Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - May 1, 2024) - Following a trial in January 2023, Canada's Federal Court has issued a judgment declining to uphold the Canadian patent for Metoject®. Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) and medac, licensor of Medexus's commercialization rights to Metoject®, have elected not to appeal the trial court decision. Medexus and medac initiated the litigation in August 2020 in response to the "at-risk" launch of a generic version of Metoject®.
"While this outcome is disappointing, Metoject® has weathered the sustained generic competition well since 2020," commented Richard Labelle, Medexus's General Manager-Canadian Operations. "We previously adjusted our commercialization strategy and so this court decision will result in no meaningful changes to our business."
"We expect this outcome to have a limited impact on the company and the product," added Ken d'Entremont, Medexus's Chief Executive Officer. "We look forward to putting this litigation behind us and continuing to work on expanding and enhancing our business overall."
The public judgment and reasons dated March 26, 2024 containing the full text of the trial court decision is available on the "Decisions of the Federal Court" section of the Federal Court's website.
About Medexus
Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of oncology, hematology, rheumatology, auto-immune diseases, allergy, and dermatology. For more information about Medexus and its product portfolio, please see the company's corporate website at www.medexus.com and its filings on SEDAR+ at www.sedarplus.com.
Contacts
Ken d'Entremont | CEO, Medexus Pharmaceuticals
Tel: 905-676-0003 | Email: ken.dentremont@medexus.com
Marcel Konrad | CFO, Medexus Pharmaceuticals
Tel: 312-548-3139 | Email: marcel.konrad@medexus.com
Victoria Rutherford | Adelaide Capital
Tel: 480-625-5772 | Email: victoria@adcap.ca
Forward-looking statements
Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws, also known and/or referred to as "forward-looking information" or "forward-looking statements". The words "anticipates", "believes", "expects", "will", "plans", "potential", and similar words, phrases, or expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words, phrases, or expressions. Specific forward-looking statements in this news release include, but are not limited to, statements regarding: expectations with respect to the impact of the Federal Court judgment on Metoject®, the company, and its business. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions, and expected future developments, and, in particular, Medexus's analysis and assessment of the market in which Metoject® competes. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Medexus cautions that, although the assumptions are believed to be reasonable in the circumstances, these risks and uncertainties mean that actual results could differ, and could differ materially, from the expectations contemplated by the forward-looking statements. Material risk factors include, but are not limited to, those set out in Medexus's materials filed with the Canadian securities regulatory authorities from time to time, including Medexus's most recent annual information form and management's discussion and analysis. Accordingly, undue reliance should not be placed on these forward-looking statements, which are made only as of the date of this news release. Other than as specifically required by law, Medexus undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Protected names and marks
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207662
SOURCE: Medexus Pharmaceuticals Inc.
