INNEXUS ANNOUNCES DISCOVERY OF NOVEL PROTEIN FOR AMD EYE DISORDER - WILL BYPASS NEEDLES WITH TOPICAL APPLICATION

-- InNexus also announces it has launched discussions to secure financing for continual development of its lead product DXL625 --

CHANDLER, ARIZONA, 29 June 2010 – InNexus Biotechnology Inc. (TSX:IXS.V, www.ixsbio.com), a drug development company commercializing the next generation of antibodies based on its groundbreaking Dynamic Cross Linking (DXL™) technology, today announced that it has developed IXS312(VEGF), an antibody fragment with activity against the growth factor VEGF for planned use in ocular treatments. 

Age-related macular degeneration (AMD) affects more than 30 million people worldwide and is the leading cause of blindness in people over 60 years of age in the US.  Speaking on the announcement, Jeff Morhet, InNexus CEO said, “This is a rapidly growing market with limited options for patients.  Some treatments cost greater than $15,000 annually.  Our product has a novel approach, unique drug design and simplified manufacturing (cost competitive) process.  We are in active discussions with several potential development partners to commercialize IXS312 and products based on our technologies.”

“Vascular Endothelial Growth Factor (VEGF) is a chemical signal produced by cells that stimulate the growth of new blood vessels.  Over-expression of VEGF can cause vascular disease in the retina of the eye and other parts of the body.  InNexus’ protein research team developed IXS312 to treat ocular diseases, without invasive application steps such as direct injection into the eye,” said Dr. Thomas Kindt, InNexus CSO.  “IXS312 is a small protein fragment intended for use as a topical therapy for AMD and diabetic retinal dysplasia.  Our R&D program has made great progress.  We originally modified the fragments to give them stability at body temperature, something very important for packaging and administration and then modified the IXS312 sequence to promote the passage of the product across cellular membrane layers.  The recombinant IXS312 is expressed in good yield and was shown to be properly folded through its isolation and purification, binding its antigen target with high affinity.  Development is ongoing.”

Earlier this year InNexus announced it developed a novel antibody fragment product, IXSCD11a, directed at treatment of psoriasis and produced by recombinant technology identical to IXS312(VEGF).

InNexus also announced today that it is currently in discussions with multiple parties to secure financing to continue the development of its lead product, DXL625, to the completion and filing of an Investigational New Drug application (IND) with the U.S. Food and Drug Administration (FDA) as communicated during InNexus’ successful meeting with the FDA in March 2009.  The filing of an IND for DXL625, estimated to take 18 months following funding, triggers a payment from one of InNexus’ commercial partners.

InNexus Resources

•    AACR 2009 Scientific Poster on DXL625™

•    DXL™ Pipeline & Programs

•    Stock Quick Check

•    Scientific Advisory Board

•    Leadership Team

About InNexus Biotechnology

InNexus is a public biotechnology company commercializing the next generation of monoclonal antibodies based on its DXL™ and Transmab™ technology to improve the potency of existing antibodies and to develop novel antibodies based on the unique and patented methods and technologies of InNexus.  InNexus has its own in-house developmental (GLP) and manufacturing (GMP) facilities, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. InNexus is listed on the TSX Venture Exchange (TSX.V:IXS).  Please visit www.ixsbio.com. 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.

Contact

Jeff Morhet, Chairman & Chief Executive Officer

Dr. Thomas Kindt, Chief Scientific Officer

InNexus Biotechnology Inc.

1-480-862-7500

www.ixsbio.com