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EPIMMUNE INC.
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Filed by Epimmune Inc. pursuant to Rule 14a-12 under the Securities Exchange Act
of 1934, as amended.
EPIMMUNE ANNOUNCES MILESTONE ACHIEVEMENT
IN GENENCOR COLLABORATION
SAN DIEGO, APRIL 2, 2003 - EPIMMUNE INC. (NASDAQ: EPMN) today announced that it
had achieved a second milestone event in its collaboration with Genencor
International, Inc. Epimmune has identified epitope candidates for inclusion in
the human papilloma virus (HPV) therapeutic vaccine being developed by the
companies under their collaboration. Epimmune received an undisclosed milestone
payment from Genencor as a result of this work. Epimmune had previously received
a milestone payment for identification of an EpiGene(TM) clinical product
candidate for the lead program in the collaboration, a therapeutic hepatitis B
vaccine.
In July 2001 Epimmune entered into a collaboration with Genencor. Pursuant to
the agreement, Epimmune exclusively licensed to Genencor its epitope and
PADRE(R) technologies for vaccines to treat or prevent hepatitis B, hepatitis C
and HPV. Epimmune received an upfront payment upon entering into the
collaboration, and Genencor fully funds the Epimmune research in these specific
indications. In addition, Genencor made an initial 10% equity investment in
Epimmune common stock. The initial collaboration had a term through September
2003 and in October 2002, was extended to September 2004. Upon successful
completion of development and pre-commercial milestones, Epimmune will receive
milestone payments. In addition, Genencor must pay Epimmune royalties on sales
of any products that may be developed under the collaboration. Pursuant to the
terms of the agreement, Epimmune could receive up to $60 million through the
product development life cycle, including the initial equity investment but
excluding royalties.
ABOUT EPIMMUNE INC.
EPIMMUNE INC., based in San Diego, is focused on the development of
pharmaceutical products using multiple epitopes to specifically activate the
body's immune system. Epitopes, critical signaling molecules, stimulate the T
cell arm of the immune system to respond to specific regions of cancer cells or
infectious agents. By combining multiple, selected epitopes into a single drug
candidate, the immune response can be both targeted and optimized for strength.
Epimmune's therapeutic drug candidates have been designed to treat disease by
stimulating the body's immune system to respond aggressively to infections, such
as HIV, hepatitis C virus and hepatitis B virus, and tumors such as breast,
colon, lung and prostate. The Company's preventative drug candidates have been
designed to protect against disease by teaching the body's immune system to
react quickly when exposed to infectious agents. Epimmune's technology can also
be used to identify and potentially eliminate undesirable reactions to
therapeutic drugs or consumer products by modifying specific epitopes to
suppress the unwanted immune response. In addition, Epimmune previously
announced that it has preliminarily agreed to merge its operations with Anosys,
Inc. to create a combined company focused on the field of immunotherapeutics and
products for the treatment of cancer and infectious diseases. The all-stock
transaction is subject to the parties entering into a definitive merger
agreement, approval by the shareholders of both companies, obtaining commitments
for capital resources to fund the combined company's operations and various
other conditions that must be satisfied prior to closing the merger. For more
information on Epimmune, visit www.epimmune.com.
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WHERE YOU CAN FIND ADDITIONAL INFORMATION ABOUT EPIMMUNE'S PROPOSED MERGER WITH
ANOSYS
Epimmune will file a proxy statement concerning its proposed merger with Anosys,
Inc. with the SEC. Investors and security holders are advised to read the proxy
statement related to the proposed merger, because it will contain important
information related to the merger. Investors and security holders may obtain a
free copy of the proxy statement (when it is available) and other documents
filed by Epimmune with the SEC at the SEC's website at http://www.sec.gov. The
proxy statement and any other documents filed by Epimmune with the SEC may also
be obtained free of charge from Epimmune by directing such request to the
Company's Secretary at the following address: 5820 Nancy Ridge Drive, San Diego,
California 92121.
INFORMATION CONCERNING PARTICIPATION IN EPIMMUNE'S PROXY SOLICITATION
Epimmune and its executive officers and directors may be deemed to be
participants in the solicitation of proxies from the stockholders of Epimmune
with respect to Epimmune's proposed merger with Anosys. Information regarding
such executive officers and directors is included in Epimmune's Annual Report on
Form 10-K filed with the SEC for the year ended December 31, 2002. This document
is available free of charge at the SEC's website at http://www.sec.gov.
Investors and security holders may obtain additional information about the
interests of the executive officers and directors of Epimmune in Epimmune's
proposed merger with Anosys by reviewing the proxy statement related to the
merger once it has been filed with the SEC.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that reflect management's
current views of future events, including statements regarding the benefits of
the epitope and PADRE(R) technologies, the use of these technologies in products
being developed by Genencor, the possible additional milestone and royalty
payments from Genencor and the potential closing of the proposed merger with
Anosys and the related financing. Actual results may differ materially from the
above forward-looking statements due to a number of important factors, including
but not limited to risks associated with the utility of the epitope and PADRE(R)
technologies in eliciting an immune response with vaccines, the utility of
Genencor's technology, the development and commercialization efforts of
Genencor, the risk that Epimmune and Anosys may not enter into a definitive
merger agreement, that even if Epimmune and Anosys enter into a definitive
merger agreement, that the merger may not close due to a number of reasons,
including but not limited to, Epimmune or Anosys not obtaining shareholder
approval of the transaction or not obtaining commitments for capital resources,
and the risk that combining Epimmune and Anosys may not result in a stronger
company and that the technologies of the two companies may not be compatible.
These factors are more fully discussed in the Company's Annual Report on Form
10-K filed with the SEC for the year ended December 31, 2002 and other periodic
reports filed with the Securities and Exchange Commission. Epimmune expressly
disclaims any intent or obligation to update these forward-looking statements,
except as required by law.
END OF FILING
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