Corixa Licenses Novel Target to Genentech for Therapeutic Development

    Business Editors/Health/Medical Writers
    BIOWIRE2K

    SEATTLE--(BUSINESS WIRE)--Jan. 13, 2005--Corixa Corporation (NASDAQ:CRXA), a developer of immunotherapeutics, today announced that it has signed a license agreement with Genentech (NYSE:DNA) in which Corixa will grant Genentech exclusive worldwide rights to a novel target for the possible development of humanized antibody-based therapeutics.
    Under the terms of the agreement, Corixa will receive a $1.6 million up-front license fee, and may receive up to an additional $8.25 million in future success-based payments upon completion of certain regulatory and commercial milestones in addition to royalty payments on product sales. Genentech will be responsible for development and commercialization costs of any potential therapeutic based on Corixa's antibody target.
    "Our agreement with Genentech further demonstrates the strength of our broad portfolio of antibody targets," said Steven Gillis, PhD, chairman and chief executive officer of Corixa. "We are pleased that our discovery efforts have successfully yielded yet another unique target for potential further clinical development and we view Genentech as a strong development partner in this field."

    About Corixa

    Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology based products that manage human diseases. Corixa's products are currently in multiple clinical development programs, including several that have advanced to and through late stage clinical trials. The company partners with numerous developers and marketers of pharmaceuticals, targeting products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Montana. For more information, please visit Corixa's Web site at www.corixa.com.

    Corixa Forward-Looking Statements

    This press release contains forward-looking statements, including statements regarding the potential commercialization of products based on Corixa's antibody targets. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. They are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Factors that could affect Corixa's actual results include, but are not limited to, the failure of the license agreement with Genentech to yield any commercial products and the ""Factors Affecting Our Operating Results, Our Business and Our Stock Price," described in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2004, copies of which are available from our investor relations department. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

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CONTACT: Investor Relations: Corixa Corporation Jim DeNike, 206-366-3720 jim.denike@corixa.com or Media Relations: Waggener Edstrom Bioscience Colleen Beauregard, 503-443-7000 colleenb@wagged.com

KEYWORD: WASHINGTON INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY MARKETING AGREEMENTS SOURCE: Corixa Corporation

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