December 1 Trial Date Set in NaPro vs Mylan Patent Infringement Case
November 12 2003 - 8:30AM
PR Newswire (US)
December 1 Trial Date Set in NaPro vs Mylan Patent Infringement
Case BOULDER, Colo., Nov. 12 /PRNewswire-FirstCall/ -- NaPro
BioTherapeutics, Inc. announced today that the Federal District
Court in the Western District of Pennsylvania has set December 1,
2003 as the trial date for NaPro's patent infringement lawsuit
against Mylan Laboratories Inc. As previously announced, in October
2003, the Court declared that Mylan Laboratories infringes certain
of NaPro's patents related to stabilized formulations of paclitaxel
and methods for making such stable formulations. The Court also
stated that the inventors listed on the NaPro patents were the
first to invent the compositions and methods claimed in such
patents. The Court also adopted NaPro's interpretations of the
patent claims asserted against Mylan in this case. The remaining
issues at trial will be focused on Mylan's claims that NaPro's
patents are invalid and unenforceable. NaPro expects that the case
will proceed to a damages phase in 2004 or 2005 if NaPro is
successful at the December trial. In August 2003, NaPro announced
that it had signed a definitive agreement, subject to the approval
of NaPro's stockholders, to sell its worldwide generic injectable
paclitaxel business to Faulding Pharmaceutical Co., a subsidiary of
Mayne Group Limited, for $71.7 million in cash minus an inventory
adjustment to reflect our actual inventory as of the closing. The
transaction with Faulding also provides that NaPro will be entitled
to a portion of any cash payment received by Faulding with respect
to the Mylan litigation subsequent to the sale of the paclitaxel
business. "Though matters of litigation are always uncertain, the
Court's finding three weeks ago in NaPro's favor speaks to the
strength of our case against Mylan," stated Leonard Shaykin,
Chairman and Chief Executive Officer of NaPro. "We look forward to
the opportunity to present our case at trial." About NaPro
BioTherapeutics NaPro BioTherapeutics, Inc. is a life science
company focused on the development of targeted therapies for the
treatment of cancer and hereditary disease. Forward Looking
Statements The statements in this news release that are not
historical facts are forward-looking statements that represent
management's beliefs and assumptions as of the date of this news
release, based on currently available information. Forward-looking
statements can be identified by the use of words such as
"believes," "intends," "estimates," "may," "will," "should,"
"anticipated," "expected" or comparable terminology or by
discussions of strategy. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it cannot assure that these expectations will prove to
be correct. Such statements involve risks and uncertainties
including: risks associated with development of the genomics, gene
editing and targeted businesses, including competition from
companies in similar businesses, limitations on the ability to
market products because of the intellectual property rights of
third parties, the ability to obtain, maintain and enforce patents;
the risk that the transaction announced with Faulding
Pharmaceutical Co. may not close because it is not approved by
stockholders or otherwise or may be materially delayed; the costs
of continuing development of any or all of the Company's
development programs; the timing of when those programs will enter
the clinic; the successful commercialization of the Company's
platform technologies; the fact that the Company's business will
require substantial additional investment that the Company has not
secured; and the risk that the cash proceeds from the Faulding
transaction, if realized, will not be sufficient to fund the
Company's strategic plans for the initial development new
proprietary therapeutic candidates; and all of those factors
identified under the captions "Risk Factors," "Special Note
Regarding Forward Looking Statements" or "Cautionary Note Regarding
Forward Looking Statements" in the Company's documents filed from
time to time with the SEC, including the Company's registration
statement on Form S-3, as amended, dated August 8, 2003, its Annual
Report on Forms 10-K and 10-K/A for the year ending December 31,
2002 filed with the SEC on March 27, April 30, August 8 and October
24, 2003, and its Quarterly Report on Form 10-Q for the quarter
ended July 2, 2003 filed with the Securities and Exchange
Commission on August 8, 2003. Should one or more of these risks
materialize (or the consequences of such a development worsen), or
should the underlying assumptions prove incorrect, actual results
could differ materially from those forecasted or expected. The
Company disclaims any intention or obligation to update publicly or
revise such statements whether as a result of new information,
future events or otherwise. Additional Information In connection
with the proposed sale of assets to Faulding, NaPro has filed a
definitive proxy statement with the Securities and Exchange
Commission (SEC). Investors and security holders are urged to read
the definitive proxy statement as it contains important information
about NaPro, the proposed transaction and related matters.
Investors and security holders have access to free copies of the
definitive proxy statement and other documents filed with the SEC
by NaPro through the SEC website at http://www.sec.gov/. The
definitive proxy statement and related materials may also be
obtained for free from NaPro by calling the company contact listed
below. NaPro and its directors and executive officers may be deemed
to be participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the persons
who may, under the rules of the SEC, be considered to be
participants in the solicitation of NaPro's stockholders in
connection with the proposed transaction is set forth in NaPro's
proxy statement for its 2003 annual meeting of stockholders, dated
May 23, 2003 and filed with the SEC on May 27, 2003. Additional
information is set forth in the definitive proxy statement on file
with the SEC related to the proposed sale of assets. For further
information, please contact L. Robert Cohen, Vice President,
Investor Relations of NaPro BioTherapeutics, Inc., +1-212-218-8715;
or Investors, Lilian Stern of Stern Investor Relations,
+1-212-362-1200; or Media, Peter Steinerman, +1-516-374-3031, both
for NaPro BioTherapeutics, Inc. DATASOURCE: NaPro BioTherapeutics,
Inc. CONTACT: L. Robert Cohen, Vice President, Investor Relations
of NaPro BioTherapeutics, Inc., +1-212-218-8715; or Investors,
Lilian Stern of Stern Investor Relations, +1-212-362-1200; or
Media, Peter Steinerman, +1-516-374-3031, both for NaPro
BioTherapeutics, Inc. Web site: http://www.naprobio.com/
Copyright
Napro Biotherapeutics (NASDAQ:NPRO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Napro Biotherapeutics (NASDAQ:NPRO)
Historical Stock Chart
From Sep 2023 to Sep 2024