WALTHAM, Mass., Sept. 10 /PRNewswire-FirstCall/ -- Repligen Corporation
(Nasdaq: RGEN) announced today it has reached a settlement with ImClone
Systems, Incorporated (Nasdaq: IMCL) in the lawsuit against ImClone for
infringement of U.S. Patent No. 4,663,281 based on ImClone's manufacture
and sale of Erbitux(R). The settlement provides for ImClone to make a
payment of $65 million to co-plaintiffs Repligen and The Massachusetts
Institute of Technology (MIT) and will result in net proceeds to Repligen
of approximately $40 million after payment of obligations to MIT and legal
expenses. The settlement agreement serves as the basis for Repligen and MIT
to dismiss the lawsuit against ImClone and Repligen has granted ImClone a
non-exclusive sublicense to certain patent rights.
"We are very pleased by the settlement of this case which will enable
us to end this quarter with more than $60 million in cash and cash
equivalents," stated Walter C. Herlihy, President and Chief Executive
Officer of Repligen Corporation. "We plan to invest the proceeds from the
settlement in the growth and expansion of both our CNS product pipeline and
our bioprocessing business."
In May 2004, Repligen and MIT filed an action in the United States
District Court for the District of Massachusetts against ImClone for
infringement of U.S. Patent No. 4,663,281 based on ImClone's manufacture
and sale of Erbitux(R). The patent, which covers the use of certain genetic
elements that increase protein production in a mammalian cell, is assigned
to MIT and exclusively licensed to Repligen. Repligen and MIT were
represented in the litigation by Fish and Richardson P.C.
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company focused on the
development of novel therapeutics for diseases that affect the central
nervous system. In addition, we are the world's leading supplier of
recombinant Protein A, the sales of which partially fund the advancement of
our development pipeline while supporting our financial stability.
Repligen's corporate headquarters are located at 41 Seyon Street, Building
#1, Suite 100, Waltham, MA 02453. Additional information may be requested
from http://www.repligen.com.
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The forward-looking statements in this release do not
constitute guarantees of future performance. Investors are cautioned that
statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding current or
future financial performance and position, management's strategy, plans and
objectives for future operations, plans and objectives for product
development, plans and objectives for present and future clinical trials
and results of such trials, plans and objectives for regulatory approval,
litigation, intellectual property, product development, manufacturing plans
and performance such as the anticipated growth in the monoclonal antibody
market and our other target markets and projected growth in product sales,
constitute forward-looking statements. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated, including, without
limitation, risks associated with: the success of current and future
collaborative relationships, the market acceptance of our products, our
ability to compete with larger, better financed pharmaceutical and
biotechnology companies, new approaches to the treatment of our targeted
diseases, our expectation of incurring continued losses, our uncertainty of
product revenues and profits, our ability to generate future revenues, our
ability to raise additional capital to continue our drug development
programs, the success of our clinical trials, our ability to develop and
commercialize products, our ability to obtain required regulatory
approvals, our compliance with all Food and Drug Administration
regulations, our ability to obtain, maintain and protect intellectual
property rights for our products, the risk of litigation regarding our
intellectual property rights, our limited sales and manufacturing
capabilities, our dependence on third-party manufacturers and value added
resellers, our ability to hire and retain skilled personnel, our volatile
stock price, and other risks detailed in Repligen's filings with the
Securities and Exchange Commission. Repligen assumes no obligation to
update any forward-looking information contained in this press release or
with respect to the announcements described herein.
SOURCE Repligen Corporation
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Related links:
http://www.repligen.com
CONTACT:
Laura Whitehouse, Vice President, Market
Development, +1-781-419-1812, or Walter C. Herlihy, Ph.D.,
President and Chief Executive Officer, +1-781-419-1900, both of
Repligen Corporation
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