INEX had filed a motion to dismiss the California lawsuit 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 dispute between Protiva and INEX is related 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.
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
Source: Inex Pharmaceuticals Corporation
