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Home > Press > Advanced Magnetics Announces Settlement of Lawsuit with Cytogen Corporation

Abstract:
Advanced Magnetics, Inc. (Nasdaq: AMAG) today announced that it has settled its lawsuit with Cytogen Corporation. Both parties have agreed to dismiss the lawsuit and drop all claims against each other. Under the terms of the settlement agreement, Advanced Magnetics and Cytogen agreed to terminate both the license and marketing agreement and the supply agreement between the parties, effective immediately.

Advanced Magnetics Announces Settlement of Lawsuit with Cytogen Corporation

CAMBRIDGE, MA | Posted on February 15th, 2007

With the termination of its agreements with Cytogen, Advanced Magnetics
has re-acquired the United States marketing rights to Combidex(R), Advanced
Magnetics' investigational functional molecular imaging agent for use in
conjunction with magnetic resonance imaging to aid in the differentiation
of cancerous from normal lymph nodes, as well as the United States
marketing rights to ferumoxytol for oncology imaging applications. Under
the terms of the settlement agreement, Advanced Magnetics will pay Cytogen
a lump sum payment of $4 million in cash and release to Cytogen the 50,000
shares of Cytogen common stock currently being held in escrow under the
terms of the original license and marketing agreement.

"We are very pleased to have reached an amicable settlement with
Cytogen and to have re-acquired the U.S. marketing rights to Combidex,"
stated Brian J.G. Pereira, Chief Executive Officer and President of
Advanced Magnetics. "We look forward to advancing our development programs
for both ferumoxytol as an intravenous iron replacement therapeutic and
Combidex as an imaging agent in the months ahead."

Ferumoxytol, the company's key product candidate, is in Phase III
multi- center clinical trials for use as an iron replacement therapeutic in
chronic kidney disease patients, whether or not on dialysis.

Combidex, the company's other product under development, is an
investigational functional molecular imaging agent consisting of iron oxide
nanoparticles for use in conjunction with magnetic resonance imaging to aid
in the differentiation of cancerous from normal lymph nodes.

####

About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide
nanoparticles used in pharmaceutical products. As a leader in our field, we
are dedicated to the development and commercialization of our proprietary
nanoparticle technology for use in therapeutic iron compounds to treat
anemia, as well as novel imaging agents to aid in the diagnosis of cancer
and cardiovascular disease. For more information about us, please visit our
website at http://www.advancedmagnetics.com , the content of which is not
part of this press release.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and federal
securities laws. Any statements contained in this press release that do not
describe historical facts, including but not limited to, statements
regarding the advancement of our development programs for both ferumoxytol
and Combidex(R) are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
those discussed in such forward-looking statements. Such risks and
uncertainties include the following: (1) the possibility that we may not be
able to successfully complete the clinical development of ferumoxytol, or
may not be able to complete the development in a timely or cost-effective
manner, due to the failure of our trials to demonstrate that ferumoxytol is
safe and efficacious, the timing of enrollment of patients in the Phase III
studies, unexpected results from our clinical sites, inadequate performance
by third-party service providers involved in the conduct of the clinical
trials, deficiencies in the design or oversight by us of these trials, or
any other factor causing an increase in expenses, a delay and/or a negative
effect on the results of the clinical studies for ferumoxytol; (2) the
possibility that the results of past ferumoxytol studies may not be
replicated in future studies; (3) the possibility that we may not be able
to obtain the necessary regulatory approvals in order to market and sell
ferumoxytol, or we may not obtain such approvals in a timely manner; (4)
the fact that we lack sales and marketing expertise; (5) the possibility
that we may not be able to timely or cost- effectively resolve the
questions raised by the FDA and satisfy the conditions specified for
approval of Combidex, including the provision of additional data or the
conduct of additional clinical trials to demonstrate the efficacy of
Combidex; (6) the possibility that we may not be able to raise additional
capital on terms and on a timeframe acceptable to us, if at all; (7)
uncertainties relating to our patents and proprietary rights; and (8) other
risks identified in our Securities and Exchange Commission filings. We
caution readers not to place undue reliance on any forward-looking
statements which speak only as of the date they are made. We disclaim any
obligation to publicly update or revise any such statements to reflect any
change in expectations or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood that
actual results will differ from those set forth in the forward-looking
statements.

For more information, please click here

Contacts:
Lynn Kettleson
Clarke Communication Group

(617) 512-5922

Copyright © PR Newswire Association LLC.

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