Patent Infringement Suit Against Insmed Dismissed
18 Avril 2005 - 10:03PM
PR Newswire (US)
Patent Infringement Suit Against Insmed Dismissed Judge Cites
Deficiencies in Tercica's and Genentech's Complaint RICHMOND, Va.,
April 18 /PRNewswire-FirstCall/ -- Insmed Incorporated
(NASDAQ:INSM) On April 15, 2005, the United States District Court
for the Northern District of California granted Insmed's Motion to
Dismiss the Amended Complaint filed by Tercica, Inc. and Genentech,
Inc. alleging patent infringement against Insmed. The Court granted
Tercica and Genentech leave to file another amended complaint
within thirty days. Insmed will evaluate any new Amended Complaint
when it is received and will determine at that time how to proceed.
The suit was originally filed by Tercica and Genentech on December
23, 2004, and an Amended Complaint was filed on February 16, 2005.
Insmed filed its Motion to Dismiss, or in the Alternative, for
Summary Judgment on February 18, 2005. About Insmed Incorporated
Insmed is a biopharmaceutical company focused on the discovery and
development of drug candidates for the treatment of metabolic
diseases and endocrine disorders with unmet medical needs. For more
information, please visit http://www.insmed.com/. Statements
included within this press release, which are not historical in
nature, may constitute forward-looking statements for purposes of
the safe harbor provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements in this press
release include, but are not limited to, statements regarding the
expected results of litigation regarding the validity of our
patents and our future ability to conduct our business as now
conducted and as it is currently proposed to be conducted; clinical
trials and goals, our regulatory and business strategies and growth
opportunities for existing or proposed products. Such
forward-looking statements are subject to numerous risks and
uncertainties, including the uncertainty of the outcome of any
litigation, the risk that product candidates may fail in the clinic
or may not be successfully marketed or manufactured, the company
may lack financial resources to complete development of product
candidates, the FDA may interpret the results of our studies
differently than we have. We can give no assurances that we would
be successful in any litigation or that such litigation would not
have a material adverse effect on our business, financial condition
and results of operation. Furthermore, we may not be able to afford
the expense of defending against such a claim. As a result of these
and other risks and uncertainties, actual results may differ
materially from those described in this press release. For further
information with respect to factors that could cause actual results
to differ from expectations, reference is made to reports filed by
the Company with the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended. The forward-looking
statements made in this release are made only as of the date hereof
and Insmed disclaims any intention or responsibility for updating
predictions or financial guidance contained in this release.
DATASOURCE: Insmed Incorporated CONTACT: Baxter Phillips, III of
Insmed Incorporated, Investor Relations, +1-804-565-3041, or fax,
+1-804-565-3510, or Web site: http://www.insmed.com/
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