Printer Friendly

ALPHA 1 BIOMEDICALS ANNOUNCES INITIATION OF ARBITRATION PROCEEDINGS WITH LICENSEE

 BETHESDA, MD, July 30 /PRNewswire/ -- Alpha 1 Biomedicals, Inc. (NASDAQ: ALBM) announced today the initiation of an arbitration proceeding under its license agreement with SciClone Pharmaceuticals, Inc. (NASDAQ-NMS: SCLN). SciClone holds a license from Alpha 1 to commercialize Thymosin alpha 1 in all countries of the world other than the United States, Canada, Europe, Israel and Korea.
 The purpose of the arbitration is to resolve a number of contractual disputes relating to the license agreement. These issues include whether the license agreement has been amended to increase Alpha 1's sale price of Thymosin alpha 1 to SciClone for commercial resale and to change the formula for the calculation of the royalty payment due Alpha 1, as well as the question of whether SciClone can conduct developmental activities outside of its territory.
 According to Dr. Vincent Simmon, Alpha 1's chief executive officer, "Alpha 1 greatly regrets having to resort to the forum of arbitration to resolve these outstanding disputes. However, after months of discussions, the companies remain at an impasse. Given the disruptive effect on the conduct of normal business operations between the companies caused by these unresolved disagreements, Alpha 1 has concluded that it is in the best interest of Alpha 1 to submit these matters to arbitration. This proceeding will have no effect on the continuing activities of the company to commercialize Thymosin alpha 1 in the United States and its other territories.
 Alpha 1 Biomedicals, Inc. is engaged in the development of pharmaceutical products for the treatment of chronic viral diseases, immune disorders and cancer. The company's lead drug, Thymosin alpha 1, is currently in U.S. clinical trials for the treatment of chronic hepatitis B, chronic hepatitis C and AIDS.
 -0- 7/30/93
 /CONTACT: Vincent F. Simmon, Ph.D., president and CEO of Alpha 1 Biomedicals, Inc., 301-564-4400 or Anita Monteith-Dixon of Long Ridge Associates, 203-790-0647, for Alpha 1 Biomedicals/
 (ALBM SCLN)


CO: Alpha 1 Biomedicals, Inc.; SciClone Pharmaceuticals, Inc. ST: Maryland IN: MTC SU: LIC

MP-MG -- NY034 -- 7749 07/30/93 12:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:339
Previous Article:HOME PORT BANCORP, INC. REPORTS SECOND QUARTER RESULTS
Next Article:CODA COMPLETES KANSAS ACQUISITION
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters