VANCOUVER, March 28 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that it has received a statement of claim filed by Protiva Biotherapeutics Inc. (“Protiva”) in the Supreme Court of British Columbia. Protiva, a private biotechnology company, was spun-out from INEX in 2001 along with certain intellectual property rights relating to gene therapy technology. INEX holds a minority interest in Protiva.
Under its agreements with Protiva, INEX believes it has certain rights to obtain a fully paid-up, exclusive license from Protiva for certain oligonucleotide technology. INEX has been seeking to clarify its rights under these agreements, but Protiva has denied that INEX has any rights to the disputed technology. In its statement of claim, Protiva is asking for a declaration that INEX has no claim over the disputed technology. Protiva has also asked for relief against certain of the directors and officers of INEX in connection with this dispute.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said INEX disputes all claims made by Protiva and intends to vigorously enforce its rights. “We believe these claims have no merit and we are confident of our rights under the 2001 agreements. We will continue to focus on advancing INEX’s products through our recent partnering announcements and the proposed spin-out of our oligonucleotide technologies into a new company, Tekmira Pharmaceuticals.”
About INEX
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX can be found at www.inexpharm.com.
INEX Forward-Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimate,” “continue,” “anticipates,” “intends,” “expects,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, INEX’s stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX’s products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
Contact Information Inex Pharmaceuticals Corporation Investors Ian Mortimer Vice President, Finance and Chief Financial Officer Phone: 604-419-3200 Email: info@inexpharm.com Website: www.inexpharm.com Media Karen Cook James Hoggan & Associates Inc. Phone: 604-739-7500 Email: kcook@hoggan.com
Inex Pharmaceuticals Corporation
CONTACT: Inex Pharmaceuticals Corporation: Investors: Ian Mortimer, VicePresident, Finance and Chief Financial Officer, Phone: (604) 419-3200,Email: info@inexpharm.com; Website: www.inexpharm.com; Media: Karen Cook,James Hoggan & Associates Inc., Phone: (604) 739-7500, Email:kcook@hoggan.com