City of Hope National Medical Center Awarded $300,164,030.00 in Lawsuit Against Genentech, Inc.Business Editors & Legal/Health/Medical Writers DUARTE, Calif.--(BUSINESS WIRE)--June 10, 2002 City of Hope National Medical Center City of Hope is one of 39 NCI-designated Cancer Centers and is located in the city of Duarte, California. City of Hope comprises an ambulatory and in-patient cancer treatment center as well as a biomedical research facility known as the Beckman Research Institute and the City of Hope has been awarded $300,164,030.00 in compensatory damages A sum of money awarded in a civil action by a court to indemnify a person for the particular loss, detriment, or injury suffered as a result of the unlawful conduct of another. by a Los Angeles County Superior Court jury as a result of its lawsuit against Genentech, Inc. (NYSE NYSE See: New York Stock Exchange :DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. ). The jury found that Genentech breached a 1976 contract with City of Hope. This contract relates to the research of Arthur Riggs, Ph.D., and Keiichi Itakura, Ph.D., that led to the creation, among other things, of synthetic insulin, or Humulin(R), the world's first biotechnology drug. This discovery at City of Hope ushered in the dawn of the biotech age. In addition to determining that Genentech breached its contract with City of Hope, the jury also determined that Genentech breached its fiduciary duty to City of Hope by concealing the existence of third-party licenses of the Riggs-Itakura patents from City of Hope. The jury also decided that Genentech's concealment was fraudulent. The jury will now hear evidence and deliberate on possible punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. against Genentech, which would be in addition to the compensatory damages. "Our attorneys did an excellent job in presenting our case, and we are very pleased that the jury agreed with our position," said Gil N. Schwartzberg, president and chief executive officer of City of Hope. It is expected that Genentech will appeal the jury's compensatory judgment, and that could delay the payment to City of Hope for an extended period. When received, the verdict payment will be used to further City of Hope's humanitarian mission of conducting biomedical research aimed at curing life-threatening diseases. Schwartzberg said that collaborations between private industry and City of Hope are critically important and will continue. In addition to Humulin(R), City of Hope has licensed its groundbreaking monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing technology to Genentech. This technology is used in the manufacture of the medications Herceptin(R) and Rituxan(R), two of the most promising cancer drugs available today. City of Hope National Medical Center is one of the world's leading research and treatment centers for cancer and other life-threatening diseases including diabetes and HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome . A pioneer in the fields of bone marrow transplantation Bone Marrow Transplantation Definition The bone marrow—the sponge-like tissue found in the center of certain bones—contains stem cells that are the precursors of white blood cells, red blood cells, and platelets. and genetics, City of Hope is a National Cancer Institute-designated Comprehensive Cancer Center. For more information, visit our Web site at www.cityofhope.org. City of Hope...where the power of knowledge saves lives. |
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