Inex gets promissory note repayment demand

By Caroline Salls

Pittsburgh, Dec. 19 - Inex Pharmaceuticals Corp. received a demand for repayment of the promissory notes issued by subsidiary Inex International Holdings and held by Stark Trading and Shepherd Investments International Ltd., according to a company news release.

Stark is the majority holder of the notes, which the release said are not due until April 2007 and can be repaid in cash or in shares, at Inex's option, at maturity.

Inex and Inex International said they do not believe the notes are in default and intend to continue to oppose any action taken by Stark.

Other noteholders have not issued a demand for payment.

According to the release, Stark alleged that the notes are in default as a result of Inex's intention to spin off its targeted immunotherapy assets into a new company.

INEX is a Vancouver, B.C., biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer.

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