CAMBRIDGE, Mass., Jan. 27 /PRNewswire-FirstCall/ -- Advanced Magnetics, Inc. today announced that Cytogen Corporation filed a lawsuit on January 25, 2006 against the company in Massachusetts Superior Court. The complaint includes claims of breach of contract, breach of implied covenant of good faith and fair dealing, fraudulent misrepresentation and unjust enrichment related to a license and marketing agreement entered into in August 2000 between Advanced Magnetics and Cytogen granting Cytogen certain rights to Combidex(R) and to ferumoxytol for oncology imaging applications only. The company believes the lawsuit has no merit and plans to conduct a vigorous defense of the claims set forth in the complaint.
Advanced Magnetics does not believe the lawsuit will materially distract the company from its core mission of bringing both ferumoxytol as an intravenous iron replacement therapeutic and Combidex as an MRI contrast agent to market.
About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide nanoparticles used in pharmaceutical products. As a leader in our field, we are dedicated to the development and commercialization of our proprietary nanoparticle technology for use in therapeutic iron compounds to treat anemia, as well as novel imaging agents to aid in the diagnosis of cardiovascular disease and cancer. For more information about us, please visit our website at http://www.advancedmagnetics.com, the content of which is not part of this press release.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Any statements contained in this press release that do not describe historical facts, including but not limited to, statements regarding our belief that the Cytogen lawsuit is without merit, our plan to conduct a vigorous defense of the claims described in the complaint, and our belief that the lawsuit will not materially distract us from our core mission, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include the following: (1) uncertainties surrounding the outcome of the Cytogen litigation; (2) the possibility that we may not be able to successfully complete the clinical development of ferumoxytol, or may not be able to complete the development in a timely or cost-effective manner; (3) uncertainties surrounding the timing and results of FDA interactions regarding the clinical development of ferumoxytol and our ability to obtain regulatory approval for ferumoxytol from the FDA; (4) the possibility that the results of past ferumoxytol studies may not be replicated in future studies; (5) the possibility that we may not be able to timely or cost-effectively resolve the questions raised by the FDA and satisfy the conditions specified for approval of Combidex, including the provision of additional data or the conduct of additional clinical trials to demonstrate the efficacy of Combidex; (6) the possibility that we may not be able to raise additional capital on terms and on a timeframe acceptable to us, if at all; and (7) other risks identified in our Securities and Exchange Commission filings. We caution readers not to place undue reliance on any forward-looking statements which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact: Lisa Gordon, VP of Business Development Advanced Magnetics, Inc. (617) 497-2070 (x3024) lgordon@advancedmagnetics.com
Advanced Magnetics, Inc.
CONTACT: Lisa Gordon, VP of Business Development at Advanced Magnetics,Inc., +1-617-497-2070, ext. 3024, lgordon@advancedmagnetics.com
Web site: http://www.advancedmagnetics.com/
