Maxim Pharmaceuticals Presents Discovery of Novel Apoptosis Target at AACR; Identification of TIP47, an IGFR II Binding Protein,

Maxim Pharmaceuticals, Inc. (Nasdaq:MAXM)(SSE:MAXM) will present the discovery and mechanism of action of a novel series of apoptosis-inducing compounds at the 2005 American Association of Cancer Research (AACR) meeting in Anaheim, California.

These data will be reported in two presentations at the AACR meeting. A presentation entitled "Identification of the molecular target for tumor selective apoptosis-inducing 3,5-diaryl-oxadiazole compounds" reports on the identification of TIP47, an IGF-II receptor binding protein, as the molecular target for this series of novel apoptosis inducers. Maxim scientists had previously reported on the selectivity of these compounds to induce apoptosis in breast and colorectal cancer tumor cells while sparing normal cells. Further, preclinical studies have shown efficacy of these compounds in human xenograft tumor models.

In another poster presentation entitled "Discovery of 3-Aryl-5-aryl-(1,2,4)-oxadiazoles as potent apoptosis inducers," Maxim researchers will report the structure activity relationship (SAR) of these newly discovered anti-cancer agents.

"The IGF-1 pathway has been shown to play a pivotal role in many cancers and the IGF pathway represents attractive targets for the design of drug candidates. Maxim scientists' pioneering work may have important implications for developing new classes of anticancer drugs that target the IGF pathway, an approach that differs considerably from currently explored approaches," stated Ben Tseng, Vice President, Research. "This discovery marks the second compound family for which we have discovered a novel molecular target or pathway for activation of apoptosis through our proprietary cell-based chemical genetics approach, demonstrating the power of Maxim's proprietary discovery approach."

Maxim Overview

Maxim Pharmaceuticals is a biopharmaceutical company dedicated to developing innovative cancer therapeutics. Maxim's lead drug candidate is Ceplene(TM) (histamine dihydrochloride), which has shown a statistically significant improvement in leukemia free survival in a Phase 3 clinical trial as a remission maintenance therapy for patients with acute myeloid leukemia (AML). Maxim is currently seeking a strategic partnership to complete commercialization and further development of Ceplene in AML and other indications. Maxim is also discovering and developing small-molecule apoptosis inducers to treat cancer using its proprietary high-throughput screening technology and its chemical genetics approach. This program has identified four lead oncology candidates that are proceeding to clinical trials independently and through collaborations. The most advanced candidate from this program is entering a Phase 1 trial through collaboration with Myriad Genetics.

Apoptosis compounds and Ceplene are investigational drugs and have not been approved by the U.S. Food and Drug Administration or any international regulatory agency.