Press release from Marketwire
Trimel Receives Decision in Connection With Tefina(TM) Arbitration
Monday, June 03, 2013
Trimel Receives Decision in Connection With Tefina(TM) Arbitration21:10 EDT Monday, June 03, 2013
TORONTO, ONTARIO--(Marketwired - June 3, 2013) - Trimel Pharmaceuticals Corporation (TSX:TRL) announced today that the Company has received the decision from the Swiss arbitration panel convened to consider a contractual dispute between a subsidiary of the Company ("Trimel SRL") and M&P Patent AG ("M&P"), from whom the Company licensed its bio-adhesive intranasal gel technology, relating to a Tefina™ milestone payment in the amount of US$2.25 million. The agreement between Trimel SRL and M&P provides that the relevant milestone amount is payable upon the occurrence of a stipulated event related to Trimel's Phase II clinical trials for Tefina™. Trimel SRL had asserted that the relevant milestone event had not yet occurred based on the specific wording of the agreement, while M&P disagreed and purported to terminate Trimel SRL's rights to Tefina™ under the agreement.
The panel clearly determined that M&P's purported terminations of the underlying agreement regarding Tefina™ were invalid and of no force and effect but did conclude that Trimel SRL is required to pay the relevant milestone amount to M&P by no later than July 28, 2013.
"While disappointed with the arbitration panel's interpretation of the relevant contractual language, we are encouraged by the decision that M&P's purported termination of the agreement in these circumstances was invalid," said Tom Rossi, President and Chief Executive Officer of Trimel.
Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders. A New Drug Application for CompleoTRT™, a product utilizing Trimel's licensed bioadhesive intranasal gel technology, has been filed with the FDA for regulatory approval in the United States. For more information, please visit www.trimelpharmaceuticals.com.
Notice regarding forward-looking statements:
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information, are assumptions regarding our future operational results. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the Company is subject to a number of risks and uncertainties, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our prospectus dated April 18, 2013 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trimel Pharmaceuticals Corporation
Kenneth G. Howling
Chief Financial Officer