ANN ARBOR, Mich., Jan. 8 /PRNewswire-FirstCall/ -- Esperion Therapeutics,
Inc. (Nasdaq: ESPR) today announced that the Durus Life Sciences Master Fund,
Ltd. (Durus Fund) has agreed to pay Esperion $32.2 million and certain
interest payments as settlement of liability under a lawsuit filed by Esperion
in the U.S. District Court in Connecticut.
Esperion filed suit on August 25, 2003 to recover profits made by the
Durus Fund, Durus Capital Management LLC, Durus Capital Management N.A., LLC
and Scott Sacane from purchases and sales of Esperion common stock that
represented short-swing transactions under Section 16(b) of the Securities
Exchange Act of 1934. Under the terms of the settlement agreement, Esperion
will release and discharge the Durus Fund, Durus Capital Management LLC, Durus
Capital Management N.A., LLC and Scott Sacane from any and all further claims
by Esperion and/or its stockholders arising under section 16(b) with respect
to these transactions. The dismissal of the lawsuit is subject to the Court's
approval.
Esperion Therapeutics
Esperion Therapeutics, Inc. discovers and develops pharmaceutical products
for the treatment of cardiovascular disease. Esperion intends to
commercialize a novel class of drugs that focuses on a new treatment approach
called "HDL Therapy," which is based on the Company's understanding of high-
density lipoprotein, or HDL, function. HDL is the primary facilitator of the
reverse lipid transport, or RLT, pathway by which excess cholesterol and other
lipids are removed from artery walls and other tissues and are transported to
the liver for elimination from the body. Esperion's goal is to develop drugs
that exploit the beneficial functions of HDL within the RLT pathway. Esperion
currently has four product candidates in clinical development. Esperion is
listed on the Nasdaq National Market under the symbol "ESPR."
Safe Harbor Statement
The information contained in this press release includes "forward-looking
statements." These forward-looking statements are often identified by words
such as "hope," "may," "believe," "anticipate," "plan," "expect," "require,"
"intend," "assume" and similar expressions. Forward-looking statements speak
only as of the date of this press release, reflect management's current
expectations, estimations and projections and involve certain factors, such as
risks and uncertainties, that may cause actual results, performance or
achievements to be far different from those suggested by Esperion's forward-
looking statements. These factors include, but are not limited to, risks
associated with: uncertainty as to whether Esperion's acquisition by Pfizer
will be completed, Esperion's ability to successfully execute its business
strategies, including entering into strategic partnerships or other
transactions if the transaction with Pfizer is not completed; the progress and
cost of development of Esperion's product candidates; the extent and timing of
market acceptance of new products developed by Esperion or its competitors;
Esperion's dependence on third parties to conduct clinical trials for
Esperion's product candidates; the extent and timing of regulatory approval,
as desired or required, for Esperion's product candidates; Esperion's
dependence on licensing arrangements and strategic relationships with third
parties; clinical trials; manufacturing; Esperion's dependence on patents and
proprietary rights; litigation, proceedings, investigations and other
disruptions of management's time resulting from the acquisition of Esperion's
common stock by various persons associated with Scott Sacane; the procurement,
maintenance, enforcement and defense of Esperion's patents and proprietary
rights; competitive conditions in the industry; business cycles affecting the
markets in which any of Esperion's future products may be sold; extraordinary
events and transactions; seeking and consummating business acquisitions,
including the diversion of management's attention to the assimilation of the
operations and personnel of any acquired business; fluctuations in foreign
exchange rates; and economic conditions generally or in various geographic
areas. Because all of the foregoing factors are difficult to forecast, you
should not place undue reliance on any forward-looking statement. More
detailed information about some of these and other risk factors is set forth
in Esperion's filings with the Securities and Exchange Commission. Esperion
does not intend to update any of these factors or to publicly announce the
results of any revisions to any of these forward-looking statements other than
as required under the federal securities laws.
Company Timothy Mayleben
Contact: Chief Operating Officer & CFO
Esperion Therapeutics, Inc.
(734) 222-1809
tmayleben@esperion.com
Media Jim Wetmore
Contact: Berry & Company Public Relations
(212) 253-8881
jwetmore@berrypr.com
SOURCE Esperion Therapeutics, Inc.
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Related links:
http://www.esperion.com
CONTACT:
Company Contact: Timothy Mayleben, Chief
Operating Officer & CFO of Esperion Therapeutics, Inc.,
+1-734-222-1809, tmayleben@esperion.com ; Media Contact: Jim
Wetmore of Berry & Company Public Relations, +1-212-253-8881,
jwetmore@berrypr.com
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