VANCOUVER, Dec. 21 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that it has received notice that Protiva Biotherapeutics Inc. ("Protiva") will appeal the decision of the Supreme Court of British Columbia approving the INEX Plan of Arrangement to transfer all of the Company's transferable assets and liabilities to a spin-out Company, Tekmira Pharmaceuticals Corporation ("Tekmira"). The Supreme Court of British Columbia approved the Plan of Arrangement on November 24, 2006.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said INEX believes the Supreme Court decision was correct and the Company will continue to defend its position. "This appeal is yet another attempt by Protiva to try and impede our progress and we will continue to defend our legal and contractual positions versus Protiva vigorously. We have had significant legal and business successes this year and we continue to make strong progress with our partners to advance our products through development."
INEX will work to have the appeal heard as quickly as possible in order to complete the spin-out of Tekmira, which is now anticipated to close before the end of February 2007. INEX will provide an update as soon as an appeal date is confirmed with the British Columbia Court of Appeal.
The dispute with Protiva relates to rights of certain drug delivery technology for the delivery of small interfering RNA ("siRNA"), a new class of oligonucleotide drugs. As part of the contractual agreements that created Protiva in 2001, INEX believes it has retained all rights to certain oligonucleotide delivery technology, including the delivery of siRNA. INEX also believes that any technology advancements made by Protiva and its collaborators or by INEX, for the delivery of oligonucleotides, are either owned by INEX or should be licensed to INEX on an exclusive, worldwide, paid-up and royalty-free basis. The 2001 contractual agreements that created Protiva are posted on INEX's website at www.inexpharm.com. INEX is continuing to develop its siRNA delivery technology with its collaborator, Alnylam Pharmaceuticals, Inc., a leader in the development of therapeutics based on siRNA.
There is also an outstanding legal dispute between INEX and Protiva in the Superior Court of California. INEX has filed a motion to dismiss the lawsuit initiated by Protiva on the grounds that California is an inappropriate venue to settle a dispute between two British Columbia based companies and that the lawsuit filed in California is nearly identical to claims filed in the Supreme Court of British Columbia. The hearing in California is scheduled for January 31, 2007. Protiva applied today to have this hearing postponed until the end of March 2007 but this was rejected by the Court. In a separate lawsuit filed in the Superior Court of California, Protiva is seeking an injunction to try to block the transfer of certain technology from Sirna Therapeutics, Inc. to Merck & Co. as part of Merck's acquisition of Sirna. This injunction hearing is scheduled to take place on January 30, 2007.
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.
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: Investors: Ian Mortimer, Vice President, Finance and Chief Financial Officer, Phone: (604) 419-3200, Email: imortimer@inexpharm.com, Website: www.inexpharm.com; Media: Karen Cook Boas, James Hoggan & Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com
Inex Pharmaceuticals CorporationCONTACT: Investors: Ian Mortimer, Vice President, Finance and ChiefFinancial Officer, Phone: (604) 419-3200, Email: imortimer@inexpharm.com,Website: www.inexpharm.com; Media: Karen Cook Boas, James Hoggan &Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com
