InNexus Biotechnology Announces Second Preclinical CandidateDXL702 (HER2/neu) Targeting Breast Cancer

InNexus Biotechnology Inc. (OTCBB: IXSBF)(TSX VENTURE: IXS) (http://www.ixsbio.com), a drug development company commercializing the next generation of monoclonal antibodies based on its technology, Dynamic Cross Linking (DXL™), today announced that it has released its second candidate into preclinical status, DXL702 (HER2/neu), for the treatment of breast cancer. This follows a recent announcement on InNexus’ first preclinical candidate, DXL625 (CD20) for Non-Hodgkin’s Lymphoma (NHL) and encouraging preliminary results of tests on DXL625 discovering greater killing potency than the market leading Rituxan®. Based on data from a recently initiated animal study, preliminary data shows an increase of potency of the company's first product candidate, DXL625, for the prospective treatment of NHL. The study compared DXL625 with a control vehicle and Genentech’s Rituxan®. Previous laboratory studies indicated that DXL625 may afford greater potency in killing tumor cells and showed increased binding to the target antigen (CD20) on NHL tumor cells. Additional results demonstrated DXL625 more potently induced apoptosis (cell suicide) in B-cell lymphoma cells, B-cell leukemia (Hairy Cells) as well as discovering greater killing potency than Rituxan® in cell lines of both moderate and low expressors of CD20. DXL625 is currently in preclinical status undergoing invitro and invivo-animal studies. Dr. Thomas Kindt, InNexus Biotechnology’s Chief Scientific Officer said, "We’ve had an exciting couple of months and today’s announcement regarding our latest candidate for breast cancer is our most recent milestone. I’m extremely proud of our team as we have achieved proof-of-concept with DXL625, which we’ll be discussing soon and now with the introduction of DXL702 as a preclinical candidate, further scientific progress is demonstrated. We will continue our accumulation of data points as well as the deliberate progression of both DXL625 and DXL702 to the filing of an Investigational New Drug Application with the Food & Drug Administration”. "We are delighted to announce our second preclinical candidate and we’ve had tremendous requests for information regarding our DXL™ pipeline, said Jeff Morhet, Chairman and CEO of InNexus Biotechnology. I invite you to join our teleconference and I’m encouraged by our progress to rapidly develop new molecular entities entering a growing multi-billion Dollar industry as well as the interest the pharmaceutical companies have placed on antibodies and their tremendous success”. Teleconference Details Dr. Thomas Kindt, Chief Scientific Officer along with Jeff Morhet, Chairman and CEO of InNexus will host an informative teleconference including Q&A on Thursday, February 21, 2008 at 4:00 PM ET to discuss its recently announced second preclinical candidate, DXL702 (HER2/neu), for the treatment of breast cancer as well as recently announced scientific results on its DXL625 (CD20) for Non-Hodgkin’s Lymphoma. Participants can listen to the teleconference by logging onto: http://www.vcall.com/IC/CEPage.asp?ID=126149 or dialing 1-866-334-3876. International callers can dial in using 416-849-4292. A playback of the teleconference will be available using the replay number 416-915-1035 and international callers can call using 1-866-245-6755 pass code 164186. The playback will be available for seven days after the live teleconference About Breast Cancer Breast cancer is a type of cancer where cells in the breast tissue divide and grow without the normal control. An estimated 178,000 new cases of invasive breast cancer are expected to occur among women in the United States during 2008. An estimated 40,000 women will die from breast cancer. It is estimated that 2,000 men will be diagnosed and 450 men will die of breast cancer during 2008. In addition to invasive breast cancer, 62,000 new cases of in situ breast cancer are expected to occur among women in 2008. 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 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.