Canadian Appeal Court to hear Protiva's claim

Canadian biopharmaceutical company Inex Pharmaceuticals says that, on February 6, the British Columbia Court of Appeal will begin hearing an appeal by USA-based biotechnology firm Protiva Biotherapeutics against Inex' plan to transfer all assets and liabilities to spin-out group, Tekmira Pharmaceuticals.

Protiva's appeal against the transfer, which was approved by the Supreme Court of Canada on November 4 last year (Marketletter December 4), is in relation to the inclusion of rights to certain drug-delivery technologies for small-interfering RNA drugs which, the US firm believes, represents a breach of contract.

Inex said that it believes the Supreme Court's decision was correct and would defend this position. It added that it expects the spin-out to be completed by the end of February.