Protiva Biotherapeutics Inc.

Protiva Biotherapeutics Inc.

November 23, 2006 18:56 ET

B.C. Supreme Court Dismisses Inex Motion to Restrain Protiva From Proceeding With Litigation in California Superior Court

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - Protiva Biotherapeutics Inc. said today that the Supreme Court of British Columbia has dismissed an application by Inex Pharmaceuticals Corporation for an injunction restraining Protiva from proceeding with an action against Inex in the Superior Court of the State of California. Protiva's California lawsuit accuses Inex of intentionally interfering with Protiva's contractual business relationships and defamation.

Protiva plans to appeal other aspects of today's ruling related to the ongoing dispute between Protiva and Inex, and Inex's proposed spinout of Tekmira Pharmaceuticals Corporation.

Protiva's President and CEO, Dr. Mark Murray, said, "We are pleased that the B.C. Supreme Court has determined not to interfere with Protiva's pending litigation against Inex and its CEO in California. We disagree, however, with the Court's decision to permit the transfer to Tekmira of the Inex-Protiva agreements without our consent, as required by those agreements. We are disappointed that in reaching this decision the court has relied on provisions in the Business Corporations Act that were intended to protect the rights of interested parties, not circumvent them. We disagree with the court's decision and feel we have strong grounds for a successful appeal."

"We firmly believe that Inex is attempting to misappropriate intellectual property that rightfully, fully and properly belongs to Protiva, and that it wants to use Tekmira as the getaway car. We are determined to prevent that from happening."

"We remain committed to the defense of our technology, to creating value for our investors, and to furthering the development of technologies for the treatment of serious human diseases," added Murray.

Protiva has until December 27th, 2006 to appeal the B.C. Supreme Court decision.

About Protiva

Founded in 2001, Protiva Biotherapeutics Inc. is focused on the development of nucleic acid based pharmaceutical products to fight serious human diseases, such as cancer, influenza (including H5N1), Ebola, inflammatory diseases and other chronic viral infections. Protiva's proprietary Stable Nucleic-Acid Lipid Particle (SNALP) technology is an encapsulation and delivery system for nucleic acid payloads, such as short interfering RNA (siRNA), to target cells. It represents a breakthrough in the field of RNA interference.

Protiva is headquartered in Vancouver, B.C. with offices in Seattle, Washington. For more information, visit www.protivabio.com.


Contact Information

  • Protiva Biotherapeutics Inc.
    Mark J. Murray, Ph.D.
    President and Chief Executive Officer
    (604) 630-5063
    Website: www.protivabio.com
    or
    Longview Communications Inc.
    David Ryan
    (604) 694-6031