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Source: INNOVIVE Pharmaceuticals, Inc., October 27, 2006

INNOVIVE Pharmaceuticals Begins Enrollment in Phase I Study of INNO-305 Peptide Immunotherapy in AML, MDS, Mesothelioma and Non-Small Cell Lung Cancer

INNOVIVE Pharmaceuticals, Inc., a biopharmaceutical company headquartered in Manhattan, announced today that a Phase I clinical trial investigating INNO-305 in acute myelogenous leukemia (AML), myelodysplastic syndrome (MDS), mesothelioma and non-small cell lung cancer (NSCLC) has enrolled its first patient. The trial is being conducted by Lee Krug, M.D., of the Thoracic Oncology Service, and Peter Maslak, M.D., of the Leukemia Service at Memorial Sloan Kettering Cancer Center in New York.

The study is an open label fixed dose trial and will study the safety, tolerability, pharmacokinetics and preliminary efficacy of INNO-305. The vaccine will be tested in patients with hematologic malignancies and solid tumors for which there is evidence of WT1 expression.

INNO-305 was invented by David A. Scheinberg, M.D., Ph.D., Chairman of the Molecular Pharmacology and Chemistry Program at Memorial Sloan-Kettering Cancer Center. Dr. Scheinberg notes that pre-clinical research has demonstrated promising characteristics with significant potential as a cancer therapeutic.

INNO-305, a WT1 peptide therapeutic vaccine, is unique among WT1 peptide immunotherapies because of its ability to stimulate both CD8 and CD4 T-cells. It is believed that stimulating both types of T-cells may result in a more robust and ubiquitous immune response. As an added measure, INNO-305 utilizes an approach in which the wild-type WT1 peptide sequences are altered to improve the ability of the drug to activate T-cells.

Clinical studies with other WT1 peptide immunotherapies have already shown promising results in patients with AML and other cancers. By using modified, non-natural peptides that stimulate both CD4 and CD8 T-cells, INNO-305 may offer an advantage over other WT1 peptide immunotherapy approaches.

"With the initiation of the INNO-305 trial, Innovive now has three clinical stage oncology compounds. We have taken significant strides over the last twelve months and continue to build a meaningful oncology portfolio," said Steven Kelly, President and CEO, Innovive Pharmaceuticals.

Innovive licensed worldwide development rights for INNO-305 in January 2006 from Memorial Sloan-Kettering Cancer Center in New York.

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