Printer Friendly

Court Stays Lawsuit Against Tanox, Inc.; Judge Returns Parties to Arbitration.

HOUSTON -- Tanox, Inc. announced today that a lawsuit challenging Tanox's independent development rights filed by Genentech, Inc. and Novartis Pharma AG has been stayed by the U.S. District Court for the Northern District of California. The judge directed the parties to return to the arbitration originally initiated by Tanox, Inc.

"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/ .

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X22625997

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.

Website: http://www.tanox.com/

Company News On-Call: http://www.prnewswire.com/comp/831687.html
COPYRIGHT 2001 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 17, 2001
Words:377
Previous Article:TeleCheck Reports Modest 1.8 Percent Gain 24 Days Into the Holiday Shopping Season; Busiest Shopping Days of the Year Still to Come, the Company Says.
Next Article:Comstock Resources, Inc. Completes Tender Offer for DevX Energy, Inc.
Topics:


Related Articles
TANOX, INC.
Tanox, Inc. Wins Independent Development Rights.
Tanox, Inc. Reports Third Quarter 2001 Results.
Tanox Reports 2001 Year-End Results.
Tanox, Inc. Authorizes Stock Repurchase; Board Approves $3 Million Buyback; CFO Resigns.
NeoPharm and Pharmacia settle cancer patent arbitrations.
Texas Supreme Court Denies Petition for Review.
Panel Rules in Tanox-Novartis Arbitration; Conference Call to Provide Company Update.
Tanox Receives Multimillion Xolair(R) Milestone Payment.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters