Inex inks deal with Alnylam for RNAi

Vancouver's Inex Pharmaceuticals Corp has granted an exclusive worldwide license to Alnylam Pharmaceuticals Inc, Cambridge MA, for its liposomal delivery formulation technology for the commercialization of RNA Interference (RNAi) therapeutics. Inex will receive US$8 million in Alnylam cash or stock at Anlylam's option and three InterfeRx licence options to develop RNAi therapeutics. In addition, Anlylam will loan Inex $5 million for capital expenditures related to manufacturing as well as up to $13 million in potential milestone payments. The agreement follows the dismissal of a court challenge by Vancouver's Protiva Biotherapeutics Inc against Inex in a California court on the grounds that it was an inappropriate venue for a dispute between two BC companies. Last year, Inex spun out all of its technology, products, cash and partnerships into Tekmira Pharmaceuticals Corp while it dealt with legal and contractual obligations involving Protiva. Inex shareholders own 100% of Tekmira. Inex has been dogged by financial trouble for the past several years, culminating in a 2005 demand letter for repayment of nearly $25 million by its majority shareholder at the time, Stark Trading and Shepherd Investments International Ltd….