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TapImmune Provides Corporate Update(October 14, 2010)
SEATTLE, Oct. 14, 2010 (GLOBE NEWSWIRE) -- TapImmune Inc. (OTCBB:TPIV). Over the last 12 months we have made significant progress in moving TapImmune and its technology platform toward the clinic. This Corporate Update quantifies recent announcements in the context of our overall strategy.
Our main objective in 2010 has been to develop products and relationships which result in the start of clinical programs. We announced a number of important strategic collaborations with Aeras Global TB Vaccine Foundation and The Mayo Clinic. These collaborations with internationally renowned scientists and clinicians provide synergistic technologies to our own TAP platform in the areas of tuberculosis, smallpox and breast cancer, and allow us to leverage significant external resources in our development programs.
With respect to the infectious disease area, we are investigating the use of TAP for existing and emerging viral pathogens that pose either pandemic or bioterrorism threats. While our starting point is a novel commercially viable smallpox vaccine we believe our TAP technology has much broader potential in the biodefense arena as a whole. We anticipate that the current preclinical studies at The Mayo on the efficacy of this approach will be completed in 2011.
With the worldwide attention this month on breast cancer awareness we are particularly pleased that our program targeting HER-2/neu positive breast cancer is on track for an IND (Investigational New Drug) filing and the start of clinical trials early in 2011.
Our program, which uses TAP in concert with HER-2/neu antigens, seeks to optimize both the stimulation of cytotoxic T-cells and the production of T-helper cells to give both a robust and long-acting immune response respectively. Breast cancer is a common form of cancer in women, affecting roughly 13% of females in the U.S. (Source: www.breastcancer.org, January 2010). The American Cancer Society expects roughly 209,060 new cases of breast cancer to be diagnosed in 2010. TapImmune estimates that 30% of breast cancer patients express HER-2/neu. In 2009, Roche AG's Pharmaceutical Division reported 2009 sales of 5.3 billion Swiss francs (~US$5 billion) for Herceptin® (trastuzumab), an intravenously delivered monoclonal antibody for HER-2/neu breast cancer. Presently, Herceptin® is primarily used in patients who express high levels of the antigen. As such, TapImmune believes that the market potential for HER-2/neu vaccines that address a broader portion of the breast cancer population is significant.
On September 8th we announced important new Board and Advisory positions consistent with the strengthening of our technical and strategic team, our desire to create a competitive and strong product pipeline, and to optimally progress our clinical programs. In this respect it is noteworthy that one of these advisors, Dr Martin ("Mac") Cheever a scientist at the Fred Hutchinson Cancer Research Center and the University of Washington, was recently awarded a $14 million grant from the National Institutes of Health to establish a new Cancer Immunotherapy Trials Network to run clinical trials of the most promising new cancer immunotherapy treatments in development. "We congratulate Mac on this achievement and look forward to working with him," said Dr Glynn Wilson, Chairman & CEO of TapImmune.
The recruitment of outstanding people to our team is key to achieving our goals. We are pleased with our progress in attracting top talent and will continue to strengthen our Management, Board and Advisory Team in the coming months. In addition, we will continue to build strategic collaborations in both infectious disease and cancer.
In a difficult financial climate TapImmune was able to secure sufficient funding to progress programs and corporate goals. The Company will build on these financing efforts to fund an ambitious and strong development program and product pipeline. While it is the view of management that TapImmune's stock performance has lagged behind the fundamental value that has been created over the past year we fully anticipate that as we communicate the strength of our programs and our clinical progress our support in the market will increase. As we continue to expand our investor base we want to thank our current shareholders for their support.
About TapImmune Inc.
TapImmune Inc. is a biotechnology company specializing in the development of innovative cell based immunotherapeutics and vaccines in the areas of oncology and infectious disease. The Company's lead product candidate, the AdhTAP vaccine is designed to restore and augment antigen presentation and subsequent recognition and killing of cancer cells by the immune system. The Company is currently planning the development AdhTAP for the commencement of clinical manufacturing and toxicology studies. The Company is also developing TAP-based prophylactic vaccines. As a vaccine component, the TAP technology has the potential to significantly improve the efficacy of current prophylactic vaccines and enhance the creation of new ones in the fight against pandemic infectious diseases.
The TapImmune Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3877
Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements". Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. The Company assumes no obligation to update the forward-looking statements.
CONTACT: TapImmune Inc.
Glynn Wilson, Chairman & CEO
Wolfe Axelrod Weinberger Assoc. LLC
Donald C. Weinberger
Fax (212) 370-4505
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