5045 Orbitor Drive, Building 11, Suite 400
L4W4Y4 Mississauga, Ontario, ca
+49 (9232) 88190-31
YM sees nimotuzumab license unaffected by civil claim against licensor
None of the international patents for nimotuzumab for which YM is licensed are affected.
"We do not believe that this situation will have an impact on YM's continuing development of nimotuzumab in the US nor do we expect it to be material to YM," said David Allan, Chairman and CEO of YM. "We issue this press release solely in response to market activity."
The lien against the two patents, which were issued by the USPTO to CIM, appear to form part of an award resulting in liens against approximately 60 patents from a number of scientific institutes assigned to that third party by a court in Miami, Florida. The liens have no relation to the US embargo against Cuba and result specifically from a civil suit brought to seek compensation for a plaintiff in a matter unrelated to these patents.
The lien is against the patents which are already subject to the license to YM's subsidiary, may solely affect the rights of CIMAB to benefit from the patents, and, consequently, this situation is not expected to be material to YM. Further, YM's license is a royaltyfree license which conditions are not changed by virtue of a change of ownership in the patents, should such occur.
YM and its four licensees continue the development of nimotuzumab in 11 trials worldwide of which three are Phase III trials. Data on a number of the nimotuzumab trials is expected during 2010. YM is also in clinical development of two other novel drugs - a JAK 1/2targeting small molecule currently in a clinical trial at Mayo Clinic and an orallyavailable small molecule vascular disruptive agent in clinical development. Data from both the JAK and VDA trials are also expected during 2010. The oral availability of the VDA differentiates it importantly from most or all of the other VDAs in development and the JAK 1/2targeting drug additionally enjoys advantages over other members of this class in development. Recent licenses by development companies to multinational pharmaceutical companies for VDA and JAKtargeting drugs are evidence of high interest from that industry for agents in these classes and the substantial sums paid provide benchmarks against which drugs in development may be measured.
This press release may contain forwardlooking statements, which reflect the Company's current expectation regarding future events. These forwardlooking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forwardlooking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting. Certain of the assumptions made in preparing forwardlooking statements include but are not limited to the following: that nimotuzumab will continue to demonstrate a competitive safety profile in ongoing and future clinical trials; that JAK 1/2 and the VDA molecule will generate positive efficacy and safety data in future clinical trials; AeroLEF(R) will continue to generate positive efficacy and safety data in future clinical trials; that and that YM and its various partners will complete their respective clinical trials within the timelines communicated in this release. We undertake no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.
The use of information published here for personal information and editorial processing is generally free of charge. Please clarify any copyright issues with the stated publisher before further use. In the event of publication, please send a specimen copy to firstname.lastname@example.org.