Inex Pharmaceuticals Receives Positive Court Outcome for Spin-out of Tekmira
INEX Pharmaceuticals Corporation announced that the British Columbia Supreme Court issued a favourable written ruling from the November 7 and 8, 2006 hearing with respect to the spin-out of Tekmira Pharmaceuticals Corporation ("Tekmira"). In its ruling, the Court approved the INEX Plan of Arrangement to transfer all of the Company's transferable assets and liabilities to Tekmira. This includes the 2001 agreements that created Protiva Biotherapeutics, Inc. ("Protiva"), and the ongoing litigation with Protiva. The Court rejected all motions raised by Protiva to block the spin-out of Tekmira.
On September 20, 2006 shareholders of INEX voted 99.3% in favour of spinning out all of the Company's technology, products, cash and partnerships into Tekmira. The dispute with Protiva relates to rights of certain drug delivery technology for the delivery of small interfering RNA ("siRNA"). As part of the contractual agreements that created Protiva in 2001, INEX believes it has retained all rights to certain oligonucleotide delivery technology, including the delivery of siRNA. INEX also believes that any technology advancements made by Protiva and its collaborators or by INEX, for the delivery of oligonucleotides, are either owned by INEX or should be licensed to INEX on an exclusive, worldwide paid-up and royalty-free basis.
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