Grant of US patents and milestone payments (6617J)
July 04 2011 - 2:00AM
UK Regulatory
TIDMAKT
RNS Number : 6617J
Ark Therapeutics Group PLC
04 July 2011
ARK THERAPEUTICS GROUP PLC
Key US renin-angiotensin system patents allowed triggering
significant milestone payments to Ark
Notice of Allowance of US patents for Boehringer Ingelheim's
compoundTelmisartan for the prevention and treatment of stroke and
myocardial infarction
London - 4 July 2011, London, UK: Ark Therapeutics Group plc
("Ark" or the "Company") announces that the United States Patent
and Trademark Office ("USPTO") has issued Notices of Allowance in
respect of two patents for which certain rights have been assigned
by Ark to Boehringer Ingelheim. The patents cover the use of
Boehringer Ingelheim's compound Telmisartan for the prevention and
treatment of stroke and the prevention of myocardial infarction
related heart damage.
Formal grant of these patents by the USPTO is expected in the
next two months and will trigger significant milestone payments to
Ark under the license agreement which Ark and Boehringer Ingelheim
entered into in 2005.
Martyn Williams, Chief Executive of Ark commented: "This is
excellent news for both Ark and Boehringer Ingelheim and is a
validation of our intellectual property. Receipt of these
milestones will be an important contribution towards Ark achieving
its short term objectives."
For further information please contact:
Ark Therapeutics Group Tel: + 44 (0)20 7388 7722
plc
Martyn Williams, CEO
Iain Ross, Chairman
Financial Dynamics Tel: +44 (0)20 7831 3113
Ben Atwell
Susan Quigley
Ark Therapeutics Group plc
Ark Therapeutics Group plc is a specialist healthcare group (the
"Group") addressing high value areas of unmet medical need within
vascular disease and cancer. These are large and growing markets,
where opportunities exist for effective new products to generate
significant revenues.
Ark has an early stage pipeline emanating from collaborations
with University College, London and the AI Virtanen Institute in
Kuopio, Finland, the development of which it intends to progress in
collaboration with pharmaceutical and biotech partners.
In addition Ark has the ability to off-set a proportion of its
R&D costs and to generate sustainable revenues through the
exploitation of its proprietary technology platform, process
development, scale-up and manufacturing capabilities on behalf of
third parties.
Ark has its origins in businesses established in the mid-1990s
by Professor John Martin and Mr Stephen Barker of University
College London and Professor Seppo Yla-Herttuala of the AI Virtanen
Institute at the University of Kuopio, Finland, all of whom remain
consultants on the Company's research and development
programmes.
Ark's shares were first listed on the London Stock Exchange in
March 2004 (AKT.L).
US Patent Attorneys
Ark was advised by Mark Pohl Esq. of Pharmaceutical Patent
Attorneys, LLC in respect of the prosecution of these US
renin-angiotensin system patents.
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Group's
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to the Group's products and services), and any
statements preceded by, followed by or that include forward-looking
terminology such as the words "targets", "believes", "estimates",
"expects", "aims", "intends", "will", "can", "may", "anticipates",
"would", "should", "could" or similar expressions or the negative
thereof. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or
achievements of the Group to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group
will operate in the future. Among the important factors that could
cause the Group's actual results, performance or achievements to
differ materially from those in forward-looking statements include
those relating to Ark's funding requirements, regulatory approvals,
clinical trials, reliance on third parties, intellectual property,
key personnel and other factors. These forward-looking statements
speak only as at the date of this announcement. The Group expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking
statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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