Active Biotech rejects the claim made by PowderJect Pharmaceuticals
In the prospectus drafted in connection with the new issuance of shares of Active Biotech AB in 2003, disclosure of a potential dispute with PowderJect Pharmaceuticals Plc is made. From the prospectus follows, first, that Active Biotech has rejected any liability on the part of the company, and secondly, that possible legal actions against Active Biotech must be initiated within six months of December 10, 2002, the day on which the claim was made in writing.
Active Biotech has now been informed that arbitration proceedings have been initiated with reference to alleged inaccurate assumptions in the share purchase agreement regarding the SBL Vaccin. The claim amounts to a maximum sum of USD 20 million, which, in accordance with the prospectus' disclosure, is the total limit of Active Biotech's liability under the share purchase agreement.
Active Biotech is of the opinion that the alleged claim by PowderJect Pharmaceuticals Plc is entirely without merits and will take whatever actions the company deems necessary in order to protect its interests in the arbitration proceedings.
Lund June 12, 2003
Active Biotech AB (publ)
President & CEO
Active Biotech AB is a biotechnology company focusing on research in and development of pharmaceuticals. Active Biotech has a strong R&D portfolio and pipeline products with focus primarily on autoimmune/ inflammatory diseases and cancer. Most advanced projects include orally administered small molecules with unique immunomodulatory properties that can be used to treat autoimmune and inflammatory diseases, as well as a novel concept for use in cancer immunotherapy.
Active Biotech AB
Box 724, SE-220 07 Lund, Sweden
Tel: +46 (0)46-19 20 00
Fax: +46 (0)46-19 20 50