WILEX announces details of IPO

Sales prospectus approved by BaFin / Subscription period scheduled to run from November 7 to 9, 2006 / Company is proposing a listing in the Prime Standard Segment of the Official Market of the Frankfurt Stock Exchange.

24 October 2006

Munich (Germany) – Following the approval of the sales prospectus by the German Federal Financial Supervisory Authority (BaFin) the Munich-based biopharmaceutical company WILEX AG announced details of its planned IPO. The shares are to be placed in Germany via a public offering to private and institutional investors. Additionally, the shares are to be placed with selected institutional investors via a private placement in Europe. The company is currently conducting a roadshow to present itself to German and international institutional investors. The price range, which is being determined in a decoupled bookbuilding procedure based on the results of discussions with investors, is expected to be determined and announced on November 6, 2006. It is expected that prospective investors can subscribe to shares from November 7 to 9, 2006. The start of trading in the Prime Standard segment of the Official Market of the Frankfurt Stock Exchange is scheduled for November 13, 2006. WestLB, Düsseldorf, acts as Sole Lead Manager and Sole Bookrunner and Sal. Oppenheim, Cologne, acts as Co-Lead Manager of the transaction.

Up to 4.6 million shares including an over-allotment option (greenshoe) of up to 600,000 shares are being made available for subscription in conjunction with the offering. Up to 4,000,000 shares result from a capital increase resolved by the ordinary shareholders' meeting on September 11, 2006. The executive management board with the approval of the supervisory board may resolve the issuance of up to 600,000 ordinary bearer shares resulting from a capital increase from authorised capital. Therefore, the offering could increase the current share capital from 7,962,754 shares to up to 12,562,754 shares The current shareholders are not releasing their holdings.

The Company will use the proceeds from the IPO primarily to finance the further development of its drug and medical product candidates. WILEX focuses on the development of new cancer therapies based on antibodies and small molecules. The therapeutic objective of WILEX is to develop products that prevent the growth, spread and metastasis of malignant tumours in the body and/or help to destroy the tumours. Four substances are currently in the clinical development stage. Following approval, the various drug candidates could be used to treat a variety of indications such as renal, breast, ovarian, gastric, pancreatic and intestinal cancer. The Company’s lead drug candidate, the antibody WX-G250 (development name RENCAREX®), is currently being tested in an international Phase III regulatory approval trial for the treatment of patients with non-metastatic clear cell renal cell cancer without detectable metastases after complete or partial removal of the affected kidney. The medical product candidate CA9-SCAN shall be used as an imaging diagnosis product in planning the surgical therapy of patients with suspected renal cell carcinoma.

“With the IPO we are taking another major step toward realising our company’s vision. It is our strategy to make WILEX a profitable biopharmaceutical company with a large portfolio of new drugs and medical products for the treatment of cancer,” said Peter Llewellyn Davies, Chief Financial Officer and member of the board of WILEX AG.

About WILEX

WILEX is a biopharmaceutical Company based in Munich, which was founded in 1997 by a team of physicians and oncologists from the Technical University of Munich. WILEX is focused on the development of new cancer therapies based on antibodies and small molecules. The therapeutic approach of WILEX targets the prevention of growth, spread and the metastasis of malignant tumours and the destruction of malig-nant tumours in the body. The portfolio includes both drug and medical product candidates ranging from research to late stage clinical development. Currently the following compounds are in clinical development: WX-G250 (development name: RENCAREX®), WX-671, WX-UK1 and CA9-SCAN. The company’s strategy is to develop WILEX into a commercially successful biopharmaceutical company with a broad portfolio of new drugs and medical products for the treatment of cancer.  

Contact

Juliane Giese
Manager Public Relations
WILEX AG
Grillparzerstr. 16
81675 Munich
Germany
Tel.: +49 (0)89-41 31 38-29
Fax: +49 (0)89-41 31 38-99
Email: juliane.giese@wilex.com

Please note:

This document is not a prospectus and does not constitute an offer to sell or the solicitation of an offer to purchase the Shares or other securities of WILEX AG. Investors should not subscribe for any shares referred to in this document except on the basis of the information contained in the prospectus relating to the Shares. A free copy of the prospectus is available to investors at the Company, (fax number +49 89 41 31 38 99), the Sole Lead Manager and Sole Book Runner WestLB AG, Düsseldorf (fax number +49 211 826 8146) and the Co Lead Manager Sal. Oppenheim jr. & Cie. Kommanditgesellschaft auf Aktien, Cologne (fax number +49 69 71 34 51 69).

This document is not an offer to buy securities in the United States of America. Securities may only be sold or offered for purchase in the United States of America with prior registration subject to the provisions of the US Securities Act 1933 in the currently-valid version, or in the absence of prior registration, only on the basis of an exception. Shares in WILEX AG are not and will not be registered pursuant to the provisions of the US Securities Act 1933 in the currently-valid version, and will neither be sold nor offered for purchase in the United States of America. The information contained in this document is not intended to be passed on into the USA or within the USA.

This document is directed at and/or for distribution in the U. K. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons being together referred to as “relevant persons”). This document is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

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