Exiqon A/S completes litigation against Santaris Pharma a/s
Exiqon A/S
07.10.2011 19:50
Dissemination of a Adhoc News, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Exiqon A/S (NASDAQ OMX Copenhagen: 'EXQ') today announced that the company has
completed its litigation against Santaris Pharma a/s.
In 2010, Exiqon initiated arbitration proceedings to defend its business
against Santaris Pharma.
Exiqon's product offering includes LNA(tm) amidites and LNA(tm) oligonucleotides for
the research and development of pharmaceutical products. Exiqon has the
exclusive right to supply such products except for use in the research and
development of pharmaceutical products containing LNA(tm) as the active
ingredient. Today's decision by the arbitration court establishes Exiqon's
non-exclusive right to supply these products also for the research and
development of pharmaceutical products containing LNA(tm) as the active
ingredient. Santaris Pharma's request that Exiqon should be prevented from
supplying LNA(tm) products for such use was dismissed.
Following today's decision, it is clear that both Exiqon and Santaris Pharma
may supply LNA(tm) products for the research and development of pharmaceutical
products containing LNA(tm) as the active ingredient.
In a comment, President and CEO of Exiqon, Lars Kongsbak said: 'Exiqon is
committed to provide best in class products for the detection of nucleic acids
using our LNA(tm) technology. This has allowed us to become a leader in our
markets, and serves as the foundation for Exiqon's commitment to develop, and
help propel the development of, novel molecular diagnostic products, including
companion diagnostics, for which we provide easy access to our proprietary
technologies through licensing. Proceedings against Santaris Pharma were an
unfortunate, but necessary, step towards realizing our business goals.'
Exiqon had requested that Santaris Pharma be ordered to pay damages. However,
the arbitration court did not find grounds for damages.
During proceedings, Santaris Pharma submitted a counter claim against Exiqon
for damages in the amount of DKK 100 million. This claim was dismissed on
substantive grounds.
The arbitration court also decided on the distribution of the costs of
proceedings. Santaris Pharma was awarded partial costs of DKK 2 million payable
by Exiqon within 14 days.
Exiqon expect today's decision to impact its full year EBITDA, for which
guidance has been provided exclusive of one-time items, with approximately DKK
-10 million.
Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
See the full press release in the attached PDF or at
www.exiqon.com/investor/portal.
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=364300
News Source: NASDAQ OMX
07.10.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Exiqon A/S
Denmark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0060077758
WKN:
End of Announcement DGAP News-Service
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Exiqon A/S
07.10.2011 19:50
Dissemination of a Adhoc News, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Exiqon A/S (NASDAQ OMX Copenhagen: 'EXQ') today announced that the company has
completed its litigation against Santaris Pharma a/s.
In 2010, Exiqon initiated arbitration proceedings to defend its business
against Santaris Pharma.
Exiqon's product offering includes LNA(tm) amidites and LNA(tm) oligonucleotides for
the research and development of pharmaceutical products. Exiqon has the
exclusive right to supply such products except for use in the research and
development of pharmaceutical products containing LNA(tm) as the active
ingredient. Today's decision by the arbitration court establishes Exiqon's
non-exclusive right to supply these products also for the research and
development of pharmaceutical products containing LNA(tm) as the active
ingredient. Santaris Pharma's request that Exiqon should be prevented from
supplying LNA(tm) products for such use was dismissed.
Following today's decision, it is clear that both Exiqon and Santaris Pharma
may supply LNA(tm) products for the research and development of pharmaceutical
products containing LNA(tm) as the active ingredient.
In a comment, President and CEO of Exiqon, Lars Kongsbak said: 'Exiqon is
committed to provide best in class products for the detection of nucleic acids
using our LNA(tm) technology. This has allowed us to become a leader in our
markets, and serves as the foundation for Exiqon's commitment to develop, and
help propel the development of, novel molecular diagnostic products, including
companion diagnostics, for which we provide easy access to our proprietary
technologies through licensing. Proceedings against Santaris Pharma were an
unfortunate, but necessary, step towards realizing our business goals.'
Exiqon had requested that Santaris Pharma be ordered to pay damages. However,
the arbitration court did not find grounds for damages.
During proceedings, Santaris Pharma submitted a counter claim against Exiqon
for damages in the amount of DKK 100 million. This claim was dismissed on
substantive grounds.
The arbitration court also decided on the distribution of the costs of
proceedings. Santaris Pharma was awarded partial costs of DKK 2 million payable
by Exiqon within 14 days.
Exiqon expect today's decision to impact its full year EBITDA, for which
guidance has been provided exclusive of one-time items, with approximately DKK
-10 million.
Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
See the full press release in the attached PDF or at
www.exiqon.com/investor/portal.
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=364300
News Source: NASDAQ OMX
07.10.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Exiqon A/S
Denmark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0060077758
WKN:
End of Announcement DGAP News-Service
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