Corixa Provides Update on Lung Cancer Vaccine Program; Reacquires North American Rights to Lung Cancer Vaccines from Japan Tobacco Inc

Business Wire, Feb 4, 2003

Health/Medical Writers

BIOWIRE2K

SEATTLE--(BUSINESS WIRE)--Feb. 4, 2003

Vaccine IND Filed in December 2002 in Preparation for Phase I

Clinical Trial;

Zambon Collaboration Moves Into Clinical Phase of Development;

Corixa Receives $1 Million Milestone Payment

Corixa Corp. (Nasdaq:CRXA), a developer of immunotherapeutics, today announced that it has reacquired certain commercial rights to the lung cancer vaccine program previously developed in collaboration with the pharmaceutical division of Japan Tobacco Inc. (JT). As a result of an amended agreement with JT, Corixa now holds exclusive rights to all antigens discovered in its lung cancer vaccine program in all countries previously licensed to JT, with the exception of rights associated with commercialization of the collaboration's lead, non small cell, lung carcinoma vaccine candidate. In December 2002, Corixa filed an investigational new drug application with the United States Food and Drug Administration (FDA) requesting permission to begin clinical trials with this vaccine candidate.

Under the terms of its amended agreement, JT will continue to hold an exclusive license to this vaccine candidate for development and commercialization in Japan, whereas Corixa will hold all rights in North America and in those territories not previously licensed to Zambon. In connection with the restructuring of the JT license, Corixa and JT will pay each other fees, milestones and royalties in the event that development milestones and product sales are achieved.

Under the terms of Corixa's collaboration with Zambon, Zambon continues to retain exclusive rights to lung cancer vaccine products in Europe, the countries of the former Soviet Union, Argentina, Brazil and Colombia. With the reacquisition of JT's rights, Corixa will now share commercialization rights with Zambon on a co-exclusive basis in China as well.

Following the completion of the research phase of the lung cancer vaccine program, Zambon and Corixa have extended their collaboration to allow for Zambon's participation in the funding of activities associated with initial clinical testing of the collaboration's non-small cell lung cancer vaccine. As a result, Corixa received a $1 million milestone payment from Zambon.

"We are pleased with the progress we have made in the discovery of antigens potentially useful for lung cancer vaccine development," said Steven Gillis, Ph.D., chairman and chief executive officer at Corixa. "We are grateful for the support we have received from both JT and Zambon during this phase of product development. We look forward to JT's development of our lead vaccine candidate in Japan and to our ongoing clinical development program with Zambon. In addition, we anticipate the potential initiation of Phase I clinical trials in the United States in early 2003."

According to the American Cancer Society, in the United States alone, 169,400 new lung cancer cases were diagnosed in 2002. An estimated 154,900 patients died in 2002 from this disease.

About Corixa

Corixa is a developer of immunotherapeutics with a commitment to treating and preventing autoimmune diseases, cancer and infectious diseases by understanding and directing the immune system. Corixa is focused on immunotherapeutic products and has a broad technology platform enabling both fully integrated vaccine design and the use of its separate, proprietary product components on a standalone basis. Corixa currently has multiple programs in clinical development, including several product candidates that have advanced to or through late stage clinical trials.

The company partners with numerous developers and marketers of pharmaceuticals, targeting products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Mont., and South San Francisco. For more information, please visit Corixa's Web site at www.corixa.com.

Corixa Forward-Looking Statements

Except for the historical information presented, certain matters discussed in this press release are forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. They are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Factors that could affect Corixa's actual results include, but are not limited to, possible delays or failure by Corixa or Zambon to develop and/or commercialize a potential vaccine for lung cancer, possible delays in initiating clinical trials for Corixa's potential lung cancer vaccine and the failure of these clinical trials to demonstrate safety and efficacy and the "Factors Affecting Our Operating Results, Our Business and Our Stock Price," described in Corixa's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, copies of which are available from Corixa's investor relations department. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.