Pharmexa and GSK will not start negotiations on breast cancer vaccine

02-May-2005

GlaxoSmithKline (GSK) has now informed Pharmexa of their decision not to exercise a previously granted right to negotiate a license agreement on Pharmexa's HER-2 Protein AutoVac(TM) vaccine. The vaccine recently started phase II trials in breast cancer.

As described in the prospectus dated April 2004 Pharmexa's strategy for the HER-2 Protein AutoVac(TM) vaccine is to develop the product through phase II before a development- and marketing partner is sought.

Jakob Schmidt, CEO in Pharmexa says: "Now was not the right time for having these discussions, and I fully agree with their decision. I still expect GSK to be one of a handful of potential partners we will talk to when we have proof of concept data from the phase II program in the second half of 2006."

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