SAN DIEGO, Sept. 22 /PRNewswire-FirstCall/ -- IMCOR Pharmaceutical Co. , Alliance Pharmaceutical Corp. and its wholly owned subsidiary, Molecular Biosystems, Inc., today announced that the companies have concluded an agreement with GE Healthcare Ltd. (f/k/a Amersham plc, Amersham Health, Inc. and Amersham Health AS), resolving disputed patent claims in the case captioned IMCOR Pharmaceutical Co, Alliance Pharmaceutical Corp. and Molecular Biosystems Inc. v. Amersham Health Inc., Amersham Health AS and Amersham plc., Civil Action No. 03-2853 (SRC), filed in the United States District Court, District of New Jersey. Under the terms of the settlement, all parties granted each other a non-exclusive, royalty-free cross-license with the right to sub-license their respective ultrasound contrast agents.
Under the terms of the agreement, the parties will have the right to further develop and commercialize their respective ultrasound contrast imaging agents without risk of infringing the other company's patent rights. In addition, GE Healthcare will pay $1 million to IMCOR and $200,000 to Alliance for a fully paid-up license. Concurrent with the license agreement, IMCOR and Alliance reached an agreement freeing each party of its continuing obligations under the original Imagent(R) (perflexane lipid microspheres) Asset Purchase Agreement and providing for the allocation between the parties of the proceeds of any future transaction involving the disposition of Imagent(R).
"We are pleased to complete this settlement agreement with GE Healthcare, a highly respected company both developing and marketing imaging products worldwide," said Jack DeFranco, Senior Vice President and Chief Operating Officer of IMCOR. "This agreement is important because it allows IMCOR to consider various alternatives for its Imagent(R) asset, including, seeking worldwide licensing partners for the continued development and marketing of Imagent(R), engaging in a sale of some or all of this asset, or engaging in a merger or other material transaction."
IMCOR Pharmaceutical Co. is a specialty pharmaceutical company developing and marketing innovative imaging products including Imagent(R), its current ultrasound contrast agent. For more information on IMCOR Pharmaceutical Co., visit www.imcorpharma.com.
Alliance Pharmaceutical Corp., founded in 1989, is a development-stage pharmaceutical company that is currently focused on developing its lead product, Oxygent(TM). Alliance is currently the only company that has advanced a synthetic PFC emulsion-based oxygen therapeutic into late-stage multi-center international clinical trials in both Europe and North America. Alliance is developing Oxygent(TM) as an intravascular oxygen therapeutic, based on its proprietary PFC and surfactant technologies.
Statements in this release that are not strictly historical are "forward-looking" statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks that may cause IMCOR's or Alliance's, as the case may be, actual results in the future to differ materially from expected results. These risks and uncertainties include the ability of either company to: obtain necessary financing to support its development and commercialization programs, maintain and defend intellectual property protection for its proprietary products, avoid infringing intellectual property rights of third parties, successfully market its approved product, develop additional products and obtain regulatory approval for their use, and manufacture or obtain supplies of drug product. These and other risks are described and qualified in their entirety by cautionary language and risk factors set forth in IMCOR's filings from time to time with the Securities and Exchange Commission. In addition, Alliance refers you to cautionary information contained in documents Alliance files with the Securities and Exchange Commission from time to time, including the last Form 10-KSB and Form 10-QSB, and those risk factors set forth in the most recent registration statement on Form SB-2 (File No. 333-119428). Neither Alliance nor IMCOR is under any obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact for further information in the U.S.:
Alliance Pharmaceutical Corp.
San Diego, CA
Alliance Pharmaceutical Corp.; IMCOR Pharmaceutical Co.