ImaRx Therapeutics, Inc.

TUCSON, Ariz., Sept. 24, 2008 (GLOBE NEWSWIRE) -- ImaRx Therapeutics, Inc. (NasdaqCM:IMRX - News) today announced that it has divested its urokinase business to Microbix Biosystems, Inc. (Toronto:MBX.TO - News). Through this transaction, Microbix has acquired the remaining urokinase inventory and related assets and has assumed full responsibility for ongoing commercial and regulatory activities associated with the product. Urokinase is an FDA-approved thrombolytic, or clot-dissolving agent, indicated for the treatment of acute massive pulmonary embolism. ImaRx acquired an approximate four year inventory of the product from Abbott Laboratories and has been selling the product since 2006. Under terms of the agreement, Microbix acquired the urokinase inventory, regulatory filings and related assets for an upfront payment of $2 million and the assumption of $500,000 in chargeback liabilities for commercial product currently in the distribution channel. An additional $2.5 million payment will be made to ImaRx upon release by the FDA of the three lots of urokinase that are currently subject to a May 2008 Approvable Letter. Bradford A. Zakes, President and CEO of ImaRx, stated, ``We are pleased to have completed this transaction with Microbix. Their in-depth knowledge of this product and biologics manufacturing expertise uniquely positions them to provide long-term support for this medically important product in the marketplace.'' ImaRx intends to utilize the proceeds from this transaction to fund operations as it continues to evaluate strategic alternatives pertaining to its SonoLysis program and other corporate assets. About ImaRx Therapeutics ImaRx Therapeutics is a biopharmaceutical company that has been focused on the research, development and commercialization of therapies for vascular disorders. The Company's research and development efforts have been primarily focused on therapies for stroke and other vascular disorders using its proprietary microbubble technology. The Company's commercialization efforts were focused on its product, urokinase, for the treatment of acute massive pulmonary embolism. The ImaRx Therapeutics, Inc. logo is available at About SonoLysis ImaRx's SonoLysis program involves the administration of its proprietary MRX-801 microbubbles and ultrasound to break up blood clots and restore blood flow to oxygen deprived tissues. The sub-micron size of MRX-801 microbubbles enables them to penetrate a blood clot, so that when ultrasound is applied their expansion and contraction, or cavitation, results in a disruption of the clot into very small particles. This technology was most recently evaluated in a Phase I/II clinical trial in combination with tPA in patients suffering from acute ischemic stroke. About Urokinase Urokinase is a thrombolytic or clot-dissolving agent indicated for the treatment of acute massive pulmonary embolism, or blood clots in the lungs. The product has been commercialized for more than 20 years and has been administered to greater than four million patients. In 2006, ImaRx acquired urokinase and all related assets, including an approximate four-year supply of inventory, cell lines and manufacturing rights to the drug. Since October 2006, ImaRx has been selling its urokinase inventory in the U.S. market where it is estimated to be listed on pharmacy formularies at approximately 700 acute care hospitals. Cautionary Statement For The Purpose Of The ``Safe Harbor'' Provisions Of The Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including: the FDA may not approve the release of the 3 lots of urokinase and as a result ImaRx will not receive the additional $2.5 million payment; ImaRx may not timely or successfully develop SonoLysis; the Company may not have sufficient resources to complete the development of SonoLysis for any indication; and other risks associated with the approval and commercialization of the technologies. These forward-looking statements represent ImaRx's judgment as of the date of this press release. Additional risks and uncertainties related to ImaRx can be found in its filings with the U.S. Securities and Exchange Commission. This press release is as of September 24, 2008 and the Company disclaims any intent or obligation to update these forward-looking statements. Contact: ImaRx Therapeutics, Inc. Bradford A. Zakes, President & CEO (520) 770-1259 bzakes@imarx.com Source: ImaRx Therapeutics, Inc.

TUCSON, Ariz. & ANDOVER, Mass.--(BUSINESS WIRE)--ImaRx Therapeutics, Inc. (Nasdaq: IMRX) and Royal Philips Electronics (NYSE: PHG) (AEX: PHI) today announced a research collaboration to evaluate Philips ultrasound technology as part of ImaRx’s SonoLysis™ program to develop new treatment for acute ischemic stroke. Under the agreement, Philips’ Medical Systems division will provide ultrasound devices and technical assistance to ImaRx during laboratory and preclinical studies. The objective of the collaboration is to determine the optimal ultrasound parameters to use with ImaRx’s proprietary MRX-801 microbubble technology.

TUCSON, Ariz.--(BUSINESS WIRE)--ImaRx Therapeutics, Inc., a biopharmaceutical company focused on developing and commercializing therapies for vascular disorders associated with blood clots, today announced that Dr. Evan Unger has resigned as President and Chief Executive Officer so that he will have more time to devote to the scientific development of the Company. The Board wishes to thank Dr. Unger for his contributions. The Company’s Board of Directors has created the Office of the CEO and has appointed Brad Zakes and Greg Cobb to staff the office on an interim basis. Mr. Zakes and Mr. Cobb will retain their roles as the Company’s Chief Operating Officer and Chief Financial Officer respectively. >>> Discuss This Story