Monday April 16, 8:20 am Eastern Time
Press Release
Samaritan Pharmaceuticals and Altachem Pharma Agree to Dismiss All Remaining Claims
LAS VEGAS--(BW HealthWire)--April 16, 2001--Samaritan Pharmaceuticals (OTCBB:SPHC - news) announced that Steroidogenesis Inhibitors Inc. (SI), a subsidiary of Samaritan Pharmaceuticals, and Altachem Pharma (AAF:CDNX) have agreed that both parties will withdraw all remaining claims before The Court of the Queens Bench in Edmonton, Canada. The Court has approved the joint dismissal on April 12th. Henceforth, SI and Altachem have agreed to cooperate in good faith. Separately, in the spirit of this cooperation, the parties have also agreed to explore a possible joint venture to develop Anticort(TM) in the People's Republic of China.
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As previously announced, on April 10, 2001, the Court dismissed the claims of Altachem against SI relating to attempts by Altachem 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, the Court summarily dismissed these claims on a (non-case) motion from SI without requiring SI to call any witness or present any evidence at trial. Dr. Janet Greeson, CEO of Samaritan Pharmaceutical, stated, ``Given the Court's April 10th ruling dismissing Altachem's principal claims, we felt confident that Altachem's remaining claim would be quickly resolved in SI's favor. We look forward to strengthening our relationship with Altachem and continue to remain focused on strategic alliances and acquisitions of new technologies.''
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.
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Contact:
Samaritan Pharmaceuticals
Doug Bessert, 702/735-7001
DougBessert@aol.com |
