ANN ARBOR, Mich., Aug. 25 /PRNewswire-FirstCall/ -- Esperion Therapeutics,
Inc. (Nasdaq: ESPR) today announced that it has commenced litigation against
Scott Sacane, Durus Capital Management, LLC, Durus Capital Management (NA),
LLC and Durus Life Sciences Master Fund, Ltd. (together, the Sacane Group) in
United States District Court in Connecticut. On July 25, 2003, Esperion
learned that the Sacane Group had become the beneficial owners of almost 33%
of the Company's then outstanding common stock. The Sacane Group had not
previously disclosed these transactions to the Company.
The lawsuit seeks recovery of profits made by the Sacane Group from
purchases and sales of Esperion common stock that represent short-swing
transactions under Section 16(b) of the Securities Exchange Act of 1934, as
well as equitable relief and attorneys' fees. The Company will also continue
to explore opportunities to work cooperatively with the Sacane Group to
resolve this matter.
"After careful review of the events related to this action and the options
available to Esperion, we feel that this lawsuit represents the best course of
action to protect the interests of Esperion and its stockholders," said Roger
S. Newton, Ph.D., President and CEO of Esperion Therapeutics. "We remain
focused on our efforts to discover and develop new HDL-targeted therapies for
the treatment of cardiovascular disease while we work towards a favorable
resolution to this matter."
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 product candidates under development for the treatment of
cardiovascular disease. 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" within the meaning of the Private Securities Litigation Reform Act
of 1995. 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 the Company's
forward-looking statements. These factors include, but are not limited to,
risks associated with: the Company's ability to successfully execute its
business strategies, including entering into strategic partnerships or other
transactions; the progress and cost of development of the Company's product
candidates; the extent and timing of market acceptance of new products
developed by the Company or its competitors; the Company's dependence on third
parties to conduct clinical trials for the Company's product candidates; the
extent and timing of regulatory approval, as desired or required, for the
Company's product candidates; the Company's dependence on licensing
arrangements and strategic relationships with third parties; clinical trials;
manufacturing; the Company's dependence on patents and proprietary rights; any
litigation, proceedings or other disruption of management's time resulting
from acquisition of the Company's common stock by the Sacane Group; the
procurement, maintenance, enforcement and defense of the Company's patents and
proprietary rights; competitive conditions in the industry; business cycles
affecting the markets in which any of the Company'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; the
timing and extent of the Company's financing needs and the Company's access to
funding, including through the equity market, particularly in light of the
impact on the market value of our common stock of matters outside of our
control, such as trading activities by third parties; 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 the Company's filings with the Securities and Exchange Commission. The
Company 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 Frank Thomas
Contact: VP, Finance & Investor Relations
Esperion Therapeutics, Inc.
(734) 222-1831
fthomas@esperion.com
Media Jim Wetmore
Contact: Berry & Company Public Relations
(212) 253-8881
jwetmore@berrypr.com
SOURCE Esperion Therapeutics, Inc.
 back to top
Related links:
http://www.esperion.com
CONTACT:
Company Contact: Frank Thomas, VP, Finance &
Investor Relations of Esperion Therapeutics, Inc.,
+1-734-222-1831, fthomas@esperion.com ; or Media Contact: Jim
Wetmore of Berry & Company Public Relations, +1-212-253-8881,
jwetmore@berrypr.com , for Esperion Therapeutics, Inc.
|
