QLT.T NR yesterday 91m at 8.79
QLT wins stay of Eligard injunction, pending appeal
2006-04-05 22:30 ET - News Release
Ms. Therese Hayes reports
QLT ANNOUNCES THAT COURT OF APPEALS GRANTS STAY OF INJUNCTION AGAINST ELIGARD(R) SALES
The U.S. Court of Appeals for the Federal Circuit has entered a decision to stay the injunction against the manufacture and sale of QLT USA Inc.'s Eligard products that was entered on Feb. 27, 2006, by the U.S. District Court for the Northern District of Illinois, eastern division.
Previously, the Court of Appeals had temporarily stayed the injunction while it was considering the motion for a stay filed by QLT USA and co-defendant Sanofi-Synthelabo Inc. Following the earlier injunction decision, QLT USA's U.S. marketing partner for Eligard, Sanofi-Synthelabo, had previously announced that it was discontinuing sales of Eligard in the U.S. until the expiry of the patent on May 1, 2006, that is the subject of the litigation with TAP Pharmaceuticals Products Inc. As a result of the decision and reasons of the Court of Appeals to grant a stay of the injunction, Sanofi-Synthelabo has advised QLT USA it will relaunch Eligard in a limited manner in order to serve the public interest of patient safety.
Under the order issued by the Court of Appeals, QLT USA is required to deposit into escrow the net Eligard sales revenues from the date of the injunction, Feb. 27, 2006, until the expiration of the patent on May 1.
QLT USA's appeal of the District Court's judgment on liability in favour of TAP Pharmaceutical Products Inc. and co-plaintiffs continues.
We seek Safe Harbor.
AI
