InNexus Biotechnology Announces Increase in Loan Facility of USD$1.0 Million
BRITISH COLUMBIA, CANADA – 19 February 2010 - InNexus Biotechnology Inc., (TSX VENTURE: IXS.V,http://www.ixsbio.com
), a drug development company commercializing the next generation of monoclonal antibodies
based on its Dynamic Cross Linking (DXL) technology, is pleased to announce that the Company has increased its loan
facility with a group of investors by $1.0 million for an aggregate amount of up to USD$3.5 million.
The loan facility bears interest at 12.5% payable in cash or in Common Shares of InNexus, subject to regulatory approval,
and matures 6 months from the date of drawdown. InNexus is entitled to extend the term for a further 6 months. The
loans are repayable at any time subject to a 5% penalty. In connection with the loan, InNexus will issue to the lenders at
closing common share purchase warrants obtained by a) dividing each lender’s loan value by b) the then prevailing
market price c) multiplied by 25%. Each warrant will entitle the holder to acquire one common share of InNexus at a price
equal to the then prevailing market price, which shall be the same as b), above. The purchase warrants are exercisable
for the earlier of a period of 60 months from closing or complete repayment of the loan.
Proceeds of the loan facility are intended to be used for paying current liabilities and operating expenses for InNexus’
continued research and development programs.
InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its DXL
technology, which improves the potency of existing antibody products while opening new markets and disease
applications. DXL antibodies utilize unique, novel and patented methods and technologies of InNexus.
InNexus is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of
Mayo Clinic and has its own in-house developmental facilities. These development resources provide validation of protein
and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and
diagnostics. To learn more about InNexus, please visit www.ixsbio.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this
news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve
inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may
cause actual results or performance to differ materially from those currently anticipated in such statements.
Chief Financial Officer
InNexus Biotechnology Inc.