Applied Molecular Evolution Announces Magistrate's Recommendation in Lawsuit Against MorphoSys.Business Editors & Health/Medical Writers BIOWIRE2K SAN DIEGO--(BUSINESS WIRE)--Jan. 6, 2003 Applied Molecular Evolution (AME See AIT. ) (Nasdaq: AMEV AMEV Armored Medical Evacuation Vehicle ) today received a report and recommendation from the magistrate judge to the district judge in its legal action against MorphoSys AG and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. MorphoSys USA, Inc. that MorphoSys' motion for summary judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers of non-infringement be allowed and that AME's motion for partial summary judgment of infringement be denied and all other motions be dismissed as moot. "AME filed a complaint asserting that MorphoSys is infringing the Kauffman patents. If the district judge adopts the recommendation of the magistrate judge that MorphoSys is not infringing the Kauffman patents, this will not affect AME's freedom to operate in its corporate collaborations or internal development program, including the recently announced product candidates AME-527 and AME-133," stated William D. Huse, M.D., Ph.D., President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of AME. "Additionally, the magistrate judge's recommendation does not affect the validity of the Kauffman patents." On June 25, 2001, AME filed a complaint against MorphoSys AG and its wholly owned subsidiary MorphoSys USA, Inc., in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. seeking injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. and damages on behalf of the Company. The complaint alleges that MorphoSys AG and MorphoSys USA, Inc., are willfully willfully adv. referring to doing something intentionally, purposefully and stubbornly. Examples: "He drove the car willfully into the crowd on the sidewalk." "She willfully left the dangerous substances on the property." (See: willful) infringing the Kauffman patent family under which AME holds an exclusive license. About Applied Molecular Evolution Applied Molecular Evolution, Inc., (AME) is a leader in applying directed molecular evolution to improve healthcare by optimizing and developing human biotherapeutics. Directed molecular evolution is a process for optimizing genes and proteins for specific commercial purposes. Since its inception, AME's principal focus has been on applying its proprietary AMEsystem(TM) technology platform to human biotherapeutics, the largest market for directed molecular evolution. Biotherapeutics, or biopharmaceuticals, are protein pharmaceuticals such as antibodies, cytokines Cytokines Chemicals made by the cells that act on other cells to stimulate or inhibit their function. Cytokines that stimulate growth are called "growth factors. , hormones and enzymes. AME uses its proprietary technology to develop improved versions of currently marketed, FDA-approved biopharmaceuticals as well as novel human biotherapeutics. For more information please visit www.AME.biz. This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including uncertainties related to product development and the achievement of future milestones, uncertainties related to the need for regulatory or other government approvals, dependence on proprietary technology, uncertainty of market acceptance of the Company's products, uncertainties related to business opportunities, the receipt of future payments, including royalties and milestone payments, the continuation of customer relationships and other risks cited in the Company's Annual Report on Form 10-K for the year ended December 31, 2001, and other SEC Filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. |
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