Healthcare Industry News: OREXIGEN Therapeutics
News Release - September 19, 2007
Orexigen(TM) Announces Settlement Agreement with EisaiSAN DIEGO--(HSMN NewsFeed)--Orexigen(TM) Therapeutics, Inc. (NASDAQ: OREX ), a biopharmaceutical company focused on the treatment of central nervous system disorders including obesity, today announced a settlement agreement with Duke University, Eisai, Inc. and Eisai Co., Ltd., collectively "Eisai," related to a previously-settled lawsuit filed jointly by Orexigen and Duke to resolve a dispute over rights in an invention relating to the use of zonisamide to treat obesity. This settlement agreement, which resolves the foreign aspects of the parties' dispute, follows an earlier settlement agreement executed in December 2006, which settled the U.S. aspects of the parties' dispute.
"We are very pleased to have fully resolved the dispute with Eisai on a world-wide basis," said Gary D. Tollefson, Ph.D., M.D., Orexigen's President and Chief Executive Officer. "We believe that this settlement agreement with Eisai removes a potential intellectual property obstacle to the commercialization of our Empatic(TM) product candidate outside the U.S."
Under the settlement agreement, the parties have, subject to limitations set forth in the agreement, released each other from all claims and demands arising under the laws of any country outside of the United States existing as of the date of the agreement that relate to the lawsuit or certain specified Duke and Eisai foreign patents that may issue from applications claiming the use of zonisamide as the sole active ingredient to treat obesity or other weight-related disorders or conditions. In addition, if Eisai obtains a foreign patent containing a claim that encompasses the use of zonisamide as the sole active ingredient to treat obesity or other weight-related disorders or conditions that issues from or is based upon the specified Eisai foreign patent applications, Eisai has agreed that it will not assert any such patent against Orexigen relating to Orexigen's Empatic product candidate, which contains zonisamide and bupropion and is being developed to treat obesity. Likewise, if Duke obtains a foreign patent containing a claim that encompasses the use of zonisamide as the sole active ingredient to treat obesity or other weight-related disorders or conditions that issues from or is based upon the specified Duke foreign patent applications, Orexigen and Duke have agreed that they will not assert any such patent against Eisai for any conduct relating to Zonegran, which is a zonisamide product currently marketed by Eisai.
About OREXIGEN Therapeutics
OREXIGEN Therapeutics, Inc. is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of central nervous system disorders including obesity. Orexigen's lead combination product candidates targeted for obesity are Contrave(TM), which is in Phase III clinical trials, and Empatic(TM), which is in a Phase IIb clinical trial. Both product candidates are designed to take advantage of the Company's understanding of how the brain appears to regulate appetite and energy expenditure, as well as the mechanisms that come into play to limit weight loss over time. Each product candidate is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss. Further information about the Company can be found at http://www.Orexigen.com.
Orexigen cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming" and similar expressions are intended to identify forward-looking statements. These statements are based on Orexigen's current beliefs and expectations. These forward-looking statements include statements regarding the intellectual property position of Orexigen and the potential to commercialize Empatic. The inclusion of forward-looking statements should not be regarded as a representation by Orexigen that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risk and uncertainties inherent in Orexigen's business, including, without limitation: Orexigen and its licensors may not be able to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of its product candidates; Orexigen can provide no assurance that the parties will abide by the terms of the settlement agreements; Orexigen may be exposed to, or threatened with, future litigation by third parties alleging that our product candidates and/or proprietary technology infringe their intellectual property rights; the ability of Orexigen to successfully commercialize Empatic in or outside the United States; and other risks described in Orexigen's filings with the Securities and Exchange Commission (SEC), including those detailed under the heading "Risk Factors" in Orexigen's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 10, 2007. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Orexigen undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Source: Orexigen Therapeutics
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