SOURCE: Agennix AG

Agennix AG

February 10, 2010 04:04 ET

Agennix AG Announces U.S. Class Action Lawsuit Against Predecessor GPC Biotech AG Fully Closed

Court Rejects Request to File Amended Complaint and Reaffirms Dismissal of Case With Prejudice

MARTINSRIED, GERMANY and PRINCETON, NJ and HOUSTON, TX--(Marketwire - February 10, 2010) - Agennix AG (FRANKFURT: AGX) today announced that the class action lawsuit brought against its predecessor, GPC Biotech AG, in the United States District Court for the Southern District of New York, is now fully closed.

In March 2009, the Court issued an order dismissing the consolidated class action complaint against GPC Biotech in the action that was commenced in July 2007. Pursuant to that order, the plaintiffs were given the opportunity to file a motion seeking permission of the Court to file an amended consolidated class action complaint. The plaintiffs subsequently filed this motion with the Court and the Company opposed the request. On December 29, 2009 the Court issued a decision denying the plaintiff's request to file an amended complaint and ordered that judgment be entered dismissing the complaint in accordance with the Court's decision of March 12, 2009, with prejudice. The period to file an appeal to that decision has now expired and the case is fully closed.

About Agennix

Agennix AG is a publicly traded biopharmaceutical company that is developing novel therapies in areas of major unmet medical need to improve the length and quality of life of seriously ill patients. The Company's most advanced program is talactoferrin, an oral targeted therapy that is in Phase 3 clinical trials in non-small cell lung cancer. Agennix also has recently reported positive results from a Phase 2 trial evaluating talactoferrin in severe sepsis. Other clinical development programs include RGB-286638, a multi-targeted kinase inhibitor in Phase 1 testing; the oral platinum-based compound satraplatin; and a topical gel form of talactoferrin for diabetic foot ulcers. Agennix's registered seat is in Heidelberg, Germany. The Company has three sites of operation: Martinsried/Munich, Germany; Princeton, New Jersey and Houston, Texas. For additional information, please visit the Agennix Web site at

This press release contains forward-looking statements, which express the current beliefs and expectations of the management of Agennix AG. Such statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond our control, that could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date on which they are made and Agennix undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.

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