Inex Pharmaceuticals Provides Progress Update on Alnylam Collaboration

    VANCOUVER, April 17 /CNW/ - Inex Pharmaceuticals Corporation ("INEX";
TSX: IEX) reported that one of its collaboration partners, Alnylam
Pharmaceuticals, Inc. (Nasdaq:   ALNY), announced today that it will advance a
systemically delivered RNA interference (RNAi) therapeutic, ALN-VSP01, for the
treatment of liver cancer and potentially other solid tumors. The announcement
was made at the American Association for Cancer Research (AACR) Annual Meeting
being held in Los Angeles, California. The complete details of Alnylam's
announcement can be accessed from Alnylam's website at
    ALN-VSP01 is a lipid-based formulation of two small interfering RNAs, or
siRNAs, the molecules that mediate RNAi. INEX will be manufacturing ALN-VSP01
in preparation for Alnylam conducting toxicology studies. INEX will also be
eligible to receive milestone payments as ALN-VSP01 is developed and royalties
on product sales. Alnylam has taken an exclusive license to INEX's liposomal
delivery technology for the discovery, development, and commercialization of
RNAi therapeutics and the companies have a research and manufacturing alliance
on lipid-based delivery formulations. ALN-VSP01 is the second Alnylam
development program to utilize lipid-based delivery technology.
    Timothy M. Ruane, President and Chief Executive Officer of INEX, said
"The collaboration with Alnylam continues to progress well as we support
Alnylam in the advancement of their systemic RNAi therapeutics using
lipid-based delivery technology. We will continue to provide research and
manufacturing support as Alnylam's products move through development."
    ALN-VSP01 is an RNAi therapeutic comprised of two siRNAs, each of which
targets a distinct and well-validated gene in the growth and proliferation of
tumors. One of the siRNAs targets vascular endothelial growth factor (VEGF), a
key mediator of angiogenesis and the other siRNA targets kinesin spindle
protein (KSP), a protein required for cell division that, when inhibited,
leads to cell arrest and cell death in dividing cells.

    About INEX
    INEX is a Canadian biopharmaceutical company developing and
commercializing proprietary drugs and drug delivery systems to improve the
treatment of cancer. Further information about INEX and this news release can
be found at

    Forward Looking Statements
    There are forward-looking statements and information contained herein
that are not based on historical fact, including without limitation statements
containing the words "believes," "may," "plans," "will," "estimate,"
"continue," "anticipates," "intends," "expects," and similar expressions, and
the negative of such expressions. Such forward-looking statements and
information involve known and unknown risks, uncertainties and other factors
that may cause the actual results, events or developments to be materially
different from any future results, events or developments expressed or implied
by such forward-looking statements and information. Such factors include,
among others, INEX's stage of development, lack of product revenues,
additional capital requirements, risks associated with the completion of
clinical trials and obtaining regulatory approval to market INEX's products,
the ability to protect its intellectual property and dependence on
collaborative partners. These factors should be considered carefully and
readers are cautioned not to place undue reliance on such forward-looking
statements or information. The Company disclaims any obligation to update any
such factors or to publicly announce the result of any revisions to any of the
forward-looking statements or information contained herein to reflect future
results, events or developments, except as required by law.

    INEX's common shares are traded on the Toronto Stock Exchange under the
    trading symbol "IEX".

For further information:

For further information: Contacts for Inex Pharmaceuticals Corporation,
Investors, Ian Mortimer, Senior Vice President, Finance and Chief Financial
Officer, Phone: (604) 419-3200; Media, Karen Cook Boas, James Hoggan &
Associates Inc., Phone: (604) 739-7500, Email:

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