Mr. Isa Odidi reports
"INTELLIPHARMACEUTICS ANNOUNCES THAT THE COMPANY AND PURDUE PHARMA L.P. ET AL HAVE ENTERED INTO A STIPULATED DISMISSAL AGREEMENT TO TERMINATE PURDUE PATENT LITIGATION, SUBJECT TO COURT APPROVAL"
The parties in the cases, numbers 17-cv-392-RGA, 18-cv-404-RGA and 20-cv-515-RGA (litigation), between Purdue Pharma LP et al. and IntelliPharmaCeutics International Inc. have entered into a stipulated dismissal of the litigations.
The stipulated dismissal, which is subject to approval by the bankruptcy court presiding over Purdue Pharma's pending Chapter 11 cases, provides for the termination of patent infringement proceedings commenced by Purdue Pharma against the company in the United States District Court for the District of Delaware in respect of the company's new drug application (NDA) filing for Aximris XR (oxycodone hydrochloride extended release tablets) with the United States Food and Drug administration (FDA).
The stipulated dismissal also provides for a 30-day period following a final approval of the company's Aximris XR NDA during which the parties will attempt to resolve any potential asserted patent infringement claims relating to the NDA. If the parties fail to resolve all such claims during a period of 30 days following such final approval, Purdue Pharma et al. will have 15 days to pursue an infringement action against the company.
There can be no assurance that the bankruptcy court will approve the stipulated dismissal as proposed, or at all. There can be no assurance that the FDA will ultimately approve the NDA for the sale of Aximris XR in the U.S. market, or that it will ever be successfully commercialized.
About IntelliPharmaCeutics International Inc.
IntelliPharmaCeutics is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled release and targeted release oral solid dosage drugs.
We seek Safe Harbor.
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