IRX Therapeutics Completes Second $12.5 Million
Convertible Note Offering

NEW YORK--(BUSINESS WIRE)--IRX Therapeutics, a privately-held company dedicated to the development and commercialization of novel drugs for the treatment of cancer and viral diseases, today announced that it has raised an additional $12.5 million through a second convertible note offering.

“This new funding further evidences our investors’ commitment to our mission. This is an important time at IRX Therapeutics as we move forward to complete the U.S. Phase 2 clinical trial and prepare for a pivotal Phase 3 study of IRX-2.”

The new funding will be used to further develop cancer and viral disease products, including IRX-2, the Company’s lead cancer drug, which seek to activate a patient’s own immunity to fight disease. The overall goal of these programs is to increase survival rates and improve quality of life for patients. The Company has raised more than $35 million in private financing.

“Attracting additional capital from existing and new investors is a testament to the clinical milestones the Company has achieved with IRX-2, our lead immunotherapeutic,” said John W. Hadden II, President & Chief Executive Officer. “This new funding further evidences our investors’ commitment to our mission. This is an important time at IRX Therapeutics as we move forward to complete the U.S. Phase 2 clinical trial and prepare for a pivotal Phase 3 study of IRX-2.”

IRX Therapeutics discovers and develops therapeutic treatments that act on multiple cellular targets to restore the immune system’s ability to treat cancer and viral diseases. IRX-2 seeks to correct both dendritic cell and T-cell defects to stimulate an immune response to destroy tumor cells. IRX-2 received Fast Track designation by the Food and Drug Administration in November of 2003. An open label Phase 2 clinical trial in late-stage head and neck cancer patients was completed which demonstrated statistically significant improvement in the treatment group and a clinical response rate of 38%. After forty-eight months, the overall survival of IRX-2 treated patients was 61% versus 32% for the concurrent institutional control group.

About IRX Therapeutics

IRX Therapeutics is a privately held immunotherapy company focusing on the development and commercialization of treatments for advanced cancer and viral diseases. Founded in 1994 by John W. Hadden, M.D., a pioneer in the field of Immunopharmacology, IRX Therapeutics is developing an innovative approach that stimulates a coordinated cellular immune response to treat human diseases. The Company's product pipeline includes IRX-2, a therapeutic cancer therapy that seeks to stimulate a cellular immune response in the host to destroy tumor cells. Other products in development similarly seek to stimulate a cellular immune response for the treatment of other cancers and viral diseases. This immune response is essential for the eradication of most viruses and tumors, and relies on the effective functioning of dendritic cells, macrophages, and T-cells.

For more information on IRX Therapeutics, please visit the Company’s website at http://www.irxtherapeutics.com.