Pharmexa to Acquire Certain Assets from IDM Pharma and Establishes U.S. Subsidiary

HORSHOLM, DENMARK


HORSHOLM, Denmark, Nov. 24, 2005 (PRIMEZONE) -- Pharmexa Summary:


 -- Pharmexa A/S ("Pharmexa") and IDM Pharma, Inc. ("IDM") have entered 
    into an agreement whereby Pharmexa will acquire certain 
    infectious disease and other assets from IDM related to the former 
    San Diego-based company Epimmune Inc., which was recently merged 
    with IDM S.A.

 -- The assets include a fully operational and equipped research and 
    development facility in San Diego, California, certain immunotherapy 
    technology and intellectual property (approximately 250 issued and 
    pending patents) as well as a partly funded clinical pipeline 
    focused on infectious diseases. Pharmexa will offer employment to 
    27 employees currently employed at the facility.

 -- To fund the acquisition price of USD 12 million in cash, the Board 
    of Directors in Pharmexa has resolved to increase the share 
    capital with 3.4 million shares in a private placement. Pharmexa 
    has entered into an underwriting agreement with ING, whereby ING 
    undertakes to place 3.4 million Pharmexa shares at market price 
    through the bookbuilding method after the publication of this 
    release. Gross proceeds are expected to amount to approximately 
    DKK 72 million.

 -- The acquisition will not significantly affect Pharmexa's financial 
    plans going forward.

Hoersholm, 24 November, 2005


 Karl Olof Borg   Jakob Schmidt
 Chairman         Chief Executive Officer

Please find the full press release as attachment.

http://hugin.info/131680/R/1022744/161829.pdf



        

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