SAN DIEGO, May 27 /PRNewswire/ -- Verus Pharmaceuticals, Inc. ("Verus"), a specialty pharmaceutical company, announced today that it has filed a lawsuit against AstraZeneca AB ("AstraZeneca") and Tika Lakemedel AB ("Tika") in the Supreme Court of the State of New York, in which it is seeking $1.3 billion on claims of fraud, breach of contract, and conversion. Verus claims that AstraZeneca and its wholly owned subsidiary Tika disregarded their obligations under three agreements with Verus, entered into in 2007, pursuant to which the defendants were to pursue the research and development of Verus' assets, including budesonide, a steroid for the treatment of pediatric asthma in the United States. Verus further alleges that defendants' representations that induced Verus to enter into the agreements constituted fraud.
About Verus
Verus is dedicated to improving the lives of children and those who care for them. More information about Verus is available on the company's corporate website at www.veruspharm.com.
Verus(R) is a registered trademark of Verus Pharmaceuticals, Inc.
Forward-Looking Statements
Verus cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Verus that any of its plans will be achieved. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in Verus' business. All forward-looking statements are qualified in their entirety by this cautionary statement and Verus undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
CONTACT: Blair C. Fensterstock, Esq., Managing Director of Fensterstock &
Partners LLP, +1-212-785-4100, cell, +1-917-689-1137,
BFensterstock@fensterstock.com
Web site: http://www.veruspharm.com/
