Napro Biotherapeutics (NASDAQ:NPRO)
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December 1 Trial Date Set in NaPro vs Mylan Patent Infringement Case
BOULDER, Colo., Nov. 12 /PRNewswire-FirstCall/ -- NaPro BioTherapeutics, Inc.
announced today that the Federal District Court in the Western District of
Pennsylvania has set December 1, 2003 as the trial date for NaPro's patent
infringement lawsuit against Mylan Laboratories Inc.
As previously announced, in October 2003, the Court declared that Mylan
Laboratories infringes certain of NaPro's patents related to stabilized
formulations of paclitaxel and methods for making such stable formulations. The
Court also stated that the inventors listed on the NaPro patents were the first
to invent the compositions and methods claimed in such patents. The Court also
adopted NaPro's interpretations of the patent claims asserted against Mylan in
this case.
The remaining issues at trial will be focused on Mylan's claims that NaPro's
patents are invalid and unenforceable. NaPro expects that the case will proceed
to a damages phase in 2004 or 2005 if NaPro is successful at the December
trial.
In August 2003, NaPro announced that it had signed a definitive agreement,
subject to the approval of NaPro's stockholders, to sell its worldwide generic
injectable paclitaxel business to Faulding Pharmaceutical Co., a subsidiary of
Mayne Group Limited, for $71.7 million in cash minus an inventory adjustment to
reflect our actual inventory as of the closing. The transaction with Faulding
also provides that NaPro will be entitled to a portion of any cash payment
received by Faulding with respect to the Mylan litigation subsequent to the sale
of the paclitaxel business.
"Though matters of litigation are always uncertain, the Court's finding three
weeks ago in NaPro's favor speaks to the strength of our case against Mylan,"
stated Leonard Shaykin, Chairman and Chief Executive Officer of NaPro. "We look
forward to the opportunity to present our case at trial."
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.
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" 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 development of the genomics, gene editing and targeted
businesses, including competition from companies in similar businesses,
limitations on the ability to market products because of the intellectual
property rights of third parties, the ability to obtain, maintain and enforce
patents; the risk that the transaction announced with Faulding Pharmaceutical
Co. may not close because it is not approved by stockholders or otherwise or may
be materially delayed; the costs of continuing development of any or all of the
Company's development programs; the timing of when those programs will enter the
clinic; the successful commercialization of the Company's platform technologies;
the fact that the Company's business will require substantial additional
investment that the Company has not secured; and the risk that the cash proceeds
from the Faulding transaction, if realized, will not be sufficient to fund the
Company's strategic plans for the initial development new proprietary
therapeutic candidates; 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 July 2, 2003 filed with the Securities
and Exchange Commission on August 8, 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.
Additional Information
In connection with the proposed sale of assets to Faulding, NaPro has filed a
definitive proxy statement with the Securities and Exchange Commission (SEC).
Investors and security holders are urged to read the definitive proxy statement
as it contains important information about NaPro, the proposed transaction and
related matters. Investors and security holders have access to free copies of
the definitive proxy statement and other documents filed with the SEC by NaPro
through the SEC website at http://www.sec.gov/. The definitive proxy statement
and related materials may also be obtained for free from NaPro by calling the
company contact listed below.
NaPro and its directors and executive officers may be deemed to be participants
in the solicitation of proxies in connection with the proposed transaction.
Information regarding the persons who may, under the rules of the SEC, be
considered to be participants in the solicitation of NaPro's stockholders in
connection with the proposed transaction is set forth in NaPro's proxy statement
for its 2003 annual meeting of stockholders, dated May 23, 2003 and filed with
the SEC on May 27, 2003. Additional information is set forth in the definitive
proxy statement on file with the SEC related to the proposed sale of assets.
For further information, please 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.
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/