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June 12, 2006
Neurochem announces award denying majority of Immtech's claims About the Award
The Tribunal held that Neurochem did not misappropriate any of Immtech's compounds, information or trade secrets and
that Immtech was not entitled to any interest in, or assignment of, Neurochem's patent applications. While the Tribunal
found that Neurochem had breached certain sections of the Agreement, Immtech was awarded a total of U.S.$35,000 in
damages, plus interest, in connection with a disputed milestone payment, and not the compensatory damages of up to
U.S.$50 million or the punitive damages that Immtech had been claiming. The Tribunal denied Immtech's various other
claims, including those based on fraud, negligence, breach of fiduciary relationship and unjust enrichment. The
Tribunal also denied Neurochem's counterclaims and awarded Immtech only a portion of the arbitration costs and of
Immtech's related legal fees. In total the Tribunal awarded Immtech approximately U.S.$1.9 million. About the Dispute
Following an initial period of communications between the parties regarding the dispute, in August 2003, Immtech filed a
lawsuit in the Federal District Court for the Southern District of New York ("District Court") against
Neurochem Inc. alleging breach of contract, fraud, trade secret misappropriation and various other alleged torts for
which Immtech sought preliminary and permanent injunctive relief (including a permanent assignment of the patent
applications covering Neurochem's use of amidine compounds for the treatment and/or diagnosis of amyloid related
disorders) and monetary damages. In January 2004, Neurochem filed motions with the District Court to compel Immtech
to arbitrate its disputes pursuant to the Agreement. Immtech filed a new complaint in the District Court in which it
was joined by Georgia State University Research Foundation Inc. and The University of North Carolina at Chapel Hill
(collectively, the "Universities") as party plaintiffs and in which Neurochem (International) Limited was
added as a defendant. In the new complaint, Immtech and the Universities collectively asserted causes of action
against Neurochem for breach of contract, fraud, trade secret misappropriation and various other alleged torts.
Thereafter, the District Court granted Neurochem's motion to compel Immtech to submit its claims to arbitration and
to stay the Universities' claims pending the outcome of arbitration. Arbitration discovery and an evidentiary
hearing concluded in September 2005. A status conference before the District Court is presently scheduled for the
end of July, 2006. About Neurochem
Neurochem is focused on the development and commercialization of innovative therapeutics to address critical unmet medical
needs. Eprodisate (Fibrillex™) is designated as an orphan drug, is a Fast Track product candidate and is also part
of FDA Continuous Marketing Application Pilot 1 and Pilot 2 programs. In April 2006, the FDA confirmed the filing and
awarded Priority review to a New Drug Application for Fibrillex™. Tramiprosate (Alzhemed™), for the treatment
of Alzheimer's disease, is currently in Phase III clinical trials in both North America and Europe, and tramiprosate
(Cerebril™), for the prevention of Hemorrhagic Stroke caused by Cerebral Amyloid Angiopathy, has completed a Phase
IIa clinical trial. To Contact Neurochem
For additional information on Neurochem and its drug development programs, please call the North American toll-free number
1 877 680-4500 or visit our Web Site at: www.neurochem.com.
Certain statements contained in this news release, other than statements of fact that are independently verifiable at
the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which
are beyond Neurochem's control. Such risks include but are not limited to: the impact of general economic conditions,
general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which
Neurochem does business, stock market volatility, fluctuations in costs, and changes to the competitive environment
due to consolidation, as well as other risks disclosed in public filings of Neurochem. Consequently, actual future
results may differ materially from the anticipated results expressed in the forward-looking statements. The reader
should not place undue reliance, if any, on the forward-looking statements included in this news release. These
statements speak only as of the date made and Neurochem is under no obligation and disavows any intention to update
or revise such statements as a result of any event, circumstances or otherwise. Please see the Annual Information
Form for further risk factors that might affect the Company and its business.
For further Information, please contact: |
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