SAN DIEGO, Oct. 4 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today announced that it has settled all litigation with
Scandipharm, Inc. related to Dura's termination of a Merger Agreement entered
into with Scandipharm in late 1997.
Under terms of the settlement, Dura will pay to Scandipharm $3.5 million,
and the parties will dismiss lawsuits filed against one another in Delaware
and Alabama, respectively. The settlement by Dura will result in a
non-recurring charge to earnings, net of income tax expense, of $0.05 per
share for the third quarter of 1999.
Dura Pharmaceuticals, Inc. is a San Diego based developer and marketer of
prescription pharmaceutical products for the treatment of allergies, asthma,
pneumonia and related respiratory conditions. Dura focuses on the U.S.
respiratory market because of its size and growth opportunities through two
major strategies: (1) acquiring prescription pharmaceuticals and/or
businesses developing or marketing such pharmaceuticals to support its
marketing presence in high-prescribing respiratory physicians' offices and/or
the hospital market, and (2) developing Spiros(R), a pulmonary drug delivery
system for both topical and systemic delivery of medications.
Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
which involve risks and uncertainties, including the timely development and
FDA approval of Spiros(R) products, if at all, the competitiveness of the
pharmaceutical industry, dependence on third parties for manufacturing and
development, the timely establishment of a hospital sales force and marketing
capability, and other risks detailed from time to time in Dura's filings with
the Securities and Exchange Commission. Actual results may differ materially
from those projected. Any forward-looking statements represent Dura's
judgment as of the date of this release. Dura disclaims, however, any intent
or obligation to update these forward-looking statements.
SOURCE Dura Pharmaceuticals, Inc.
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http://www.durapharm.com
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http://www.prnewswire.com/comp/197051.html or fax,
800-758-5804, ext. 197051
CONTACT:
Michael T. Borer, Senior Vice President &
Chief Financial Officer of Dura Pharmaceuticals, Inc.,
858-457-2553
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