HOERSHOLM, Denmark, June 24, 2002 (PRIMEZONE) -- Pharmexa's 83.33% owned subsidiary Inoxell A/S and Rigel Pharmaceuticals, Inc. today announced that the two companies have entered a global patent settlement concerning certain drug target identification technologies.
The agreement involves both crosslicensing and joint ownership to certain patents and allows for worldwide freedom of operation for both companies. Under the terms of the agreement, Rigel awarded Inoxell a non-exclusive license to a number of additional patents relevant for the drug target identification process. Also in connection with the settlement, a collaboration agreement has been signed concerning certain aspects of the technology. The financial terms of the settlement were not disclosed.
Jim Gower, CEO of Rigel said: "We are very pleased to resolve these issues, so that each of our two companies can pursue our business without encumbrance."
Peter Kristensen, CEO of Inoxell said: "We believe that these technologies hold great potential, and we are happy to have reached a settlement with Rigel that allows both of our companies to concentrate our efforts on drug target identification and on the discovery of new and effective drugs."