SOURCE: Pipex Therapeutics, Inc.

November 09, 2006 09:05 ET

Pipex Therapeutics Receives Research Equipment Award From the State of Michigan and SPARK Foundation

Award Represents One of Several Innovative Michigan Programs Created to Assist Emerging Biopharmaceutical Companies by Building Upon the State's Substantial Pharmaceutical R&D Presence

ANN ARBOR, MI -- (MARKET WIRE) -- November 9, 2006 -- Pipex Therapeutics, Inc. (OTCBB: SFPH), a specialty pharmaceutical company developing innovative late-stage drug candidates for the treatment of neurologic and fibrotic diseases, announced today that it has received the first round of equipment awards from the Michigan Innovation Equipment Depot (MIED) which was recently distributed to emerging life science companies throughout the state of Michigan.

As part of this program, Pfizer has donated approximately $4 million of equipment to the Ann Arbor-based SPARK Foundation and MichBio for further use by emerging biopharmaceutical companies located throughout the state. The Ann Arbor SPARK Foundation was formed to assist innovation-based businesses in the Ann Arbor region by offering programs, resources, and proactive support to businesses ranging from start-ups to large organizations looking to expand.

Charles Bisgaier, Ph.D., President of Pipex, commented, "Having spent 16 years conducting pharmaceutical research and development in Ann Arbor, initially at Parke Davis, then at Esperion Therapeutics and most recently at Pfizer, I would like to thank and compliment the vision and commitment of the individuals in the public and private sector that saw this important program through realization. This program and other like it already created by the State of Michigan will greatly assist local emerging companies in achieving their respective research and development objectives and foster this important emerging sector of our future Michigan economy."

Pipex has received a total of 12 pieces of equipment from Ann Arbor SPARK. Pipex plans to use the equipment to assist in the further research and development of its five clinical stage drug candidates.

About The Michigan Innovation Equipment Depot (MIED)

The Michigan Innovation Equipment Depot (MIED) program was developed by Pfizer Global Research and Development in conjunction with Ann Arbor SPARK, MichBio, and Michigan's SmartZones™. Through the efforts of the partners, equipment is available to qualified life sciences companies throughout the state. The mission of the MIED program is to provide life science start-up companies throughout Michigan with equipment resources to further their growth.

About MichBio

MichBio is dedicated to driving life sciences industry growth within the State of Michigan. For new and established biosciences companies, MichBio provides a community focal point by offering networking and educational events, a roster of support services, and a portal to state and national information. MichBio represents bioscsiences companies, academic and research institutions, bioscience service providers and related organizations. MichBio is focusing on the human resource, funding, and infrastructure issues affecting the state bioscience industry. MichBio is affiliated with BIO, the national organization that represents biotechnology companies across America. The knowledge-based economy presents the state of Michigan with unprecedented economic opportunity, the MichBio Expo serves to act as a catalyst in bringing academic and industry leaders together for a briefing on the dynamics shaping life sciences.

About Ann Arbor SPARK

Representing all communities in Washtenaw County, Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations.

About Pipex Therapeutics, Inc.

Pipex Therapeutics, 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). Pipex has three majority-owned subsidiaries, Effective Pharmaceuticals, Inc, CD4 Biosciences, Inc. and Solovax, Inc. For further information, please visit,

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, that reflect Sheffield Pharmaceuticals, Inc. and Pipex Therapeutics, Inc. ("we" or "our") current expectations about its future results, performance, prospects and opportunities, including statements regarding the potential use of COPREXA™ for the treatment of neurologic Wilson's Disease and the prospects for regulatory filings for COPREXA™. 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™, 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. 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:

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

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