SAMARITAN PHARMACEUTICALS OBTAINS COURT VICTORY AGAINST ALTACHEM PHARMA
LAS VEGAS - April 11, 2001--Samaritan Pharmaceuticals (OTCBB:SPHC) announced that on April 10, 2001, a Canadian trial court, The Court of the Queens Bench in Edmonton, Canada, dismissed the claims of Altachem Parma (AFF-VSE) against Steroidogenesis Inhibitors Inc. (SI), a subsidiary of Samaritan Pharmaceuticals, relating to attempts by Altachem Pharma to acquire worldwide rights to Anticort(TM). Altachem had asked the Court to order SI to transfer the rights to Anticort(TM) or pay Altachem $100,000,000 in damages. After Altachem presented its case to the Court for one week, the Court summarily dismissed these claims on a motion from SI without requiring SI to call any witness or present any evidence at trial.
Dr. Janet Greeson, CEO of Samaritan Pharmaceutical stated, "We are extremely pleased with the Court's ruling in SI's favor in such a decisive way. While this litigation arose as a result of actions of the previous management of Samaritan Pharmaceuticals, the current management will continue to vigorously defend the Company's intellectual property. Management continues to be focused on strategic alliances and acquisitions of new technologies."
SI and Altachem remain in Court in order to resolve remaining claims. The claims remaining relate to the SI's claim against Altachem Parma to terminate Altachem's rights under the license agreement and Altachem's claim against SI to pursue its rights under the license agreement.
About Samaritan Pharmaceuticals:
Samaritan Pharmaceuticals is a pioneering biopharmaceutical scientific incubator focused on developing therapeutic drugs primarily for the treatment of high cortisol related diseases. The Company's lead proprietary drug Anticort(TM) is the subject of FDA Phase Ib/IIa clinical trials for indications in HIV/AIDS. The Company is also exploring the efficacy of Anticort(TM) as an effective treatment for other high cortisol related diseases such as Alzheimer's, Parkinson's, and Cancer. For more information visit www.samaritanpharmaceuticals.com.
This release contains statements about the future that could differ from actual results. The statements are subject to risk and uncertainties, including but not limited to, the impact of competition, fluctuations in stock price and liquidity, fluctuating operating results and other risks as detailed in the company's filings with the SEC.
Contact:
Samaritan Pharmaceuticals
Doug Bessert, 702/735-7001
DougBessert@aol.com |
