Acerus Provides Update on Litigation with Recipharm
07/12/2021 | 07:31am EDT
TORONTO, July 12, 2021 (GLOBE NEWSWIRE) -- Acerus Pharmaceuticals Corporation (the “Company” or “Acerus”) (TSX:ASP, OTCQB:ASPCF) today announced that, on June 15, 2021, it prevailed at a preliminary issue trial in which Recipharm Limited (“Recipharm”) alleged that Acerus’ claim for damages was barred by the terms of the companies’ manufacturing contract. In agreeing with Acerus that its claim for damages was not barred, the Commercial Court of London directed the matter to proceed to a full trial in the coming months. Recipharm has asked for permission to appeal the court’s decision.
"This is an important step forward in Acerus’ effort to hold Recipharm accountable for its contractual breaches,” said Ed Gudaitis, President and Chief Executive Officer of Acerus. “Manufacturers in the pharmaceutical industry rely on contract manufacturing organizations like Recipharm to ensure that patients have access to the medicines they need. We are pleased with the court’s decision and are confident that the appeal process will resolve this issue in our favor."
On June 18, 2020, Acerus announced it had commenced litigation against Recipharm, a wholly-owned subsidiary of Recipharm AB, in the Commercial Court of London. Acerus alleged that the suspension of Recipharm’s manufacturing license in August 2018 was a violation of its contractual obligations and led to a shortage of Estrace® in Canada.
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories.
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, including with respect to the potential success of the litigation proceedings against Recipharm, 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 annual information form dated March 10, 2021 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.