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Implicit Licenses Clinical Stage Antibody Program From Lilly
Date:2/24/2009

BRISBANE, Australia and SEATTLE, Feb. 24 /PRNewswire/ -- Implicit Bioscience Ltd today announced the acquisition of the clinical-stage monoclonal antibody IC14 from Eli Lilly and Company. Implicit has paid an undisclosed consideration combining cash and stock to Lilly. Lilly will also receive a royalty on future IC14 sales.

"Implicit Bioscience brings substantial expertise and passion to the treatment of patients with immune-mediated disease," commented Professor Ian Frazer FAA, Implicit's Chief Scientific Officer. "We intend to develop this promising drug to treat acute lung injury (ALI) caused by a dysregulated immune response amongst intensive care patients who are on mechanical ventilation. These patients have a significant mortality risk with limited treatment options."

"An effective treatment for ALI has the potential to reduce overall health care costs by allowing the earlier discharge of patients from high-cost intensive care units," Professor Frazer added.

Garry Redlich, Implicit CEO, added, "The transaction to acquire IC14 is a logical and exciting next step in Implicit's business model. We seek to mitigate product risk through acquiring clinical stage programs with proven safety and defined opportunities in immunological indications. We further mitigate risk by seeking non-dilutive third party funding to support a portion of our development expense. We are optimistic that IC14 is an excellent opportunity, and a good fit to our capabilities and business model."

IC14 had earlier been in development for severe sepsis at Icos Corporation which was acquired by Lilly in 2007. It has been used in the treatment of more than 150 patients, and has well characterized safety and pharmacology profiles. Implicit intends to initiate Phase 2 clinical development in ALI during 2009, and recently completed a capital round in which its shareholders added AU$6m to its cash balance.

Johnson and Johnson, The Scripps Research Institute, The Rockefeller University, and Lilly are parties to a separate agreement with Implicit which will see the payment to them by Implicit of milestones and royalties on IC14 development and commercialisation.

About Acute Lung Injury

Acute lung injury (ALI) is a severe inflammatory disease which can rapidly progress to acute respiratory distress syndrome, multi-organ dysfunction and death. The incidence of this disorder is estimated at around 200,000 cases per annum in the US and is responsible for over 75,000 deaths -- more than breast cancer and HIV AIDS combined. It is diffuse heterogeneous lung injury characterized by hypoxemia, non-cardiogenic pulmonary edema, low lung compliance and widespread capillary leakage. ALI is caused by any stimulus of local or systemic inflammation and commonly occurs after acute insults to the body, such as trauma, severe pneumonia and sepsis.

About IC14

IC14 is a clinical stage recombinant chimeric monoclonal antibody which recognizes and blocks the function of human CD14, an essential component of the innate inflammatory response to bacterial infection. CD14 triggers activation of the innate immune response to bacterial components including lipopolysaccharide via the Toll-like receptor (TLR) pathway. Lung inflammation in response to innate immune activation through the TLR pathway is a primary factor in the early pathogenesis of ALI.

About Implicit Bioscience Ltd

Implicit Bioscience Ltd is a public unlisted Australian biopharmaceutical company based in Brisbane (Australia) and Seattle WA, that develops drugs which modulate the host immune response to disease. Its business model is to mitigate both product risk and capital risk, through the in-licensing and development of clinical stage programs that have known safety profiles in man, and present opportunity for third party non-dilutive funding. Implicit is currently developing oglufanide disodium for the treatment of serious infections including those caused by a variety of biothreat agents (under a contract with the US Defense Threat Reduction Agency).

This news release contains forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that might cause such a difference include, among others, the completion of clinical trials, the FDA review processes and other governmental regulation, Implicit's ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, the ability to effectively market products, and other factors described in Implicit's filings with the Australian Securities and Investment Commission. Implicit does not undertake any duty to update forward looking statements.


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SOURCE Implicit Bioscience Ltd
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