COBRA SIGNS AGREEMENT TO MANUFACTURE AVIDEX' FIRST MONOCLONAL T CELL RECEPTORS

12 March 2004 Cobra Biomanufacturing, Keele, UK, and the Oxford-based biotech company Avidex today announced an agreement for the manufacture of Avidex' lead anti-cancer product. The programme of work includes process development, production and supply of GMP material through Phase I clinical trials.

Avidex develops anti-cancer and other pharmaceutical products, based on its soluble monoclonal T cell receptor technology. This agreement provides Cobra with an opportunity to participate in the development of Avidex' first product based on the use of soluble monoclonal T cell receptors. Cobra will use its expertise to develop a process and appropriate analytical methodology in order to manufacture the formulated product for clinical evaluation. 

"We very much look forward to providing the biopharmaceutical manufacturing needs of Avidex. The agreement will lead to the production of their lead compound and provision of GMP material for clinical trials. Cobra is delighted to have the opportunity to apply its experience to this innovative product which is being developed by Avidex ", said David Thatcher, Chief executive of Cobra Biomanufacturing. 

James Noble, Avidex' CEO, commented "This contract is an important landmark for Avidex as it represents the next stage in developing the first of our unique monoclonal T cell receptors. We are delighted to be working with Cobra on this exciting programme."

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For further information:

Cobra Biomanufacturing 
+ 44 (0) 1782 714 181
Dr David Thatcher, Chief Executive Officer 
david.thatcher@cobrabio.com 

Buchanan Communications 
+ 44 (0) 207 466 5000
Tim Anderson/Mark Court/Rebecca Skye Dietrich 

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

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

Notes for Editors

About Cobra Biomanufacturing Plc
Cobra Biomanufacturing Plc is a leading international manufacturer of biopharmaceuticals to the lifescience industry. Founded in 1992, Cobra provides innovative manufacturing solutions to the biopharmaceutical industry covering DNA, virus, cellular therapeutics and recombinant protein products. Cobra was the first company to develop GMP (Good Manufacturing
Practice) standard DNA manufacture in Europe, with specific expertise in DNA medicines. A range of unique, patented technologies, underpins this revenue generating business.

Cobra floated on the Alternative Investment Market of the London Stock Exchange in June 2002 raising £7 million and raised a further £5.2 million in May 2003 in order to further expand capacity in Oxford UK www.cobrabio.com 

About Avidex Limited
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 that 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 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 52 staff and is based in Milton Park, near Oxford, UK. The company has raised £23.2 million to date, with investors including Advent Venture Partners, Oxford Technology Venture Capital Trust plc and Quester. www.avidex.com 

T Cells and T Cell Receptors
T cells are cells of the immune system that recognise molecules foreign to the body and help amplify the immune response. At the molecular level this specificity is in part dependent on molecules on T cells called T cell receptors. Cancer cells are often coated in molecules which the body recognises as foreign (called antigens) and Avidex' technology exploits the specificity of T cell receptors directed against these targets. All such cancer specific molecules are available for targeting by Avidex' T cell receptors.