<PAGE> 1
7
Exhibit 99.1
[Antex Letterhead]
FOR IMMEDIATE RELEASE:
<TABLE>
<S> <C> <C>
Contact: Theresa M. Stevens John Seng
ANTEXBIOLOGICS Katie Froeb
(301) 590-0129 SPECTRUM Science Public Relations
www.AntexBiologics.com (202) 955-6222
</TABLE>
ANTEX BIOLOGICS TAKES ADDITIONAL STEPS
TO ENHANCE SHAREHOLDER VALUE
BOARD EFFECTS ONE-FOR-FIVE STOCK SPLIT
(Gaithersburg, Md.) July 11, 2000 -- Antex Biologics announced that its Board
of Directors has declared a 1 for 5 reverse split of the Company's common stock
with an Effective Date of July 20, 2000 as part of Antex's ongoing effort to
enhance shareholder value and the marketability of its common stock. The
Company believes that a higher share price, together with the Company's
performance in new product discovery, its marketing partnerships with leading
pharmaceutical companies, and its strong balance sheet, will make the stock
more attractive to both private and institutional investors.
"The Board believes this is in the best interest of Antex and its shareholders,
and that increasing the share price of the common stock through a reverse stock
split should better suit the preferences of institutional investors and
brokerage firms, thereby increasing shareholder value and potentially providing
better liquidity for our shareholders," said Dr. V. M. Esposito, President, CEO
and Chairman of the Board of Antex. "The Company considers that the relatively
low current share price of the common stock, when compared with other publicly
traded biotechnology companies, does not reflect the positive value of Antex
and the market potential of its products."
Antex develops vaccines and antibiotics to prevent and treat infections and
related diseases. The Company's products in development have significant
revenues and earnings potential. Infectious diseases are the leading cause of
death worldwide and are still the third leading cause of mortality in the
United States today. The vaccine industry generates over $7 billion in revenues
worldwide and is growing at 15% annually. The antibiotics market is achieving
revenues over $32 billion worldwide with greater than 15% annual growth.
From its beginning, Antex has developed three strong platform technologies,
ART(TM), NST(TM), and VEP(TM), and has discovered many proteins for new vaccines
and novel antibacterial targets. Antex's VEP platform technology, which
capitalizes on the explosion of genomic information by integrating NST with
genomic expression profiling, functional genomics and proteomics, is keeping
Antex at the forefront in the latest endeavors of biotechnology. The
<PAGE> 2
8
Antex Biologics Takes Additional Steps to Enhance Shareholder Value
July 11, 2000
Page 2
strength of Antex's science has met international recognition and is the
subject of over 100 issued worldwide patents. These technologies and
discoveries were the keystones for forging strategic alliances with major
pharmaceutical companies including Aventis Pasteur, SmithKline Beecham, and
Pfizer, who are responsible for developing and commercializing Antex-licensed
vaccines. Another of Antex's partners is the U.S. Department of Defense
("DoD"), that is providing R&D funding toward the development of the vaccine
components for Traveler's Disease, including the human clinical trials for
Antex's CAMPYVAX(TM), a vaccine for Campylobacter infections, and the
preclinical and clinical development of the Shigella and E. coli components.
Antex has discovered additional proprietary vaccine candidates that are
available for partnering, which is included within Antex's business strategy.
To achieve its long-term goals, Antex is developing products to address the
unmet clinical needs of chronic bacterial infections. Antex is leading the
field with its HELIVAX(TM), a vaccine for Helicobacter pylori infections,
currently in human clinical development. Antex is developing ACTIVAX(TM), the
combined Traveler's Disease vaccine, with funding from the DoD, and retains all
commercialization rights to the vaccine. Another area of Antex expertise
includes Chlamydia trachomatis, the bacteria responsible for sexually
transmitted diseases, and Chlamydia pneumoniae which causes respiratory
infections and has been associated with heart disease and Alzheimer's disease.
Antex has vaccines in preclinical development for these serious long-term
infections. Also, within Antex's pipeline of products are new chemical entities
that are being developed as antibiotics for nosocomial (hospital acquired)
infections and other specific bacterial pathogens. These exciting discoveries,
being developed by Antex's wholly owned subsidiary, Antex Pharma, were featured
by Business Week in its January 31, 2000 Edition, under "Technologies to
Watch."
"We are committed to bringing these products to market, to identifying new
products and technologies, and to leveraging Antex discoveries in disease areas
that are outside of our product focus by forming additional strategic
alliances. We believe that with our products and discoveries, together with our
newly expanded state-of-the-art facility and the recently completed private
placement, we can achieve dramatic growth and long term success," said Theresa
M. Stevens, VP Corporate Development, at Antex.
"At the Annual Meetings in 1998 and 1999, Antex's shareholders overwhelmingly
approved the amendment to the Certificate of Incorporation to give the Board of
Directors the authority to effect a reverse stock split of the Company's common
stock. These votes truly showed our shareholders' confidence in our business
strategy and signifies their tremendous support for Antex," continued Dr.
Esposito.
The Company will exchange pre-split stock certificates for new certificates in
the name of Antex Biologics. Cash will be paid in lieu of issuing fractional
shares of common stock as a result of the reverse stock split. Except for the
payment of cash in lieu of a fractional share, the reverse stock split will not
affect any stockholder's proportionate equity interest in the Company, nor will
<PAGE> 3
9
Antex Biologics Takes Additional Steps to Enhance Shareholder Value
July 11, 2000
Page 3
it change any of the rights of holders of common stock. After the reverse stock
split, the Company will have approximately 10,340,000 shares of common stock
outstanding.
Antex Biologics is a biopharmaceutical company committed to developing and
marketing new products to prevent and treat infections and related diseases.
The Company has three vaccine products in clinical development and has
strategic alliances with SmithKline Beecham, Aventis Pasteur, Pfizer and the
U.S. Department of Defense. The Company's common stock is quoted on the OTC
Bulletin Board under the ticker symbol ANTX.
Statements contained herein that are not historical facts regarding the ability
to maintain a higher stock price and increase shareholder value may be
forward-looking statements within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to a variety of risks and uncertainties that may cause
actual results to differ materially from those expressed in any forward-looking
statements made by the Company. Such factors are fully described in the
Company's Form 10-KSB filed with the United States Securities and Exchange
Commission, and include, but are not limited to: (i) the Company's ability to
fund its future operations; (ii) the Company's ability to successfully complete
product research and development, including preclinical and clinical studies
and commercialization; (iii) the Company's ability to obtain required
governmental approvals; (iv) the Company's ability to attract and/or maintain
manufacturing, sales, distribution and marketing partners; and (v) the
Company's ability to develop and commercialize its products before its
competitors.
# # #
