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Magistrate Recommends Denial Of CollaGenex Pharmaceuticals, Inc. (CGPI) Motion For Preliminary Injunction To Prevent Launch Of Generic Forms Of Periostat By IVAX Corporation (IVX) And CorePharma LLC


10/19/2005 5:13:03 PM

NEWTOWN, Pa.--(BUSINESS WIRE)--March 17, 2005--CollaGenex Pharmaceuticals, Inc. (Nasdaq:CGPI) today announced that Magistrate Judge Pohorelsky of the United States District Court for the Eastern District of New York had issued a report late in the day on March 16, 2005, recommending denial of its motion seeking to prevent the launch of generic forms of Periostat(R) by IVAX Pharmaceuticals Inc. and CorePharma, LLC (the "Defendants"). CollaGenex has ten days within which to file objections to the report. In the event the District Court issues an order consistent with the recommendation of the Magistrate Judge, the Defendants will be able to market and sell generic equivalents of Periostat as soon as they are approved by the FDA. Neither IVAX nor CorePharma has yet indicated that it has received FDA approval.

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