Avidex and ChemOvation Extend Collaboration on Rheumatoid Arthritis Small Molecule

Avidex and ChemOvation today announced that they have signed an agreement to extend their highly successful 2003 small molecule programme for Rhudex®, Avidex’s CD80 inhibitor for rheumatoid arthritis (RA). Under the terms of the agreement, full details of which have not been disclosed, ChemOvation will be providing Avidex with medicinal chemistry services and expertise for selection of a follow-on Lead Candidate in this important therapeutic approach.

Commenting on the agreement, Dr David McGibney, Development Director at Avidex said, “ChemOvation have given us an excellent and timely service during 2003 such that the Rhudex® product development programme is advancing in a structured and ordered way to the clinic. Our leads have nanomolar binding affinities and show oral bioavailability above the cellular IC50 for inhibition of cytokine release from T cells.”

Dr Ian Matthews Chief Scientific Officer at ChemOvation commented ‘”The collaboration between ChemOvation and Avidex is both productive and exciting. It has enabled ChemOvation to show and further develop its medicinal chemistry expertise in a challenging project”.

Notes to Editors

About Avidex

Avidex is a biotechnology company focussed on the development of therapeutics for cancer and autoimmune diseases. Through its knowledge and understanding of T cell receptors (TCRs), the Company has developed novel proteins and small molecules. Avidex has a broad proprietary technology in monoclonal T cell receptors which are used therapeutically. In addition Avidex is progressing with optimisation of the CD80 antagonist, RhuDex® for rheumatoid arthritis. Avidex is developing this product pipeline and its strategy is to take products through final developmental phases and to the market through corporate alliances. Avidex also commercialises its proprietary mTCR platform through partnerships.

Avidex was formed in 1999 as a spin out from Oxford University. The Company employs 53 staff and is based in Milton Park, near Oxford, UK. The Company has raised £23.2 million to date, and investors include Advent Venture Partners, Oxford Technology Venture Capital Trust plc and Quester.
www.avidex.com

About ChemOvation

ChemOvation is a leading provider of drug discovery services to the pharmaceutical and biotechnology sector. It provides a fully integrated service specialising in:

· Medicinal chemistry
· Organic chemistry
· Computational chemistry
· Screening
· Early Process Development / Scale-up
· ADME and early Toxicology

ChemOvation offers clients a wealth of scientific knowledge and expertise to ensure success in their drug discovery projects.

Whether it’s for lead optimisation, hit expansion or custom synthesis, ChemOvation provides the complete outsourcing solution for drug discovery projects.

For more information, please contact;

Avidex Limited
Dr Neill Moray MacKenzie
+44 (0) 1235 438600
Chief Business Officer
neill.mackenzie@avidex.com

ChemOvation Limited
Dr. Hashim Javaid
+44 (0) 1403 248844
Business Development
hashim.javaid@chemovation.com

De Facto Communications Ltd
Richard Anderson
+44 (0) 20 7496 3300
CEO
r.anderson@defacto.com