Court Stays Lawsuit Against Tanox, Inc.; Judge Returns Parties to Arbitration.
"We are very comfortable with the decision to resume arbitration," says Nancy T. Chang, president and CEO of Tanox, Inc. "We look forward to concluding the arbitration process successfully while continuing development of TNX-901, which holds great promise as a treatment for peanut allergies."
The Court's December 10th decision follows a previous ruling that agreements between the three pharmaceutical companies do not prohibit Tanox from exercising its rights of independent development as set forth in the Development and Licensing Agreement between Novartis and Tanox. Genentech and Novartis claim that TNX-901 is not subject to those rights. Tanox has asked the arbitration panel to confirm its position that Tanox's independent rights include development of TNX-901.
Tanox, Inc. is a biopharmaceutical company with demonstrated expertise in monoclonal antibody technology. The Company is engaged in the discovery and development of therapeutic monoclonal antibodies designed to address significant unmet medical needs in the areas of asthma, allergy, inflammation and other diseases affecting the human immune system. Xolair, Tanox's most advanced product in development is an anti-immunoglobulin E, or anti-IgE, antibody, which is being developed for allergic asthma, seasonal allergic rhinitis (hay fever) and perennial allergic rhinitis in collaboration with Novartis Pharmaceutical Corporation and Genentech. Genentech and Novartis are collecting information to respond to the complete response letter received from the U.S. FDA on the marketing application submitted for Xolair for allergic asthma and seasonal allergic rhinitis. The information will also be provided to health authorities in the EU, Switzerland, Australia and New Zealand to support marketing applications filed there.
This release and other information about Tanox, Inc. can be found on the World Wide Web at http://www.tanox.com/ .
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Contact: Ashraf Hanna, Ph.D., M.D., Director of Strategic Planning, +1-713-578-4215, or Michelle DeSantis, IR-PR Coordinator, +1-713-578-4042, both of Tanox, Inc.
Company News On-Call: http://www.prnewswire.com/comp/831687.html
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|Date:||Dec 17, 2001|
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