DRAXIS Subsidiary Receives Notice of Arbitration from Innovations Foundation.Business Editors MISSISSAUGA, Ontario--(BUSINESS WIRE)--July 26, 2000 DRAXIS Health Inc. (Nasdaq:DRAX)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAX.) today announced that Deprenyl Animal Health Inc. (DAHI DAHI Deck Aft High ), a 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. of DRAXIS, has been served with a notice of arbitration in relation to allegations made by University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, Innovations Foundation (IF). DRAXIS considers IF's assertion of entitlement to an unspecified portion of the financial benefits associated with Anipryl(R) to be wholly unfounded and without merit and has referred the matter to outside legal counsel. DRAXIS Health Inc. is a diversified speciality pharmaceutical company operating in three niche markets: Radiopharmaceuticals (DRAXIMAGE), Canadian sales and marketing (DRAXIS Pharmaceutica) and Companion Animal Health (through its global alliance with Pfizer Inc.). DRAXIS supports its own as well as third party manufacturing requirements through its subsidiary, DRAXIS Pharma, located in Kirkland, Quebec Kirkland is a municipality on the Island of Montreal in southwestern Quebec, Canada. As of October 2005, the population was 21,735. It is named after Dr. Charles-Aimé Kirkland, a Quebec provincial politician. . Except for historical information, this news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk and uncertainties, which may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, clinical trial results, the establishment of new corporate alliances, the impact of competitive products and pricing, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time-to-time in the Company's filings with the US Securities and Exchange Commission and Canadian securities authorities |
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