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Inflazyme Pharmaceuticals Ltd. Quarterly Letter to Shareholders

Wed, Nov 07 4:05 PM EST

RICHMOND, BC, Nov. 7 /PRNewswire/ -

Dear Shareholders:

I am pleased to report that during the quarter ended 30-September 2001, we announced the commencement of two separate Phase I human clinical trials with two new oral anti-inflammatory compounds: IPL550,260 and IPL512,602. With the commencement of these studies, we now have three separate and distinct drug candidates undergoing human clinical trials, including IPL576,092, which is in Phase II trials as a potential new oral asthma therapy.

During the quarter we also significantly advanced our understanding of the biological mechanism of these compounds. Based on this understanding, we believe that these compounds represent a new class of anti-inflammatory drugs: the "LSAIDs" - Leukocyte Suppressing Anti-inflammatory Drugs. Inflazyme's LSAIDs include our three clinical development compounds as well as a number of research compounds that are currently being evaluated as potential new drug candidates.

Leukocytes (white blood cells) are an important component of the inflammatory process. Leukocyte accumulation at sites of inflammation is fundamental to all inflammatory conditions. During the inflammatory process, mediators released by leukocytes contribute to the damage and pathology of diseases such as asthma, rheumatoid arthritis, inflammatory bowel disease, psoriasis, multiple sclerosis and others. By inhibiting the process of leukocyte infiltration, Inflazyme's LSAIDs may have application as new therapies in a broad range of diseases.

At present, we have not announced specific disease indications for IPL512,602 and IPL550,260. Concurrent to the Phase I studies with these compounds, we are performing a series of pre-clinical studies designed to determine and differentiate the activity of each compound for different inflammatory diseases.

During the quarter, we also successfully completed an $11 million financing, the proceeds of which are being directed toward accelerating the development of IPL512,602 and IPL550,260.

Our ongoing Phase II "Allergen Challenge" Trial with IPL576,092 in asthma is targeted to be completed by the end of the year with results announced in the first quarter of 2002. This study is being carried out in collaboration with our partner, Aventis Pharma.

As we approach the end of 2001, Inflazyme remains well positioned for achievement and growth with:

  • Three products in human clinical trials
  • A strong balance sheet
  • Expectation of clinical results in the first quarter of next year.
Thank you for your continued interest in and support of Inflazyme.

Yours sincerely,

Ian McBeath
President & CEO

The statements made herein contain certain forward-looking comments. Actual events or results may differ from the Company's expectations. In addition to the matters described in the press release, future actions by the U.S. Food and Drug Administration or equivalent regulatory authorities in other countries, results of pending or future clinical trails, may affect the actual results achieved by the Company. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.

©2001 At Home Corporation