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Maxim Phase II Clinical Trial Highlights Substantial Increase In Leukemia-FreeSurvival For Acute Myelogenous Leukemia Patients

is developing advanced drugs and vaccines for cancer and infectious diseases. Maxim's focus is to develop novel products that include pharmacoeconomic and disease management benefits such as out-patient therapy, improved clinical efficacy, higher level of safety, cost-effective treatment and improved patient compliance. The Company has initiated three Phase III cancer clinical trials for its lead product Maxamine in the U.S., Europe and Australia for malignant melanoma and acute myelogenous leukemia. Phase II trials of Maxamine Therapy are ongoing or planned for other cancer indications such as renal cell carcinoma and prostate adenocarcinoma. The Company also plans to test Maxamine Therapy in a Phase II clinical trial for the treatment of hepatitis C patients. The Company's secondary platform technology, MaxVax®, now in preclinical development, utilizes a mucosal vaccine carrier/adjuvant system for a broad range of infectious diseases. The Company expects to commercialize its technologies through a combination of in-house development and collaborative agreements with pharmaceutical companies.

This news release contains certain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include, but are not limited to, those discussed under "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K for the year ended September 30, 1997 and the Company's Registration Statement on Form S-3 (File No. 333-65011), each as amended through the date hereof, as filed with the Securities and Exchange Commission, including the uncertainties associated with patent protection, the risk that products that appeared promising in early clinical trials do not demonstrate efficacy in larger-scale clinical trials, the risk that clinical trials will not commence when planned, and the risk that the Company wi
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Contact: Amy Flood
a.flood@noonanrusso.com
415-677-4455 x211
Noonan/Russo Communications
7-Dec-1998


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