Ambrilia Biopharma Inc.

Ambrilia Biopharma Inc.
TaiMed Biologics Inc.

TaiMed Biologics Inc.

March 17, 2011 12:36 ET

TaiMed Biologics and Ambrilia Biopharma Enter Global Licensing Agreement for Investigational HIV Compounds

TAIPEI, TAIWAN and MONTREAL, QUEBEC--(Marketwire - March 17, 2011) - TaiMed Biologics Inc., a publicly held biotechnology company based in Taiwan, and Ambrilia Biopharma Inc., a publicly held biotechnology company based in Canada, announced today that the companies have signed a definitive agreement under which TaiMed Biologics will acquire exclusive worldwide rights to manufacture, develop and commercialize both protease inhibitor (PI) and integrase inhibitor programs for HIV.  The PI program includes PPL-100, which has been shown to possess advantageous properties such as a high genetic barrier, a low cross-resistance profile and no requirement for ritonavir boosting in Phase 1 trials (hereinafter the "Transaction").

Under the terms of the Transaction, Ambrilia will receive $250,000 USD in upfront payment and may also receive up to $7.6 million USD in development, regulatory and sales milestone payments. In addition to those payments, Ambrilia is also eligible to receive tiered royalties on the worldwide product sales.

The Transaction was approved and authorized by the Commercial Chamber of the Superior Court of Montreal pursuant to an Order rendered today.  The need for such an approval and authorization stems from the fact that Ambrilia has been under the protection of the Companies' Creditors Arrangement Act, R.S.C. (1985) ch. C-36 ("CCAA") since July 31, 2009. 

"TaiMed Biologics has been dedicated to helping patients prevail over HIV since inception and is committed to the ongoing discovery, development and delivery of medicines to fight HIV/AIDS globally," said Dr. James Chang, CEO of TaiMed Biologics. "We have just completed the phase 2b clinical trial with our lead program, ibalizumab, a potent entry inhibitor for HIV. The PI and integrase inhibitor programs are welcomed assets as they will bolster and diversify our pipeline."

"We are pleased to partner on our protease inhibitor and integrase inhibitor programs for HIV, including  PPL-100, with TaiMed Biologics, a company with significant industry experience and the ability to successfully develop our HIV Antiviral Portfolio" said Richard La Rue, Interim President & CEO of Ambrilia "

About TaiMed Biologics

TaiMed Biologics, Inc. is a Taiwanese biotech company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious infectious diseases. For more information, please visit http://www.taimedbiologics.com.

About Ambrilia Biopharma

Ambrilia Biopharma Inc. is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office is located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com. The Company is currently subject to court protection under the CCAA.

TaiMed Biologics Forward-Looking Statement

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the compound described in this release will move from early stage development into full product development, that clinical trials of this compound will support a regulatory filing, or that the compound will receive regulatory approval or become a commercially successful product. Nor is there any guarantee that the transaction described in this release will receive the necessary regulatory approvals to close. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect TaiMed Biologics' business. TaiMed Biologics undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Ambrilia Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, the timing and continuance of the CCAA protection, the uncertainty involved in the court proceedings and the implementation of any plan of arrangement under the CCAA, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful emergence from the insolvency proceedings, the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.

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