MONTREAL, QUEBEC--(Marketwire - Jan. 7, 2013) - Thallion Pharmaceuticals Inc. (TSX VENTURE:TLN) ("Thallion") today announced that it received a binding, final award (the "Final Award") from the International Chamber of Commerce (ICC) International Court of Arbitration regarding the dispute with the licensor of TLN-232, Expergen GmbH Drug Development ("Expergen"). Pursuant to the Final Award, the Arbitral Tribunal concluded, among other things, that all claims for damages by Expergen against Thallion have been rejected. Thallion will not bear any new costs in respect of the arbitration, other than the legal expenses incurred to date, a portion of which the Arbitral Tribunal ordered Expergen to reimburse to Thallion.
"We are extremely pleased with the positive outcome of these arbitration proceedings," said Dr. Allan Mandelzys, CEO of Thallion. "The Final Award confirms our initial position that no damages were suffered by Expergen as a result of the termination of the license agreement."
About Thallion Pharmaceuticals Inc.
Thallion Pharmaceuticals Inc. (TSX VENTURE:TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company's clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® is a dual antibody product being evaluated in a Phase II clinical trial for the treatment of Shiga toxin-producing E. coli bacterial infections. Additional information about Thallion can be obtained at www.thallion.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect Thallion's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, risks relating to any further litigation proceedings involving Expergen. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Thallion undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Michael Singer
Chief Financial Officer
(514) 940-3600
(514) 336-2343 (FAX)
info@thallion.com
www.thallion.com