Inkine Pharmaceutical (NASDAQ:INKP)
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From Oct 2019 to Oct 2024
InKine Pharmaceutical Company, Inc. (Nasdaq:INKP) today
announced that the Philadelphia Court of Common Pleas entered a final
judgment order approving the settlement of InKine's class action
litigation related to the denial of certain claimed preemptive rights.
The Court determined that the settlement was fair, reasonable and
adequate to the members of the class. The settlement, together with
costs incurred by InKine in the litigation, is being funded by a third
party.
"We are pleased that the final judgment has been entered by the
Court and that InKine and its insurance carriers are not responsible
for funding the damage settlement," said Leonard S. Jacob, M.D.,
Ph.D., Chairman and Chief Executive Officer of InKine.
The Court's judgment becomes unappealable after 30-days. There can
be no assurance that the judgment will not be appealed.
About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded specialty
pharmaceutical company focused on developing and commercializing
pharmaceutical products for the diagnosis and treatment of
gastrointestinal disorders. The Company's development strategy is to
acquire late-stage drug candidates with short time lines to
commercialization. The Company's franchise product, Visicol(R) is the
only tablet purgative preparation indicated for bowel cleansing prior
to colonoscopy. InKine's second product, IB-Stat(R), is an oral
hyoscyamine spray for the treatment of a variety of indications.
Additionally, the Company is developing INKP-102, an advanced
generation purgative, which the Company recently submitted a new drug
application to FDA for bowel cleansing prior to colonoscopy and
studying Visicol(R) for use as a laxative in treating patients with
constipation. For further information, please visit InKine on its web
site http://www.inkine.com.
In addition to historical facts or statement of current condition,
this press release may contain forward-looking statements.
Forward-looking statements provide InKine's current expectations or
forecasts of future events. These may include statements regarding
anticipated scientific progress on its research programs, development
of potential pharmaceutical products, interpretation of clinical
results, prospects for regulatory approval, manufacturing development
and capabilities, market prospects for its products, sales and
earnings projections, and other statements regarding matters that are
not historical facts. You may identify some of these forward-looking
statements by the use of words in the statements such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe" or other
words and terms of similar meaning. InKine's performance and financial
results could differ materially from those reflected in these
forward-looking statements due to general financial, economic,
regulatory and political conditions affecting the biotechnology and
pharmaceutical industries as well as more specific risks and
uncertainties such as those set forth in its reports on Form 10-Q and
10-K filed with the U.S. Securities and Exchange Commission. Given
these risks and uncertainties, any or all of these forward-looking
statements may prove to be incorrect. Therefore, you should not rely
on any such factors or forward-looking statements. Furthermore, InKine
does not intend (and it is not obligated) to update publicly any
forward-looking statements. This discussion is permitted by the
Private Securities Litigation Reform Act of 1995.