LAWSUIT SETTLEMENT
Wednesday May 5, 7:30 am Eastern Time
Company Press Release
VIVUS Announces Settlement of Shareholder Class Action Lawsuits
MOUNTAIN VIEW, Calif.--(BW HealthWire)--May 5, 1999--VIVUS, Inc. (Nasdaq:VVUS - news) announced today that it has reached a settlement of the shareholder class action lawsuits pending in the United States District Court for Northern District of California and the Superior Court of the State of California for San Mateo County. The aggregate settlement amount is $6 million. The settlement will be funded by insurance proceeds of $5.4 million and by the Company contributing 120,000 shares of VIVUS Common Stock to the settlement fund. The settlement is subject to approval by the Court.
VIVUS, Inc., is the developer and manufacturer of MUSE® (alprostadil) and ACTIS(TM), two innovations in the treatment of men with erectile dysfunction (''ED''), also known as impotence. The Company's objective is to become a global leader in the development and commercialization of innovative therapies for the treatment of sexual dysfunction and urologic disorders. The Company intends to market and sell its products through distribution, co-promotion or license agreements with corporate partners. Currently VIVUS markets MUSE and ACTIS in the United States and has retained its rights to market the products in Japan. Elsewhere around the globe, MUSE is partnered with ASTRAZENECA and Janssen Pharmaceutica through licensing and distribution agreements. VIVUS has ongoing research, development and clinical programs, and is currently conducting Phase III clinical trials for ALIBRA, its second-generation male ED treatment.
Note to editors and investors: Additional written materials, recent releases and Company information are available through a variety of sources, including the VIVUS home page (www.vivus.com) and the VIVUS Fax-On-Demand Service (1-888-329-5719).
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Contact:
VIVUS
Nina W. Ferrari, 650/934-5200
IR@VIVUS.com |
