VANCOUVER, Sept. 20 /PRNewswire-FirstCall/ -- AnorMED Inc.
("AnorMED" or the "Company") (NASDAQ:ANOR; TSX:AOM) announced
yesterday at its Annual General Meeting of Shareholders that the
Company remains on track to meet its clinical and commercialization
milestones, and commented on the process of realizing maximum value
for shareholders through strategic alternatives. Kenneth Galbraith,
Chairman and Interim Chief Executive Officer also reiterated the
Board's recommendation that shareholders reject the recent
unsolicited and hostile offer from Genzyme Corporation
(NASDAQ:GENZ) and not tender their shares. "The Board, management
and other top AnorMED shareholders, representing in aggregate
greater than one-third of our common share ownership, have publicly
indicated they will not tender their shares at the current
undervalued price offered by Genzyme and fully support the
Company's engagement of Goldman Sachs to explore strategic
alternatives that could offer our shareholders greater value in an
open, competitive process." "This rejection by shareholders holding
greater than one-third of our outstanding common shares means that
Genzyme will already fail to fulfill a key condition of their
hostile tender offer based on the current price of that offer."
Galbraith also outlined the Company's recent developments and the
Company's upcoming milestones as set out by the Board during the
first five months since its election by shareholders: Recent
Developments: -------------------- - Elected a new Board of
Directors with substantial industry experience and adopted a new
strategic plan announced on June 13, 2006 - Completed 100% patient
enrollment in the Phase III trial for MOZOBIL in stem cell
transplant in multiple myeloma and greater than 92% patient
enrollment in non-Hodgkins' lymphoma - Re-aligned AnorMED's
management team and engaged the executive search firm of Russell
Reynolds to conduct a search for a new President and CEO and a VP,
Regulatory Affairs - Listed AnorMED's common shares on NASDAQ,
under the trading symbol "ANOR" and filed shelf registration
statement - Amended License agreement for picoplatin with Poniard
Pharmaceuticals and earned further milestone payment from Shire for
Fosrenol resulting in a strengthening of our balance sheet by
approximately $15 million Upcoming Milestones: --------------------
- Release of top-line data from two pivotal Phase III studies for
the use of MOZOBIL in cancer patients undergoing stem cell
transplantation in the first half of 2007. - Assuming successful
results from these studies, the Company plans to file an NDA for
marketing approval with the FDA in the second half of 2007 and with
Canadian and European regulators in 2008 - Additional data relating
to MOZOBIL is expected to be presented at the American Society of
Hematology ("ASH") meeting scheduled to be held in Orlando, Florida
from December 9 to 13, 2006 - In the next few months, the Company
also expects to initiate clinical studies for MOZOBIL for use as a
chemosensitizer for treatment of certain leukemia patients - In
February 2007, the Company expects to present updated clinical data
on the development of AMD070, currently in proof of principle Phase
I/II studies in HIV patients, at the Conference on Retroviruses and
Opportunistic Infections ("CROI") scheduled to be held in Los
Angeles, California - The Company has additional lead compounds
that we believe could be brought into clinical development for
additional indications in the near term During the formal portion
of the Annual General Meeting, the shareholders approved each of
the following resolutions detailed in the Management Proxy
Circular: - Fixing the number of directors at ten; - Re-electing
all ten nominees and previous directors to the Company's Board; -
Reappointment of KPMG LLP, chartered accountants, as auditors of
the Company; and - Adoption of a new AnorMED 2006 Incentive Stock
Option Plan. More information and where to find it On September 5,
2006, AnorMED filed with the United States and Canadian securities
regulatory authorities a Directors' Circular and Tender Offer
Solicitation/Recommendation Statement on Schedule 14D-9 in which
AnorMED's Board of Directors recommended that shareholders reject
the September 1, 2006 hostile offer from Dematal Corp., a
wholly-owned subsidiary of Genzyme Corporation. The Circular
describes the reasons for the Board's recommendation that
shareholders reject the Genzyme Offer. Investors and shareholders
are strongly advised to read the Directors' Circular and Tender
Offer Solicitation/Recommendation Statement on Schedule 14D-9, as
well as any amendments and supplements to those documents, because
they contain important information. Investors and shareholders may
obtain a copy of the Directors' Circular at http://www.sedar.com/
and the Tender Offer Solicitation/Recommendation Statement on
Schedule 14D-9 from the SEC website at http://www.sec.gov/. Free
copies of these documents can also be obtained by directing a
request to AnorMED's Secretary at Suite 200 - 20353 64th Avenue,
Langley, British Columbia, Canada V2Y 1N5; telephone (604)
530-1057. Other reports filed by or furnished by AnorMED to the SEC
and applicable securities commission in Canada may also be obtained
free of charge at http://www.sec.gov/, http://www.sedar.com/ or
from AnorMED's Secretary. More information about AnorMED is
available online at http://www.anormed.com/. YOU SHOULD READ THE
DIRECTORS' CIRCULAR OR TENDER OFFER SOLICITATION/RECOMMENDATION
STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE GENZYME
OFFER. About AnorMED Inc. AnorMED is a chemistry-based
biopharmaceutical company focused on the discovery, development and
commercialization of new therapeutic products in the areas of
hematology, oncology and HIV, based on the Company's research into
chemokine receptors. The Company's product pipeline includes
MOZOBIL, currently in pivotal Phase III studies in cancer patients
undergoing stem cell transplants; AMD070, currently in proof of
principle Phase I/II studies in HIV patients; and several novel
classes of compounds in pre-clinical development that target
specific chemokine receptors known to be involved in a variety of
diseases. FORWARD-LOOKING STATEMENTS This news release contains
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995, and forward
looking information within the meaning of applicable securities
laws in Canada, (collectively referred to as "forward-looking
statements"). Statements, other than statements of historical fact,
are forward-looking statements and include, without limitation,
statements regarding the Company's strategy, future operations,
timing and completion of clinical trials, prospects and plans and
objectives of management. The words "anticipates", "believes",
"budgets", "could", "estimates", "expects", "forecasts", "intends",
"may", "might", "plans", "projects", "schedule", "should", "will",
"would" and similar expressions are often intended to identify
forward-looking statements, which include underlying assumptions,
although not all forward-looking statements contain these
identifying words. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other
things contemplated by the forward-looking statements will not
occur. We caution readers not to place undue reliance on these
statements as a number of important factors could cause our actual
results to differ materially from the beliefs, outlooks, plans,
objectives, expectations, anticipations, estimates and intentions
expressed in such forward-looking statements. Although our
management believes that the expectations represented by such
forward-looking statements are reasonable, there is significant
risk that the forward-looking statements may not be achieved, and
the underlying assumptions thereto will not prove to be accurate.
Forward-looking statements in this news release include, but are
not limited to, statements about: AnorMED's expectation that it
will receive approximately $15 million from (i) an amendment to its
license agreement with Poniard Pharmaceuticals Inc. for its
proprietary anti-cancer drug picoplatin (NX473), and (ii) a
milestone payment from Shire Pharmaceutical Group, plc based on the
recent licensing approval received in Germany to sell FOSRENOL;
AnorMED's expected release, in the first half of 2007, of top-line
data and successful results from two pivotal Phase III studies for
the use of MOZOBIL in cancer patients undergoing stem cell
transplantation; AnorMED's plans to file a NDA for marketing
approval with the U.S. FDA in the second half of 2007, and with
Canadian and European regulators in 2008; AnorMED's expectation
that in the next few months it will initiate clinical studies for
MOZOBIL for use as a chemosensitizer for treatment of leukemia
patients; AnorMED's expectation that it will present additional
data relating to MOZOBIL at the ASH meeting to be held in Orlando,
Florida from December 9 to 13, 2006; and AnorMED's expectation that
it will present updated clinical data on the development of AMD070
in HIV patients at the CROI to be held in Los Angeles, California
in February 2007. With respect to the forward-looking statements
contained in this news release, the Company has made numerous
assumptions regarding, among other things: AnorMED's ability to
collect approximately $15 million from (i) the amendment to its
license agreement with Poniard Pharmaceuticals Inc., and (ii) the
milestone payment from Shire Pharmaceutical Group, plc based on the
recent licensing approval received in Germany to sell FOSRENOL;
AnorMED's ability to release, in the first half of 2007, top-line
data from its two pivotal Phase III studies for the use of MOZOBIL
in cancer patients undergoing stem cell transplantation; AnorMED's
ability to file a NDA for marketing approval with the U.S. FDA in
the second half of 2007, and with Canadian and European regulators
in 2008; AnorMED's ability to initiate its clinical studies for
MOZOBIL for use as a chemosensitizer for treatment of leukemia
patients in the next few months; AnorMED's ability to present
additional data relating to MOZOBIL in December 2006; and AnorMED's
ability to present updated data on the development of AMD070 in HIV
patients in February 2007. The foregoing list of assumptions is not
exhaustive. Actual results or events could differ materially from
the plans, intentions and expectations expressed or implied in any
forward looking statements, including the underlying assumptions
thereto, as a result of numerous risks, uncertainties and other
factors including: AnorMED may not have the ability to collect
approximately $15 million from (i) the amendment to its license
agreement with Poniard Pharmaceuticals Inc., and (ii) the milestone
payment from Shire Pharmaceutical Group, plc based on the recent
licensing approval received in Germany to sell FOSRENOL; AnorMED
may not have the ability to release, in the first half of 2007,
top-line data from its two pivotal Phase III studies for the use of
MOZOBIL in cancer patients undergoing stem cell transplantation;
AnorMED may not have the ability to file a NDA for marketing
approval with the U.S. FDA in the second half of 2007, and with
Canadian and European regulators in 2008; AnorMED may not have the
ability to initiate its clinical studies for MOZOBIL for use as a
chemosensitizer for treatment of leukemia patients in the next few
months; AnorMED may not have the ability to present additional data
relating to MOZOBIL in December 2006; AnorMED may not have the
ability to present updated data on the development of AMD070 in HIV
patients in February 2007; AnorMED may not be able to develop and
obtain regulatory approval for MOZOBIL in stem cell transplant
indications and any future product candidates in its targeted
indications; AnorMED may not be able to establish marketing and
sales capabilities for launching MOZOBIL in stem cell transplant
indications; the costs of any future products in AnorMED's targeted
indications may be greater than anticipated; AnorMED relies on
third parties for the continued supply and manufacture of MOZOBIL;
AnorMED may face unknown risks related to intellectual property
matters; AnorMED may face competition from other pharmaceutical or
biotechnology companies; and further equity financing may
substantially dilute the interests of our shareholders. Although we
have attempted to identify the forward-looking statements, the
underlying assumptions, and the risks, uncertainties and other
factors that could cause actual results or events to differ
materially from those expressed or implied in the forward-looking
statements, there may be other factors that cause actual results or
events to differ from those expressed or implied in the
forward-looking statements. In addition to the forward-looking
statements and associated risks set out in this news release,
investors and shareholders are strongly advised to refer to the
additional assumptions and risks set out in the section entitled
"CAUTION REGARDING FORWARD-LOOKING STATEMENTS" in the Company's
Directors' Circular dated September 5, 2006, available free of
charge at http://www.sedar.com/ or from AnorMED's Secretary. We
undertake no obligation to revise or update any forward-looking
statements as a result of new information, future events or
otherwise, after the date hereof, except as may be required by law.
CONTACT: Company Contact: Kenneth Galbraith, Chairman and Interim
CEO, Tel: (604) 889-5320; or Kim Nelson, Ph.D., Manager, Investor
Relations, Tel: (604) 532-4654, Cell: (604) 614-2886, Email: ;
Media Contact: Karen Cook, James Hoggan & Associates, Tel:
(604) 739-7500, Email: DATASOURCE: AnorMED Inc. CONTACT: Company
Contact: Kenneth Galbraith, Chairman and Interim CEO, Tel: (604)
889-5320; or Kim Nelson, Ph.D., Manager, Investor Relations, Tel:
(604) 532-4654, Cell: (604) 614-2886, Email: ; Media Contact: Karen
Cook, James Hoggan & Associates, Tel: (604) 739-7500, Email:
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