Synaptic Sues Panlabs for Patent Infringement
PARAMUS, N.J., June 5 /PRNewswire/ -- Synaptic Pharmaceutical Corporation
(Nasdaq: SNAP) announced today that it had filed suit in the United States
District Court for the District of New Jersey against MDS Panlabs, Inc., a
Washington corporation, and Panlabs Taiwan Ltd., a Taiwanese corporation. The
suit alleges that Panlabs has infringed several issued U.S. Patents owned by
Synaptic which relate to cloned human receptors and their use in binding
assays.
Synaptic has pioneered in the development of technology involving cloned
human receptors and the use of such technology for targeted drug design. The
suit alleges that Panlabs has been importing, selling and offering to sell
products of Synaptic's patented binding assay processes to pharmaceutical
companies and others in the United States and particularly in New Jersey.
Kathleen P. Mullinix, Ph.D., chairman, president and chief executive
officer of Synaptic stated, "Synaptic has invested substantial sums in
developing and patenting its cloned human receptor technology. Synaptic
cannot ignore the infringement of its patent rights by Panlabs and others who
have neither made the discoveries nor obtained the patents. Synaptic is
committed to stopping such infringing activities."
In the suit, Synaptic seeks an injunction against Panlabs' infringing
activities, an award of damages for Synaptic's lost profits, the destruction
of data obtained by the infringement of its patents, and other relief.
Synaptic Pharmaceutical Corporation has developed "human receptor-targeted
drug design technology," which involves the use of cloned human receptors as
targets for the design of potential drugs. Currently, the Company is
collaborating with Grunenthal GmbH on discovering compounds for the
alleviation of pain and with Kissei Pharmaceutical Co., Ltd. to identify novel
G-protein coupled receptors that can provide new drug discovery targets for
Kissei. Eli Lilly and Company, Merck and Co., Inc., Novartis Pharma A.G. and
Glaxo Group Limited have also been granted licenses by the Company.
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such statements include any statements
relating to the future of the Company's drug discovery programs and patent
estate and future cash and spending plans, statements regarding future growth
and any other statements which are not historical facts. Such statements
involve risks and uncertainties, including, but not limited to, those risks
and uncertainties relating to difficulties or delays in development, testing,
the uncertainty of product development in the pharmaceutical industry, the
inability to license potential products or certain rights thereto to third
parties, the uncertainty of patent protection for intellectual property or
trade secrets and those risks and uncertainties detailed under the captions
"Competition" and "Government Regulation" in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1999 (the "1999 Form 10-K"),
as well as the risks and uncertainties disclosed under the caption "Early
Stage of Product Development; Technological Uncertainty," "Dependence on
Collaborative Partners and Licensees for Development, Regulatory Approvals,
Manufacturing, Marketing and Other Resources" as "Cautionary Statements" in
the 1999 Form 10-K or detailed from time to time in filings the Company makes
with the Securities and Exchange Commission. Although the Company believes
that the expectations reflected in the forward-looking statements contained
herein are reasonable, it can give no assurance that such expectations will
prove to be correct. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or circumstances on
which any such statement is based.
Contact: Kathleen P. Mullinix of Synaptic Pharmaceutical, 201-261-1331,
ext. 103; or Lisa Baumgartner of Ruder Finn, Inc., 212-593-6352. |
