"Recent experimental data suggests that DXL1218 (EGFR) is superior tocompeting commercialized products on the market, such as ERBITUX(R)(cetuximab), in terms of potency and efficacy," said Jeff Morhet, CEO andChairman of InNexus. "I am very excited, as this latest development lendsfurther support to the robustness and predictability of the DXL(TM) platformand the superiority of products from the platform over presentlycommercialized offerings."

Speaking on InNexus' announcement, Pablo Legorreta, Chief ExecutiveOfficer of Royalty Pharma said, "We are quite pleased with the rapid progressof our research partner InNexus. Jeff has had a vision for rapid productdevelopment based on DXL(TM) technology coupled with advanced in vivo studiesand a significant regulatory strategy. We look forward to their continuedrollout of products and performance."

Private Placement

InNexus also announces it intends to issue 10% unsecured convertibledebentures, for maximum proceeds to InNexus of $1.25 million. Each debenturewill be convertible into common shares of InNexus at the rate of one commonshare for each $0.10 of debt converted. The debenture will have a term of 2years and net proceeds from the private placement will be used by InNexus forresearch and development and general corporate business. Closing of theprivate placement is expected to occur on or about 14 November 2008.

In connection with the private placement, certain insiders of InNexuscomprised of some members of the Board and senior management, are expected toparticipate in the offering for an aggregate of approximately 40% on the sameterms and InNexus may pay finders' fees to registered persons in an amountequal to 7% of the proceeds from the sale of the debentures to purchasersreferred by such finder in accordance with the policies of the TSX VentureExchange.

Participation in the private placement by insiders of InNexus isconsidered to be a related-party transaction as defined under MultilateralInstrument 61-101, however, the transaction is exempt from the formalvaluation and minority shareholder approval requirements under the instrumentas neither the fair market value of the securities being issued nor theconsideration paid exceeds 25 per cent of InNexus' market capitalization.

Upon conversion of the debenture, the common shares will be subject to afour-month "hold period" from the date of conversion under the policies of theTSX Venture Exchange and applicable securities legislation.

About Colorectal Cancer

Colorectal cancer is the third most common cancer found in men and womenin the United States and is a term referring to cancer that develops in thecolon or rectum. The American Cancer Society estimates that there will beabout 108,070 new cases of colon cancer and 40,740 new cases of rectal cancerin 2008 in the United States. Combined, they will cause about 49,960 deaths.

One of the leading products available is ERBITUX(R) (cetuximab) marketedby ImClone Systems Incorporated. ImClone recently reported that global netsales of ERBITUX(R) for the first quarter of 2008 grew to $417.3 million, anincrease of 12% compared to $371.0 million for the previous quarter and anincrease of 36% compared to $306.1 million for the same period last year.

About InNexus

InNexus is a drug development company commercializing the next generationof monoclonal antibodies based on its DXL(TM) technology, which improves thepotency of existing antibody products while opening new markets and diseaseapplications. DXL(TM) antibodies utilize unique, novel and patented methodsand technologies of InNexus.

InNexus is headquartered in British Columbia with principal managementbased in Scottsdale, Arizona on the campus of Mayo Clinic and has its ownin-house developmental facilities. These development resources providevalidation of protein and peptide discoveries, enabling InNexus (and itsstrategic partners) to advance novel drug therapeutics and diagnostics. Tolearn more about InNexus, please visit http://www.ixsbio.com.

The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this news release. This newsrelease may contain assumptions, estimates, and other forward-lookingstatements that involve inherent risks and uncertainties and are subject tofactors, many of which are beyond the Company's control, that may cause actualresults or performance to differ materially from those currently anticipatedin such statements.

SOURCE InNexus Biotechnology Inc.