Vaccinex, Inc. Initiates Clinical Trial of Novel Therapeutic Antibody in Cancer Patients With Advanced Solid Tumors

ROCHESTER, New York, January 4, 2011 - Vaccinex, Inc. announced today that it has received clearance from FDA
and will initiate a Phase 1 clinical trial to assess the safety,
tolerability, pharmacokinetics and pharmacodynamics of therapeutic antibody
candidate VX15/2503 in cancer patients with advanced solid tumors.

(Logo: photos.prnewswire.com/prnh/20101101/NY92716LOGO )

VX15/2503 is a novel humanized antibody that blocks the activity of
semaphorin 4D (SEMA4D). It is the first of two of the Company's therapeutic
antibodies expected to begin clinical trials this year. "Advancing VX15 into
the clinical stage of development is an exciting achievement for Vaccinex,
and a testament to the experience and outstanding capabilities of our
research and development teams," said Ray Watkins, Senior Vice President and
Chief Operating Officer of the company.

"SEMA4D is an exciting therapeutic target with remarkable biological
properties relevant to several disease processes," said Dr. Maurice Zauderer,
President and Chief Executive Officer of Vaccinex. As reflected in its name,
semaphorin, the molecule guides the activation and movement of different cell
types in different ways. For example, SEMA4D promotes migration of tumor
cells that metastasize to new locations as well as the outgrowth of cells
that form new blood vessels required to provide nutrients and energy to
tumors. It is anticipated that, by blocking this signal, the anti-SEMA4D
antibody (www.vaccinex.com/pipeline-antibody-vx15-oncology.htm) will
both inhibit the growth of primary tumors and limit metastases to new sites.
"This is important," Dr. Zauderer said, "because if tumors did not
metastasize, then surgeons could cure cancer." In other tissues and disease
processes, for example damage to neurons in demyelinating diseases such as
multiple sclerosis (MS), the same semaphorin has an opposite effect on
outgrowth of cells, preventing the regeneration and remyelination of damaged
neurons. In this case, Dr. Zauderer said, "The VX15/2503 antibody has the
potential to be a radical new approach to treatment of MS (
www.vaccinex.com/pipeline-antibody-vx15-multiple-sclerosis.htm),
acting both as an anti-inflammatory to protect against disease progression
but also promoting healing of damaged tissue." Vaccinex plans to initiate a
second trial of VX15/2503 for MS later this year.

About Vaccinex (www.vaccinex.com), Inc.

Founded in 1997 and located in Rochester, NY, Vaccinex, Inc. is a
privately held biotechnology company engaged in the discovery and development
of human therapeutic monoclonal antibodies and vaccines to treat serious
diseases with unmet needs. www.vaccinex.com/.

    Press Contact
    Raymond E. Watkins, Chief Operating Officer, +1-585-271-2700 (x-105)
    e-mail: rwatkins@vaccinex.com

Raymond E. Watkins, +1-585-271-2700 (x-105), rwatkins at vaccinex.com