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InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
Date:11/7/2008

- Innovative Biotech Targets Another Large Well-Known Product and Continues

Expansion of Antibody Therapeutics Pipeline -

BRITISH COLUMBIA, Canada, Nov. 7 /PRNewswire-FirstCall/ -- InNexus Biotechnology Inc., (OTC Bulletin Board: IXSBF; TSX Venture: IXS; http://www.ixsbio.com), a drug development company commercializing the next generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL(TM)) technology, announces the development of a new antibody product from its DXL(TM) platform technology, DXL1218 (EGFR), for the prospective treatment of colorectal cancer.

"Recent experimental data suggests that DXL1218 (EGFR) is superior to competing commercialized products on the market, such as ERBITUX(R) (cetuximab), in terms of potency and efficacy," said Jeff Morhet, CEO and Chairman of InNexus. "I am very excited, as this latest development lends further support to the robustness and predictability of the DXL(TM) platform and the superiority of products from the platform over presently commercialized offerings."

Speaking on InNexus' announcement, Pablo Legorreta, Chief Executive Officer of Royalty Pharma said, "We are quite pleased with the rapid progress of our research partner InNexus. Jeff has had a vision for rapid product development based on DXL(TM) technology coupled with advanced in vivo studies and a significant regulatory strategy. We look forward to their continued rollout of products and performance."

Private Placement

InNexus also announces it intends to issue 10% unsecured convertible debentures, for maximum proceeds to InNexus of $1.25 million. Each debenture will be convertible into common shares of InNexus at the rate of one common share for each $0.10 of debt converted. The debenture will have a term of 2 years and net proceeds from the private placement will be used by InNexus for research and development and general corporate business
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SOURCE InNexus Biotechnology Inc.
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