Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Maxim Pharmaceuticals, Inc.

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Maxim
Pharmaceuticals, Inc. 


HARTFORD, Conn., Sept. 22  /PRNewswire/ -- The law firm of Schatz & Nobel,
P.C., which has significant experience representing investors in prosecuting
claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the Southern
District of California on behalf of all persons who purchased the publicly
traded securities of Maxim Pharmaceuticals, Inc. (NASDAQ:MAXM) ("Maxim")
between November 11, 2002 and September 17, 2004, inclusive (the "Class
Period").

The Complaint alleges that Maxim and certain of its officers and directors
issued materially false statements concerning Maxim's leading drug candidate,
Ceplene, in the treatment of malignant melanoma.  Specifically: (i) defendants
concealed positive reports that survival rates and the status of malignant
melanoma patients treated with Ceplene during the original MO1 Phase III study
were rooted in a failed, fundamentally flawed and deficient trial; (ii)
defendants' representation that "Maxim Pharmaceuticals Receives FDA Approval"
was intended to convey that Ceplene was safe, effective and approved for use;
(iii) under the Food, Drug and Cosmetic Act, it was illegal to publicly promote
Ceplene as a safe and effective treatment for any type of disease; (iv) even
though Maxim represented that the FDA "approved" Ceplene, no new clinical data
or information demonstrating that the drug was effective in the treatment of
malignant melanoma had been provided to the agency since it rejected the drug
in 2001; (v) the later "confirmatory" Phase III study was in fact designed to
refute key negative results in the MO1 study as interpreted by panel experts at
the ODAC (results that explained why the drug did not work); (vi) negative
results were again the likely outcome of the later "confirmatory" Phase III
study, while positive results would create controversy and alone could not
support approval of the drug for the treatment of malignant melanoma; and (vii)
disclosure of the negative results of the later trial were delayed, affording
insiders an opportunity for trading Maxim's securities.

If you are a member of the class, you may, no later than November 22, 2004
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is not
affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).

For more information about the case and your rights, please contact Schatz &
Nobel toll-free at [phone], or by e-mail at . You also can visit our
website: http://www.snlaw.net/.

  CONTACT:
   Nancy A. Kulesa
   Tel.: [phone]
   Website: http://www.snlaw.net/
   e-mail: 

DATASOURCE: Schatz & Nobel, P.C.



CONTACT: Nancy A. Kulesa of Schatz & Nobel, P.C., [phone],





Web site:  http://www.snlaw.net/

Copyright