Scottsdale: Innexus Names New CFO

Press Releases

Annual Shareholders' Meeting of InNexus Biotechnology Inc: Shareholders Approve All Resolutions

-- Company Announces New Chief Financial Officer --

BRITISH COLUMBIA, Canada, June 30, 2009 - InNexus Biotechnology Inc (TXS:IXS.V) today announced that its shareholders have approved all resolutions at the Annual Shareholders' Meeting. The following resolutions were approved:

• The Annual Report, the Annual Financial Statements of InNexus Biotechnology and Consolidated Financial Statements for the year 2008.
• Setting the number of Directors at four.

• Re-elections of three members and an election of a new member of the Board of Directors to serve until the next Annual Shareholders Meeting:

- Jeff Morhet, Chairman & CEO InNexus Biotechnology

- Dr. Leroy Chiao, Former NASA Astronaut and Chairman, National Space Biological Research Institute User Panel

- David Warden, Partner, Yetter and Warden LLP

- Ray Mullaney, President, Mullaney Management & Trust and Investors Republic, Inc.

• Amend the Stock Option Plan limit to 13,924,233 shares of the company.

• Amendment of the Stock Option Plan to ensure conformance with TSX option vesting requirements.

• Appointment of Hein & Associates, Certified Public Accountants and Advisors as Auditors of the Company for the year ending June 30, 2009 and for taxes.

The company also announced the appointment of David Petulla as the Company's new Chief Financial Officer following the planned succession of Wade Brooksby. Speaking on the appointment, Chairman Morhet stated, "David will make a great addition to our team because he brings considerable financial, accounting, and regulatory expertise to the Company."

Additional discussion included highlights of planned and past achievements:

• The Company will continue developments of its lead pre-clinical candidates DXL625 (CD20) for the prospective treatment of Non-Hodgkins Lymphoma and DXL702 (HER2/neu) for the prospective treatment of breast cancer. Although these developments depend on the Company's ability to obtain additional funding, the Company remains on track to advance DXL625 toward clinical trials in 2010, on the heels of a recently announced pre-IND meeting with the U.S. Food and Drug Administration (FDA).

• The Company highlighted achievements since the 2008 AGM, including completion of a large scale in vivo study confirming the safety of DXL625; completion of a successful pre-IND meeting with the FDA; launch of the second pre-clinical candidate DXL702; continued success in raising money despite the current economic environment; continued expansion of intellectual property both domestically and internationally; and recent expansion of the Company's Scientific Advisory Board.

The Annual Shareholders' Meeting of InNexus Biotechnology took place on the campus of the Mayo Clinic in Scottsdale, Arizona. Approximately 24 million votes were represented and cast by proxy and in person at the AGM, of which approximately 95% were cast in favor of the present management team and Board of Directors.

About InNexus Biotechnology

InNexus is a public biotechnology company commercializing the next generation of monoclonal antibodies based on its DXL™ technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL™ antibodies utilize unique, novel and patented methods and technologies of InNexus. InNexus is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own in-house developmental facilities. These development resources provide validation of protein and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug thereputics and diagnostics. InNexus Biotechnology Inc is listed on the TSX Venture Exhange (TSX:IXS.V). To learn more about InNexus, please visit www.ixsbio.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.

Contact

Jeff Morhet, Chairman and Chief Executive Officer

InNexus Biotechnology Inc.

480-862-7500

www.ixsbio.com