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Immtech and Beijing Pharmaceutical Group Co. Sign Memorandum of Understanding to Explore Developing Strategic Business Alliance
Date:2/27/2009

NEW YORK, Feb. 27 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (NYSE Alternext US: IMM.BC) today announced that the Company has signed a Memorandum of Understanding (MOU) confirming its interest in exploring the development of a strategic alliance with Beijing Pharmaceutical Group Co. Ltd. (BPGC). The MOU confirms the intention of BPGC to consider a range of collaborative global business development opportunities with Immtech.

BPGC is one of the largest state-owned pharmaceutical and medical device conglomerates in China. BPGC develops, manufactures, and sells Chinese and western medicines, bio-medicines, health products, pharmaceutical raw materials, medical equipment, and medicine manufacturing equipment. BPGC had annual sales of over USD $2 billion in 2008.

The strategic alliance would give BPGC rights to develop drugs from Immtech's extensive proprietary library of compounds. Many of these compounds have been designed to target high-prevalence diseases such as hepatitis C and malaria, which are devastating infectious diseases that result in millions of deaths each year around the world. The strategic alliance would also allow BPGC to leverage Immtech's extensive network of international relationships to gain access to patented technologies as well as advantageous sales and distribution channels in the US, the Middle East, Africa, Europe, and other locations.

"We are excited about the possibility of entering into this strategic alliance. BPGC has substantial resources and an excellent track record. They are an ideal partner to draw on Immtech's extensive portfolio of compounds as well as our strong international network of collaborators in drug development and other business areas," said Eric L. Sorkin, Chairman and CEO of Immtech.

Pending BPGC's satisfactory review and valuation of Immtech assets, the companies will continue negotiations related to details of the strategic
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SOURCE Immtech Pharmaceuticals, Inc.
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