Insmed Patent Litigation Verdict Announced
07 Décembre 2006 - 12:34AM
Business Wire
Insmed, Inc. (NASDAQ:INSM) announced today that the company was
found by a jury in the U.S. District Court for the Northern
District of California to have infringed on patents held by
Genentech, Inc. and Tercica, Inc. After an 11-day jury trial and 7
days of deliberations, the Oakland, California jury today rendered
the following verdict in the patent infringement lawsuit filed by
Genentech, Inc. and Tercica, Inc. against Insmed and two of its
subsidiaries, Insmed Therapeutic Proteins, Inc. and Celtrix
Pharmaceuticals, Inc. The jury found Insmed infringed U.S. Patent
No. 5,258,287. The jury did not find the infringement to be
willful. The jury found Insmed infringed U.S. Patent 5,187,151. The
jury found the infringement to be willful. The jury upheld the
validity of U.S. Patent 6,331,414. Previously, the Court found that
Insmed infringed this patent. The jury did not find the
infringement to be willful. The jury awarded damages of $7.5
million as an upfront payment and a royalty of 15% for sales below
$100 million and 20% for sales above $100 million. The lawsuit
centers around Iplex (rhIGF-I/rhIGFBP-3), Insmed�s IGF-1 therapy,
approved by the FDA to treat children with severe short stature.
Geoffrey Allan, Ph.D., President and CEO of Insmed, Inc. said, �The
company is reviewing the decision and assessing our options,
including post-trial motions and an appeal.� About Insmed Insmed,
Incorporated 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. About
IPLEXtm IPLEXtm is approved in the United States as the only once
daily treatment for children with short stature associated with
severe primary IGF-I deficiency (Primary IGFD). IPLEXtm, a complex
of recombinant human IGF-I and its binding protein IGFBP-3
(rhIGF-I/rhIGFBP-3), is the only FDA-approved IGF-I replacement
therapy that also replaces deficient IGFBP-3 in these patients. The
drug, which was launched in the second quarter of 2006, is also
being investigated for various other indications with unmet medical
needs, including severe insulin resistance, myotonic muscular
dystrophy and HIV Associated Adipose Redistribution Syndrome
(HARS). For more information about IPLEXtm please go to
www.go-IPLEX.com. Forward Looking Statements This release contains
forward-looking statements which are made pursuant to provisions of
Section 21E of the Securities Exchange Act of 1934. Investors are
cautioned that such statements in this release, including
statements relating to management�s beliefs, plans or objectives
for the Company�s future operations and financial performance as a
result of the court finding against the Company in the litigation
described above, constitute forward-looking statements which
involve risks and uncertainties that could cause actual results to
differ materially from those anticipated by the forward-looking
statements. The risks and uncertainties include, without limitation
the inherent uncertainties associated with the appeal process,
consumer reactions to the outcome of the litigation described
above, and other risks and challenges detailed in the Company�s
filings with the U.S. Securities and Exchange Commission, including
the Company�s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2006. Readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of
the date of this release. The Company undertakes no obligation to
publicly release the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances that occur after the date of this release or to
reflect the occurrence of unanticipated events.
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