Court Dismisses Baseless Unfair Business Practices Lawsuit That Was Brought Against Insmed
13 Juin 2006 - 2:04PM
Business Wire
Insmed Incorporated (Nasdaq:INSM): On June 9, 2006, the United
States District Court for the Northern District of California
(Judge Saundra Brown Armstrong) granted Insmed's Motion to Dismiss
the Complaint filed by Tercica, Inc. in the case Tercica, Inc. vs.
Insmed Incorporated. The Complaint, filed and amended in December
2005, alleged violations of the California Business and Professions
Code and the federal Lanham Act for allegedly false and misleading
statements made by Insmed. In dismissing the Complaint, the Court
ruled, among other things, that Tercica had not met its burden of
establishing that the alleged statements made by Insmed constitute
"false advertising", or that the Court had jurisdiction over Insmed
in this case and that the venue was proper. Further, by dismissing
Tercica's complaint without leave to amend, the Court recognized
that the deficiencies in Tercica's lawsuit cannot be cured by
filing another lawsuit against Insmed in the United States District
Court for the Northern District of California. Insmed previously
notified Tercica that Insmed would seek fees and costs related to
Tercica's baseless lawsuit. Given the Court's ruling, Insmed will
pursue this option. "We are pleased that the Court ruled that
Tercica's complaint was without merit and upheld Insmed's right to
inform the investment community about our product development
activities related to IPLEX(TM) without violating the Lanham Act,"
stated Geoffrey Allan, Insmed's Chief Executive Officer. "In line
with Tercica's continuing preference to litigate, Tercica has
indicated they have filed a new lawsuit against Insmed in the
Virginia courts that is similar to the lawsuit dismissed in
California. As with the California case, Insmed will vigorously
defend its position and right to inform the investment community
about product development activities." About Insmed Insmed is a
biopharmaceutical company focused on the development and
commercialization of drugs for the treatment of metabolic diseases
and endocrine disorders with unmet medical needs. For more
information, please visit www.insmed.com. Forward Looking
Statements Statements included within this press release, which are
not historical in nature, may constitute forward-looking statements
for the 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 pending litigation and or future ability
to conduct our business as now conducted and as it is currently
proposed to be conducted. Such forward-looking statements are
subject to numerous risks and uncertainties, including but not
limited to the uncertainty of the outcome of any litigation with
Tercica. 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.
Insmed (NASDAQ:INSM)
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