Lpath, Inc. Rejects Merck KGaA's Proposal to Extend the Opt-in Deadline
However, the extension proposal from Merck KGaA included terms that were rejected by Lpath's Board of Directors as not being in the best interest of Lpath or its stockholders. Consequently, on March 25, 2010, Merck KGaA notified Lpath of its decision to terminate the License Agreement. According to the terms of the Agreement, the termination will be effective April 24, 2010, and upon termination, Merck KGaA will relinquish all rights to the ASONEP program.
"Lpath will aggressively seek to re-partner its ASONEP program," said Scott R. Pancoast, Lpath's president and CEO, "and based on the program's many successes thus far, we're confident we will do so on terms that are more favorable to our stockholders than those offered by Merck KGaA. These compelling factors include strong efficacy signals from a wide spectrum of preclinical studies in animal models involving renal cell carcinoma, prostate cancer, neuroblastoma, ovarian cancer, and lung cancer, and now the successful completion of the Phase 1 trial announced today that demonstrated an excellent safety profile and produced evidence of pharmacological activity in cancer patients."
About Lpath San Diego-based Lpath, Inc., a therapeutic antibody company, is the category leader in lipidomics-based therapeutics, an emerging field of medicine that targets bioactive signaling lipids for treating a wide range of human disease. Lpath's ImmuneY2(TM) drug-discovery engine has the unique ability to generate therapeutic antibodies that bind to and inhibit bioactive lipids that contribute to disease. The company is currently advancing three drug candidates, two of which -- ASONEP(TM) for cancer and iSONEP(TM) for wet age-related macular degeneration (AMD) -- have completed Phase I clinical trials. For more information, go to www.Lpath.com.
About Forward-Looking Statements The Company cautions you that the statements included in this press release that are not a description of historical facts are forward-looking statements. These include statements regarding: the Company's interpretation of the results of its Phase 1 clinical trial for ASONEP and the Company's ability to enter into partnership agreement for the further development of ASONEP. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in the Company's business, including, without limitation: the outcome of the final analyses of the data from the Phase 1 clinical trial may vary from the Company's initial conclusions; the results of any future clinical trials for ASONEP may not be favorable and the Company may never receive regulatory approval for ASONEP; the Company may be unable to find a development partner for ASONEP on acceptable terms, or at all; and the Company's may be unable to secure the funds necessary to support its clinical trial and product development plans. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC. Such documents may be read free of charge on the SEC's web site at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Contact:
Lpath, Inc. Scott R. Pancoast President & CEO 858-678-0800 x104 Email Contact Lpath Investor Relations Liolios Group, Inc. (949) 574-3860 Ron Both: Email Contact Geoffrey Plank: Email Contact