Vaccinex, Inc.

FOR IMMEDIATE RELEASE

VACCINEX RAISES $8.4 MILLION IN PRIVATE FINANCING

Rochester, N.Y. June 3, 2004 Vaccinex, Inc., a therapeutic antibody discovery and development company, today announced that it has completed a second round financing totaling more than $8.4 million. Including these latest proceeds, Vaccinex has raised over $20 million in investor funding. Pan Atlantic Bank and Trust Limited, an early institutional investor in Vaccinex, led this financing. Proceeds from this financing will support Vaccinex's core operating and research activities and be used to expand its internal antibody product development programs.

Maurice Zauderer, Ph.D., President and CEO of Vaccinex, stated, "Vaccinex is pleased to have a strong base of financial support to fund the growth of our antibody discovery and development activities. Much of this funding will be used to advance our antibody development programs, including the initiation of the pre-clinical evaluation of our C35 antibody against breast cancer."

Using its proprietary vaccinia vector technology, Vaccinex has developed one of the only library-based antibody discovery platforms capable of directly expressing bivalent, fully human antibodies in mammalian cells. Unlike antibody systems utilizing bacterial libraries or transgenic mice, Vaccinex's technology offers the potential to directly generate fully functional antibodies against difficult targets such as homologous proteins and multi-pass membrane receptors. These capabilities can lead to the discovery of therapeutic antibodies against targets that are not easily addressed by other platforms.

"Vaccinex's diversified business model enables us to generate near-term revenues from our antibody collaborations as well as build long-term value in the development of our therapeutic antibody product pipeline. This financing accelerates our activities in both areas," remarked R. Stan Holland, Chief Financial Officer of Vaccinex.
During the second quarter of 2004, Vaccinex received a $2 million grant award from the Advanced Technology Program (ATP) of the National Institute of Standards and Technology to support continued expansion of the applications of its antibody discovery technology and a $1.4 million SBIR grant from the National Institutes of Health to discover antibodies related to biodefense.

Vaccinex is a privately held biotechnology company engaged in the discovery and development of novel therapeutic antibodies. The company is leveraging the capabilities of its proprietary antibody technology to develop its own pipeline of therapeutic antibody products, while using near-term revenues from antibody discovery collaborations to help support its operating costs. The firm is headquartered in Rochester, New York and currently has 37 employees. For additional information, please visit the company's website at www.vaccinex.com.

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	FOR IMMEDIATE RELEASE VACCINEX RAISES $8.4 MILLION IN PRIVATE FINANCING Rochester, N.Y. June 3, 2004 Vaccinex, Inc., a therapeutic antibody discovery and development company, today announced that it has completed a second round financing totaling more than $8.4 million. Including these latest proceeds, Vaccinex has raised over $20 million in investor funding. Pan Atlantic Bank and Trust Limited, an early institutional investor in Vaccinex, led this financing. Proceeds from this financing will support Vaccinex's core operating and research activities and be used to expand its internal antibody product development programs. Maurice Zauderer, Ph.D., President and CEO of Vaccinex, stated, "Vaccinex is pleased to have a strong base of financial support to fund the growth of our antibody discovery and development activities. Much of this funding will be used to advance our antibody development programs, including the initiation of the pre-clinical evaluation of our C35 antibody against breast cancer." Using its proprietary vaccinia vector technology, Vaccinex has developed one of the only library-based antibody discovery platforms capable of directly expressing bivalent, fully human antibodies in mammalian cells. Unlike antibody systems utilizing bacterial libraries or transgenic mice, Vaccinex's technology offers the potential to directly generate fully functional antibodies against difficult targets such as homologous proteins and multi-pass membrane receptors. These capabilities can lead to the discovery of therapeutic antibodies against targets that are not easily addressed by other platforms. "Vaccinex's diversified business model enables us to generate near-term revenues from our antibody collaborations as well as build long-term value in the development of our therapeutic antibody product pipeline. This financing accelerates our activities in both areas," remarked R. Stan Holland, Chief Financial Officer of Vaccinex. During the second quarter of 2004, Vaccinex received a $2 million grant award from the Advanced Technology Program (ATP) of the National Institute of Standards and Technology to support continued expansion of the applications of its antibody discovery technology and a $1.4 million SBIR grant from the National Institutes of Health to discover antibodies related to biodefense. Vaccinex is a privately held biotechnology company engaged in the discovery and development of novel therapeutic antibodies. The company is leveraging the capabilities of its proprietary antibody technology to develop its own pipeline of therapeutic antibody products, while using near-term revenues from antibody discovery collaborations to help support its operating costs. The firm is headquartered in Rochester, New York and currently has 37 employees. For additional information, please visit the company's website at www.vaccinex.com. Back to News Archive Copyright © 2008 Vaccinex, Inc.