MORRIS PLAINS, N.J., June 23 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced that it has received a favorable ruling in its
patent infringement suit against Cytogen Corp. and C.R. Bard, Inc. On
February 17, 2000, Immunomedics sued Cytogen and C.R. Bard, alleging that use
of their ProstaScint(R) product infringed U.S. Patent No. 4,460,559, which
claims a method for detecting and localizing tumors. On April 30, 2003, the
District Court ruled against Immunomedics in response to the parties'
cross-motions for summary judgment. The District Court determined that the
accused product did not infringe the '559 patent. The District Court's ruling
did not address any issues regarding the validity of the patent. Immunomedics
filed an appeal of this decision. On June 23, 2004, the Appeals Court
overturned the District Court's ruling of no infringement under the doctrine
of equivalents and remanded the case back to that Court for further
consideration of whether use of the ProstaScint(R) product infringes the
Immunomedics patent under the doctrine of equivalents.
"We believed all along that grounds for reversal existed, and we are
pleased that the Appeals Court ruled in our favor on the question of whether
there can be infringement under the doctrine of equivalents, remanding this
issue to the lower court to determine whether ProstaScint infringes our patent
under the doctrine of equivalents. We are optimistic going forward in the
litigation," remarked Ms. Cynthia L. Sullivan, Immunomedics' President and
CEO.
Immunomedics is a biopharmaceutical company focused on the development,
manufacture and commercialization of diagnostic imaging and therapeutic
products for the detection and treatment of cancer and other serious diseases.
Integral to these products are highly specific monoclonal antibodies and
antibody fragments designed to deliver radioisotopes and chemotherapeutic
agents to tumors and other sites of disease. Immunomedics has nine
therapeutic product candidates in clinical development and has two marketed
diagnostic imaging products. The most advanced therapeutic product candidates
are LymphoCide(R) (epratuzumab), for which certain Phase II clinical trials
for the treatment of non-Hodgkin's lymphoma have already been completed, and
CEA-Cide(R) (labetuzumab), which is in Phase I/II clinical trials for the
treatment of certain solid tumors.
This release, in addition to historical information, contains
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements, including statements regarding clinical
trials, involve significant risks and uncertainties and actual results could
differ materially from those expressed or implied herein. Factors that could
cause such differences include, but are not limited to, risks associated with
new product development (including clinical trials outcome and regulatory
requirements/actions), competitive risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in
the Company's Annual Report on Form 10-K for the year June 30, 2003. The
Company is not under any obligation, and the Company expressly disclaims any
obligation, to update or alter any forward-looking statements, whether as a
result of new information, future events or otherwise.
Company Contact: Trish Merwin, Finance & Investor Relations Coordinator,
(973) 605-8200, extension 263. Visit the Company's web site at
http://www.Immunomedics.com.
SOURCE Immunomedics, Inc.
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Related links:
http://www.Immunomedics.com
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Trish Merwin, Finance & Investor Relations
Coordinator of Immunomedics, Inc., +1-973-605-8200, ext. 263
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