Protiva Biotherapeutics Inc.

Protiva Biotherapeutics Inc.

December 21, 2006 17:07 ET

Protiva Files Appeal in Inex Litigation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - Protiva Biotherapeutics Inc. today filed an appeal with the BC Court of Appeals that seeks to overturn the BC Supreme Court's November 23, 2006 ruling that would permit Inex Pharmaceuticals Corporation to transfer the Inex-Protiva agreements to Tekmira Corporation without Protiva's consent.

Among other things, the Inex-Protiva agreements govern the rights and obligations each company has with respect to certain intellectual property.

As Inex has conceded before the BC Supreme Court, the Inex-Protiva agreements state unequivocally that Inex requires Protiva's consent if it wishes to assign certain of these agreements to a third party. Inex's proposed Plan of Arrangement contemplates the transfer of all of the Inex-Protiva agreements to a new company to be called Tekmira.

Protiva has not provided its consent, and believes the BC Supreme Court erred in its decision to override Protiva's contractual rights.

Protiva is hopeful the Court will hear this matter on an expedited basis and that a hearing could take place some time in February.

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.
    Josh Pekarsky
    Media Contact
    (604) 694-6030