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Monday September 28, 4:54 pm Eastern Time
Company Press Release
SOURCE: Hoechst Marion Roussel
Hoechst Marion Roussel Initiates Arbitration Action
Against Alliance Pharmaceutical Corp.
KANSAS CITY, Mo., Sept. 28 /PRNewswire/ -- Hoechst Marion Roussel, the pharmaceutical company of Hoechst AG
[NYSE:HOE - news], today announced that it has served a Demand for Arbitration on Alliance Pharmaceutical Corp.
[Nasdaq:ALLP - news] seeking to recover more than $16.8 million, plus interest and punitive damages, as a result of
Alliance's misrepresentations and failure to satisfy financial obligations related to the termination of a license agreement. The
agreement involved the development of LiquiVent(R) (perflubron), a compound intended for the treatment of acute respiratory
distress syndrome (ARDS).
''We regret the need to file this action, but all of our dispute resolution initiatives to date have been unsuccessful. We are now
convinced that this Demand for Arbitration is necessary to recover the damages that Hoechst Marion Roussel is entitled to,''
said Gerald P. Belle, president, Hoechst Marion Roussel North America.
In December 1997, Hoechst Marion Roussel exercised its right to terminate its licensing agreement with Alliance after changes
related to the development of LiquiVent no longer made the product attractive to Hoechst Marion Roussel within the context
of its overall drug development portfolio strategy.
Hoechst Marion Roussel USA is a leader in pharmaceutical-based health care, dedicated to moving beyond medicine to
health(TM) through the discovery and delivery of prescription drugs and the provision of value-added patient support
programs. The global headquarters of Hoechst Marion Roussel is in Frankfurt, Germany, and the North American
headquarters is in Kansas City, Mo.
To receive a copy of this release or any recent release via fax, call Hoechst Marion Roussel's automated news fax line at
800-556-7422, or 816-966-3434, or visit the Hoechst Marion Roussel U.S. Web site at hmri.com.
SOURCE: Hoechst Marion Roussel
More Quotes
and News:
Alliance Pharmaceutical Corp (Nasdaq:ALLP - news)
Hoechst AG (NYSE:HOE - news)
Related News Categories: biotech, health care, medical/pharmaceutical
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