Positive court ruling for Inex' spin-out of Tekmira

Canada's Inex Pharmaceuticals says that the British Columbia Supreme Court issued a favorable written ruling from the November 7 and 8 hearing with respect to the spin-out of Tekmira Pharmaceuticals.

In its decision, the Court approved the Inex Plan of Arrangement to transfer all of the company's transferable assets and liabilities to Tekmira. This includes the 2001 agreements that created Protiva Biotherapeutics and the ongoing litigation with Protiva. The Court rejected all motions raised by Protiva to block the spin-out of Tekmira. The dispute with Protiva relates to rights to certain drug-delivery technologies for small-interfering RNAs, a new class of oligonucleotide drugs.

On September 20, shareholders of Inex voted 99.3% in favor of spinning out all the company's technology, products, cash and partnerships into Tekmira.