Press Room

2007 Press Releases

TSX:V - IXS
NASD OTC:BB: IXSBF

January 18, 2007

INNEXUS BIOTECHNOLOGY ANNOUNCES DEBT SETTLEMENT AGREEMENT

British Columbia, Canada–InNexus Biotechnology, Inc. (TSX Venture Exchange: IXS.V, OTCBB: IXSBF), announced that it has reached a debt settlement agreement with KAHG, LLC for the additional costs of lab construction and furnishings expended on its existing research premises located in Scottsdale, Arizona. In consideration of the US$599,406 expended by KAHG, LLC, the Company will issue 496,808 of its common shares and additional warrants to purchase 322,925 common shares at a price of $0.59 per share for a period of two years to KAHG, LLC. The terms of the settlement are subject to TSX Venture Exchange approval.

About InNexus

InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL™) technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL™ antibodies utilize unique, novel and patented methods and technologies of InNexus.

InNexus is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of The Mayo Clinic and has its own in–house developmental facilities. These development facilities provide validation of protein and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. To learn more about InNexus, 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, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

Contact:

Jeff Morhet
President & Chief Executive Officer
InNexus Biotechnology Inc.
jmorhet@ixsbio.com
480-862-7500