Aphton Corporation is a biopharmaceutical company that researches and develops cancer immunotherapies based on its active immunization technology, as well as its monoclonal antibody technologies. The Company's research and development efforts are based on its active immunization and monoclonal antibody technologies, and its technologies are based on key discoveries made by the Company, as well as its understanding of the central role of gastrin, a naturally occurring hormone, and gastrin receptors. On March 24, 2005, Aphton acquired Igeneon GmbH, which is a clinical stage biopharmaceutical company. Through Igeneon, the Company's research and development is focused on active and passive cancer immunotherapies (cancer vaccines and monoclonal antibodies) designed to prevent or delay the development of metastases in cancers of epithelial origin. Aphton Corporation's product candidates include IGN101, IGN311 and Insegia. On February 14, 2006, Aphton announced that it had entered into a Research and Commercial License Agreement with BioWa, Inc., a biopharmaceutical company, located in Princeton, New Jersey. Under the terms of the agreement, BioWa granted a non-exclusive license to Igeneon to use BioWa's POTELLIGENT technology for the development of IGN312, a humanized monoclonal Lewis Y-specific antibody. IGN101 The Company's product-candidate, acquired through its acquisition of Igeneon, is IGN101, a cancer vaccine, which is in a Phase II/III randomized double blind clinical trial in non-small cell lung cancer (NSCLC) patients. It reached target accrual of 762 patients in this study, three months ahead of schedule. In addition, on May 16, 2005, the Company announced that results from its double blind, placebo-controlled Phase II clinical trial of IGN101 in patients with solid tumors. In the study, a statistically significant difference in overall survival was seen in a subgroup of patients with rectal cancer and a positive trend toward survival improvement was observed in patients with colon cancer. This trial was conducted in 240 patients with epithelial cancers, which consists of colorectal cancer, gastrointestinal tract cancer, NSCLC and liver cancer. IGN311 Another product-candidate Aphton Corporation acquired through its acquisition of Igeneon is IGN311, a monoclonal antibody targeting Lewis Y-positive cancer cells. The Company completed an open-label, dose-escalating Phase I trial with IGN311 and, on July 12, 2005, it announced the results from this study. In the Phase I trial, IGN311 demonstrated favorable safety and tolerability, and advantageous pharmacokinetics with a serum half-life of more than 20 days. Data from the trial also indicate efficacy of IGN311 against Lewis Y-positive tumor cells circulating in peripheral blood. As a result of this positive data, the Company had moved forward with a Phase Ib clinical trial with IGN311 and, on July 21, 2005, the Company announced that initiation of the open-label Phase Ib began with the enrollment of its first patient. As part of the further development of IGN311, on July 25, 2005, the Company announced that it had entered into an agreement and a product development agreement with Celltrion, Inc. for IGN311, the terms of which were subject to the parties finalizing a supply agreement and quality agreement. On November 7, 2005, the supply agreement and quality agreement were finalized and the strategic relationship between the Company and Celltrion was consummated. Insegia Insegia is an active immunotherapy designed to target and inhibit the activity of the gastrin hormone. Insegia works by harnessing the body's own immune system to generate high levels of antibodies to gastrin 17 (G17) and the precursor, gly-gastrin 17 (gly-G17). The intent is to neutralize the ability of the gastrin hormone to further effect the growth and proliferation of particular cancers. Insegia consists of a synthetic gastrin-like peptide, which is linked to Diphtheria Toxoid (DT). DT contains the structures (epitopes) that generate an immune response in the patient. When