Exhitit 99.1
NEWS RELEASE
Immediate Release
CONTACTS: |
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Investors: | Bernie Hertel, Inovio Biomedical, 858-410-3101 |
Media: | Jeff Richardson, Richardson & Associates, 805-491-8313 |
Inovio Biomedical’s Registration Statement in Connection with Proposed Merger with VGX Pharmaceuticals Declared Effective
SAN DIEGO, May 1, 2009 — Inovio Biomedical Corporation (NYSE Amex: INO), a leader in enabling the development of DNA vaccines using electroporation-based DNA delivery, announced today that the U.S. Securities and Exchange Commission (SEC) has declared effective Inovio’s registration statement on Form S-4 related to Inovio’s pending merger transaction with VGX Pharmaceuticals Inc., a Blue Bell, Pennsylvania-based company focused on the discovery and development of DNA vaccines. Inovio and VGX are mailing the joint proxy statement/prospectus included in the registration statement to their respective shareholders, including a notice of each company’s respective special meeting of stockholders to be held on May 29, 2009.
Investors and the public are encouraged to read the relevant registration and proxy solicitation-related documents filed with the SEC with respect to the pending transaction between Inovio and VGX Pharmaceuticals because they contain important information about the companies, the transaction, the securities to be issued and the expectations for the combined company. The registration statement/proxy statement filed on Form S-4 and other merger-related documents are available, without charge, from the SEC’s web site (www.sec.gov) or Inovio’s website, or can be obtained, free of charge, by requesting such documents, including any items incorporated by reference, from Inovio.
About Inovio Biomedical Corporation
Inovio Biomedical is focused on developing DNA vaccines for cancers and infectious diseases using its novel method for DNA delivery – electroporation – which uses brief, controlled electrical pulses to increase cellular uptake of useful biopharmaceuticals. Initial human data has shown that Inovio’s electroporation-based DNA delivery technology can significantly increase gene expression and immune responses from DNA vaccines. Immunotherapy partners include Merck, Wyeth, Tripep, Vical, University of Southampton, Moffitt Cancer Center, the U.S. Army, National Cancer Institute, and International Aids Vaccine Initiative. Inovio’s technology is protected by an extensive patent portfolio covering in vivo electroporation. More information is available at www.inovio.com.
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This press release contains certain forward-looking statements relating to our pending merger transaction with VGX Pharmaceuticals, Inc. and our plans to develop our electroporation drug and gene delivery technology. Actual events or results may differ from our expectations as a result of a number of factors, including the uncertainties inherent in clinical trials and product development programs, including, but not
limited to, the fact that pre-clinical and clinical results referenced in this release may not be indicative of results achievable in other trials or for other indications and that results from one study may not necessarily be reflected or supported by the results of other similar studies. These factors also include issues involving patents and whether they or licenses to them will provide Inovio with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether Inovio can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, assessments of our technology by potential corporate or other partners or collaborators, issues pertaining to Inovio’s pending merger transaction including the outcome of the stockholder approval process and other conditions to be satisfied prior to any closing of the transaction, if it closes at all, and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2008 and other regulatory filings from time to time. There can be no assurance that any product in our product pipeline will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proved accurate.