Immtech and BioAlliance Sign Licensing Agreement for Pafuramidine

NEW YORK, Dec. 4 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc.
(AMEX: IMM) announced today that the Company has granted an exclusive license
to BioAlliance Pharma SA (Euronext Paris - ticker code BIO) to commercialize
Immtech's oral drug, pafuramidine maleate (pafuramidine), in Europe for the
treatment of pneumocystis pneumonia (PCP) in AIDS patients and for the
treatment of Human African trypanosomiasis, also known as African sleeping
sickness. Pafuramidine is currently in Phase III clinical trials for these two
indications. Immtech also granted to BioAlliance an option to commercialize
pafuramidine in Europe for prevention and treatment of malaria in travelers.
Pursuant to the agreement, Immtech will receive an initial payment of $3
million from BioAlliance. An additional $13 million will be paid to Immtech as
pafuramidine advances through European regulatory approval and pricing.
Immtech will also receive additional payments based on sales milestones and
significant double-digit royalties on sales. BioAlliance has an option to
commercialize pafuramidine for malaria prophylaxis in Europe, and BioAlliance
would contribute to funding clinical development costs. Additional
regulatory, pricing, and sales milestone payments to Immtech and royalty
payments based on sales would also be paid by BioAlliance.
"We are delighted to be collaborating with BioAlliance to launch
pafuramidine in Europe," said Eric L. Sorkin, Chairman and Chief Executive
Officer of Immtech. "BioAlliance's development and marketing expertise, as
evidenced by the recent launch of Loramyc(R) in Europe for the treatment of
HIV and cancer, demonstrate BioAlliance's proven capabilities in this market.
We believe BioAlliance's valuable experience in working with patients and
healthcare providers will be a vital asset supporting the success of
pafuramidine in Europe."
PCP is a deadly fungal infection of the lungs and the most common
opportunistic infection in people living with HIV, the virus that causes AIDS.
It also affects people with severely compromised immune systems due to cancer
or immunosuppressive therapy (e.g., chemotherapy or following organ
transplantation).
Dominique Costantini, Chief Executive Officer of BioAlliance, said, "We
are excited to be teaming up with Immtech and we will work together to have a
significant impact on PCP, a devastating disease. As represented to our
investors last July, we are adding advanced products to complement our own
portfolio. Considering the franchise we are building in products to treat
cancer and AIDS patients, pafuramidine, with its attractive activity on
resistant strains, is the first ideal strategic product complementing
perfectly our portfolio: Loramyc, doxorubicin Transdrug and acyclovir Lauriad,
all of which are either already approved or in phase 3 for oncology or
infectious disease indications."
Current treatment options for PCP include Trimethoprim-sulfamethoxazole
(TMP-SMX), primaquine plus clindamycin, trimetrexate (with or without dapsone)
plus leucovorin, atovaquone, and pentamidine. The adverse events associated
with currently available treatment options for PCP leads to between 20-57% of
all patients being switched to better tolerated regimens during their course
of care.
The development of pafuramidine for the treatment of PCP was sponsored in
part by a National Cooperative Drug Discovery Groups grant from the National
Institutes of Health, U.S. Department of Health and Human Services, to the
University of North Carolina at Chapel Hill. Pafuramidine was initially
synthesized at Georgia State University, which is a member of Immtech's
Scientific Consortium.
About Immtech Pharmaceuticals, Inc.
Immtech Pharmaceuticals, Inc. is focused on developing and commercializing
drugs to treat infectious diseases. Immtech has advanced clinical programs
that include new oral treatments for pneumocystis pneumonia (PCP), malaria,
and trypanosomiasis (African sleeping sickness), and a well defined, expanding
library of compounds targeting hepatitis C, fungal infections, and bacterial
infections. Immtech holds exclusive worldwide licenses to certain patents,
patent applications and technology for products derived from a proprietary
pharmaceutical platform. For additional information, please go to
www.immtechpharma.com.
About BioAlliance Pharma
BioAlliance Pharma SA is a specialty pharmaceutical company focused on the
treatment of opportunistic infections in cancer and HIV. The company develops
and commercializes innovative products which address resistance issues. The
company has launched its first portfolio product (Loramyc(R)) in France, which
is currently in Phase III clinical development in oropharyngeal candidiasis in
the USA. In addition, two other innovative products are currently in phase III
clinical trials: acyclovir Lauriad(R) in oral herpes (based on the same
Lauriad(R) muco-adhesive technology as Loramyc(R), which enables targeted
release at the disease site) and doxorubicin Transdrug(R) in primary liver
cancer (based on the Transdrug(R) nanoparticle technology, designed
specifically for intracellular targeting of resistant cells). The company is
also developing a new therapeutic entities program focused on the oncology and
HIV markets. In 2007, the company has established strategic alliances for
commercializing Loramyc(R) in Europe (with JV SpeBio) and the USA (with Par
Pharmaceutical). For more information, visit www.bioalliancepharma.com.
"Safe Harbor" Statement under the Private Securities Reform Act of 1995:
Statements in this press release regarding Immtech Pharmaceuticals, Inc.'s
business, including the future prospects for PCP, which are not historical
facts are "forward-looking statements" that involve risks and uncertainties.
Actual results could differ materially from these forward-looking statements.
Factors that could cause or contribute to such differences include, but are
not limited to, those discussed under the headings "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Risk
Factors" in Immtech's annual report on Form 10-K for the year ended March 31,
2007 and in its other SEC filings and include: (i) Immtech's ability to
develop commercially viable products; (ii) Immtech's ability to achieve
profitability; (iii) Immtech's ability to retain key personnel; (iv) the
ability of Immtech's scientists and collaborators to discover new compounds;
(v) the availability of additional research grants; (vi) Immtech's ability to
obtain regulatory approval of its drug candidate, including PCP; (vii) the
success of Immtech's clinical trials; (viii) dependence upon and contractual
relationship with partners; (ix) Immtech's ability to manufacture or to have a
third party manufacture its drug candidate at a reasonable cost; (x) Immtech's
ability to protect its intellectual property; (xi) competition and alternative
technologies; (xii) Immtech's ability to obtain reimbursement from third party
payers for any product it commercializes; and (xiii) potential exposure to
significant product liability.
SOURCE Immtech Pharmaceuticals, Inc.

Bill Berry of Berry & Co., +1-212-253-8881; Investor Relations, Sean Collins
of CCG, +1-310-477-9800, ext. 202