Axcan Position Upheld by Arbitrator.MONTREAL--(BUSINESS WIRE)--Feb. 14, 1996--Axcan Pharma Inc. a (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AXP) Canadian pharmaceutical company, announced today that an arbitrator has dismissed the claim by ICN ICN International Council of Nurses. Canada Limited alleging that AXCAN Pharma had entered into an agreement with Rowell Laboratories Inc. to market a rectal suspension enema enema /en·e·ma/ (en´e-mah) [Gr.] a solution introduced into the rectum to promote evacuation of feces or as a means of introducing nutrients, medicinal substances, or opaque material for radiologic examination of the lower intestinal and a Cortenema rectal suspension enema in Canada in violation of IC's right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. for these products. ICN was claiming damages of $150 million. In his reasons for the award in AXCAN's favor, the arbitrator found there was no evidence to support ICN Canada's claims. He therefore, ordered that such claims be dismissed. The award is subject to a right of appeal. ACXAN Pharma has just launched its Protectaid(R) Sponge on the Canadian market. The firm was founded in 1983 under the name Interfalk Canada Inc. and completed its initial public offering in December 1995. It specializes in research and product development in the fields of gastroenterology, liver diseases, contraception and the prevention of sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely including AIDS. In cooperation with the Swedish firm, Althin Medical AB, it has also formed a joint venture company called Althin Biopharm to offer a complete line of hemodialysis products and services in Canada. CONTACT: Axcan Pharma Inc. Leon Gosselin, 514/467-5138 or Ken Cavanagh/Johanne Ricard, 514/843-7171 |
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