$$ News: Xechem... U.S. Court.. against Bristol M. Squibb!!!!! $$ - 500 Beiträge pro Seite

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Xechem - XKEM (OTCBB) - 548177


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Press Release Source: Xechem International, Inc.


Xechem Announces Favorable Ruling by U.S. Court of Appeals in Its Antitrust Case against Bristol Myers Squibb
Friday June 25, 6:30 am ET


NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--June 25, 2004--Xechem International Inc. (OTCBB:XKEM - News) Xechem International, Inc. and Xechem, Inc. filed an antitrust suit against Bristol-Myers Squibb Company in the U.S. District Court for the Northern District of Illinois seeking treble damages in connection with BMS` alleged engagement in a series of unlawful acts to delay competition in generic versions of paclitaxel (marketed by BMS under its registered trademark, TAXOL®). Xechem had developed a generic version of paclitaxel which it was working to make available to cancer patients in the United States when the alleged anticompetitive actions occurred. The lawsuit had been initially dismissed by the District Court on the grounds that the statute of limitations barred the action.
On June 23, 2004 the US Court of Appeals for the Seventh Circuit, however, reversed the District Court opinion and determined that the basis for dismissal was improper. It reinstated and remanded the case to the District Court. Although there has been no determination on the merits of the case, Xechem intends to vigorously pursue its claims against BMS.

The New York Times reported on April 25, 2003:

"Bristol-Myers Squibb has agreed to pay $55 million to settle suits in 46 states accusing it of overcharging for the cancer drug TAXOL®. The settlement requires Bristol to pay $12.5 million to compensate patients who bought TAXOL® or its generic equivalent from 1999 to February 2003, the California attorney general, Bill Lockyer, said. An additional $37 million will go toward reimbursing government entities and the remainder will pay administrative and legal costs. Bristol-Myers has already reached a $670 million agreement to end claims that it used its patents to thwart generic competition for TAXOL® and the company`s anti-anxiety drug BuSpar."

The factual allegations in Xechem`s Complaint with regard to TAXOL® are similar to those made in the referenced suits. Approximately $120 million of the $670 million agreement related to TAXOL®.

About Xechem

Xechem International, Inc. is a fully integrated biopharmaceutical company focusing on anticancer products, phytopharmaceuticals and other proprietary technologies including those used in the treatment of FDA designated orphan diseases.

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks, uncertainties, including the ability of Xechem to successfully obtain a judgment against Bristol Myers Squibb in the referenced lawsuit. It is expected that Bristol Myers Squibb will present a vigorous defense. There can be no assurances that Xechem will prevail in its efforts. Other factors may cause the actual results, performance or achievements of Xechem to be materially different from any future results, performance or achievements of Xechem expressed or implied by such forward-looking statements.



--------------------------------------------------------------------------------
Contact:
Xechem International, Inc.
Ranjan O. Bose, 732-247-3300
Fax: [phone]
[e-mail]
or
Wolfe Axelrod Weinberger Assoc. LLC
Donald C. Weinberger
Andria Arena (Media)
212-370-4500
Fax: [phone]
[e-mail]/[e-mail]




die insider von gestern lassen grüssen

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"The factual allegations in Xechem`s Complaint with regard to TAXOL® are similar to those made in the referenced suits. Approximately $120 million of the $670 million agreement related to TAXOL®. "

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On June 23, 2004 the US Court of Appeals for the Seventh Circuit, however, reversed the District Court opinion and determined that the basis for dismissal was improper. It reinstated and remanded the case to the District Court. Although there has been no determination on the merits of the case, Xechem intends to vigorously pursue its claims against BMS.



das ist wohl gestern, JUNE 24, 2004 schon was durchgesickert..

bin mal gespannt was heute in USA passieren wird!

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