IDEC Pharmaceuticals and Caprion Pharmaceuticals Announce Drug Discovery Collaboration in Oncology

(BUSINESS WIRE) — IDEC Pharmaceuticals Corporation (Nasdaq: IDPH) and Caprion Pharmaceuticals Inc. today announced a multi-year research collaboration using Caprion’s proprietary subcellular proteomics discovery platform, CellCarta(TM), for the discovery of novel antigen targets in the development of therapeutic agents for the treatment of cancer.

Under the terms of the agreement, Caprion and IDEC will collaborate on the identification of tumor-specific cell surface antigen targets. IDEC will utilize its monoclonal antibody and radioimmunotherapy technologies to develop antibody therapeutics against these targets. IDEC will obtain exclusive, worldwide rights to therapeutic applications of new target discoveries.

The research collaboration includes an equity investment of US$4 million and a technology access fee payment and research funding totaling up to US$7 million over the life of the collaboration. Additional payments are contingent upon successful completion of future milestones outlined in the agreement. Further payments to Caprion may be forthcoming in the form of royalties from future product sales by IDEC.

“This alliance with Caprion underlines our commitment in the field of oncology,” said Nabil Hanna, Ph.D., IDEC’s Chief Scientific Officer. “We believe this relationship with Caprion and its innovative approach to proteomic target discovery will lead to a better understanding of the expression and function of proteins preferentially detected in colon cancer. This understanding may, in turn, enable us to define better treatments for cancer.”

“Our oncology collaboration with IDEC gives us confidence in the power of our subcellular proteomics approach and the value of the biological data we generate for use in drug discovery,” said Martin LeBlanc, Caprion’s EVP & Chief Operating Officer. “We believe IDEC’s leadership in commercializing immunotherapies, when combined with our CellCarta discovery platform, can result in improved colon cancer therapeutics. We are hopeful that this partnership with such a successful biopharmaceutical company is the first of many applications of CellCarta that will position Caprion as a leader in drug discovery.”

CellCarta is Caprion’s proprietary subcellular proteomics approach to identify the entire protein complement of organelles from tissues in various conditions. In cancer, Caprion compares normal and diseased tissues, leading to large-scale discovery and functional characterization of human protein targets and disease markers. CellCarta is also applicable for target identification in other disease areas as well as understanding biological mechanisms of drug actions.

About IDEC Pharmaceuticals

IDEC Pharmaceuticals Corporation is a leader in the discovery, development, and commercialization of targeted immunotherapies for the treatment of cancer and autoimmune diseases. IDEC discovered and developed the first commercially available radioimmunotherapy product (Zevalin(TM)) approved in the United States and, with co-promotion partner Genentech, Inc., the first monoclonal antibody product (Rituxan(R)) approved in the United States, both for the treatment of cancer. IDEC is a San Diego based, integrated biopharmaceutical company with multiple products in clinical stage development and strategic alliances in a variety of research platforms. For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at IDEC’s website: http://idecpharm.cdmail.biz.

The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. For example, the timing, success and cost of preclinical research and clinical studies, the timing, acceptability and review periods for regulatory filings, the timing of and ability to obtain regulatory approval of products, the achievement of future product sales, and the risk factors listed from time to time in IDEC’s SEC filings including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2001 and Form 10-Q for the quarter ended June 30, 2002, may affect the actual results achieved by IDEC. These forward-looking statements represent the company’s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

IDEC Pharmaceuticals and Rituxan are registered U.S. trademarks of the company and Zevalin is a trademark of the company. IDEC’s headquarters are located at 3030 Callan Road, San Diego, CA 92121

About Caprion Pharmaceuticals

Caprion is a privately held drug discovery company applying proteomics to discover and develop innovative products for the diagnosis and treatment of disease. CellCarta(TM), Caprion’s proprietary subcellular proteomics platform, combines the power of biology and informatics to map the proteomes of organelles isolated from healthy and diseased tissue and uncover protein variations associated with disease. Using these protein maps, Caprion identifies clinically relevant drug targets and functional insights for drug development in areas such as cancer, metabolic disorders, and infectious diseases. The Company is also developing products for Mad Cow Disease and variant Creutzfeldt-Jacob Disease diagnostics with their partners IDEXX Laboratories and Ortho-Clinical Diagnostics. For more on Caprion, see www.caprion.com.CONTACT: IDEC Pharmaceuticals Corporation Vince Reardon, 858/431-8656 or Caprion Pharmaceuticals Inc. Aileen Salares, 514/940-3619 or Noonan Russo Presence Robert Stanislaro, 212/845-4268


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