Inc.
    (203) 222-7399