Napro Biotherapeutics (NASDAQ:NPRO)
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Court Rules in Favor of NaPro in Mylan Patent Infringement Case
BOULDER, Colo., Dec. 24 /PRNewswire-FirstCall/ -- NaPro BioTherapeutics, Inc.
announced today that the Federal District Court in the Western District of
Pennsylvania has ruled again in favor of NaPro in its case against Mylan
Laboratories Inc., regarding certain paclitaxel formulation patents. In a
ruling issued yesterday, the Court found that these patents are valid, and that
Mylan's claims that the patents were procured through inequitable conduct and
fraud on the patent office were neither true nor justified.
Earlier, in October 2003, the Court ruled that Mylan infringed these patents. A
trial to determine the damages owed by Mylan in this case has been set for May
24, 2004.
"We are naturally very pleased with the Court's unambiguous ruling. The Court's
ruling, affirming the validity of these patents, speaks to the integrity of our
company and the conduct and professionalism of our people," stated Leonard P.
Shaykin, Chairman and Chief Executive Officer.
On December 12, 2003, NaPro announced the closing of the sale of its worldwide
generic injectable paclitaxel business to Mayne Pharma for $71.7 million in
cash. The patents which are the subject of this litigation were sold to Mayne
Pharma as part of the injectable paclitaxel business. Mayne Pharma has full
control over the damages phase of this litigation, and may direct it, or settle
it upon any terms it chooses. However, the transaction with Mayne Pharma
provides that NaPro will be entitled to a portion of any cash award received
with respect to this patent litigation with Mylan.
About NaPro BioTherapeutics
NaPro BioTherapeutics, Inc. is a life science company focused on the development
of targeted therapies for the treatment of cancer and hereditary disease.
For more information about NaPro and its technologies, visit NaPro's web site at
http://www.naprobio.com/ .
Forward-Looking Statements
The statements in this news release that are not historical facts are
forward-looking statements that represent management's beliefs and assumptions
as of the date of this news release, based on currently available information.
Forward-looking statements can be identified by the use of words such as
"believes," "intends," "estimates," "may," "will," "should," "anticipated,"
"expected," "trusts" or comparable terminology or by discussions of strategy.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot assure that these
expectations will prove to be correct. Such statements involve risks and
uncertainties including: risks associated with the unpredictability of
protracted patent litigation which can include appeals; and all of those factors
identified under the captions "Risk Factors," "Special Note Regarding
Forward-Looking Statements" or "Cautionary Note Regarding Forward-Looking
Statements" in the Company's documents filed from time to time with the SEC,
including the Company's registration statement on Form S-3, as amended, dated
August 8, 2003, its Annual Report on Forms 10-K and 10-K/A for the year ending
December 31, 2002 filed with the SEC on March 27, April 30, August 8 and October
24, 2003, and its Quarterly Report on Form 10-Q for the quarter ended October 1,
2003 filed with the Securities and Exchange Commission on November 14, 2003.
Should one or more of these risks materialize (or the consequences of such a
development worsen), or should the underlying assumptions prove incorrect,
actual results could differ materially from those forecasted or expected. The
Company disclaims any intention or obligation to update publicly or revise such
statements whether as a result of new information, future events or otherwise.
For further information, please contact: L. Robert Cohen, Vice President,
Investor Relations of NaPro BioTherapeutics, Inc., +1-212-218-8715.
DATASOURCE: NaPro BioTherapeutics, Inc.
CONTACT: L. Robert Cohen, Vice President, Investor Relations of NaPro
BioTherapeutics, Inc., +1-212-218-8715; or Investors, Lilian Stern of Stern
Investor Relations, +1-212-362-1200; or Media, Peter Steinerman,
+1-516-374-3031, both for NaPro BioTherapeutics, Inc.
Web site: http://www.naprobio.com/