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Commencement of INX-0125 Phase 1 Clinical Trial Triggers US$1.0 Million Milestone Payment to INEX

01 Sep 2006 - Inex Pharmaceuticals Corporation announced that its partner Hana Biosciences has enrolled the first patient in a Phase 1 human clinical trial evaluating the safety, tolerability and preliminary efficacy of INX-0125 (sphingosomal vinorelbine) as a treatment for advanced solid tumors. Commencement of patient dosing for this trial triggers a US$1.0 million milestone payment from Hana to INEX as part of the agreement, in which Hana licensed three products from INEX's Targeted Chemotherapy pipeline, including INX-0125.
 
After INEX pays third-party obligations of approximately US$200,000, the Company will forward the remainder of the Hana milestone payment to former INEX noteholders as provided in an agreement with noteholders. This payment will reduce INEX's future contingent payments to the noteholders from US$24.4 million to US$23.6 million.