ARAMED AND GENSIA INTEND TO VIGOROUSLY DEFEND LAWSUIT
ARAMED AND GENSIA INTEND TO VIGOROUSLY DEFEND LAWSUIT SAN DIEGO, Oct. 22 /PRNewswire/ -- Gensia Pharmaceuticals Inc.
(NASDAQ: GNSA) and Aramed Inc. (NASDAQ: ARAMZ) today announced that they intend to vigorously defend a lawsuit filed Oct. 9, 1992, in the U.S. District Court for the Southern District of California, accusing Aramed, certain of its officers and directors, Gensia and its directors of violating securities laws.
The lawsuit alleges a violation of federal and state law arising out of an alleged failure to disclose information about the efficacy and testing of Gensia's Arasine drug during the period from Feb. 27 to Sept. 22, 1992. The allegations are similar to those in lawsuits previously filed in the same court against Gensia and its directors. The suit seeks damages on behalf of an alleged class of investors who purchased Aramed units during that period. The complaint does not specify any amount of claimed damages. Aramed and Gensia stated that they believe the lawsuit lacks merit and appears to have been filed as an automatic response to a decrease on Sept. 22 in the market price of Aramed units. "We are confident that Aramed and Gensia have complied with applicable laws, and that Gensia's efforts to develop Arasine were adequately disclosed," said David F. Hale, chairman, president and chief executive officer of Gensia. Gensia Pharmaceuticals in a San Diego-based biopharmaceutical company formed to discover, develop, manufacture and market novel pharmaceutical products for the treatment and diagnosis of human disease. Aramed was formed to accelerate the discovery, research and development of certain compounds utilizing Gensia's adenosine regulating agent technology. -0- 10/22/92 R /CONTACT: Martha L. Hough or Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/ (GNSA ARAMZ) CO: Gensia Pharmaceuticals Inc.; Aramed Inc. ST: California IN: MTC SU:
JK -- SD005 -- 3903 10/22/92 17:56 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 22, 1992|
|Previous Article:||FIRST BANK SYSTEM RENEGOTIATES BANK SHARES MERGER AGREEMENT TO EXCLUDE ROCHESTER BANK|
|Next Article:||DOMINION TEXTILE TO RETAIN YARN OPERATIONS|