Adocia announced that the American Arbitration Association Tribunal governing Adocia’s arbitration claims against Eli Lilly & Company dismissed both parties’ claims in the second and final phase of the arbitration between Adocia and Lilly.
- The American Arbitration Association Tribunal dismissed the second set of claims made by Adocia and the counterclaims filed by Eli Lilly
- Previous award of USD 11.6 million plus interest to Adocia from first phase of the arbitration is not impacted by this decision
- Adocia’s intellectual property and financial position remain secure
Lyon, France, August 23, 2019 – 07:30 am CEST - Adocia (Euronext Paris: FR0011184241 – ADOC) the biopharmaceutical company focused on the treatment of diabetes and other metabolic diseases with innovative formulations of proteins and peptides, announced today that the American Arbitration Association Tribunal (“Tribunal”) governing Adocia’s arbitration claims against Eli Lilly & Company (“Lilly”) dismissed both parties’ claims in the second and final phase of the arbitration between Adocia and Lilly. Adocia filed claims against Lilly for misappropriation and misuse of its confidential information and discoveries and Lilly subsequently filed counterclaims based on allegations that Adocia concealed the discoveries and confidential information which were at issue in Adocia’s claims.
“We are extremely surprised and disappointed by the Tribunal’s decision to dismiss our claims. Nevertheless, Adocia believes it was our responsibility to defend the rights of our Company and shareholders.” commented Gérard Soula, Chairman and CEO of Adocia. “We remain confident in the value of our strong products portfolio. We stand in a stable financial position and we will benefit from the award from the first arbitration ruling. This allows us to continue the development of our pipeline products, including those in collaboration with our partner, Tonghua Dongbao.”
This decision will not impact the August 2018 decision by the Tribunal to award Adocia USD 11.6 million in damages, plus interest, as compensation over a disputed contractual milestone payment.
Adocia will hold a conference call to answer shareholders’ questions on August 23rd, 2019.
23 August 2019 at 06:00 pm (CEST) – Conference call in French
ID 2507797
Participant International Dial-in Number (France): 0033 (0)805081488
23 August 2019 at 6:30 pm (CEST) – Conference call in English
ID 4594976
Participant Toll-Free Dial-In Number (United States): 001 (833) 251-7256
Participant International Dial-In Number (United States): 001 (270) 215-9920
Please, find all dial-in numbers details on:
www.adocia.comThe following members of Adocia leadership team will conduct the call:
- Gérard Soula, President and CEO
- Olivier Soula, R&D Director & Deputy General Manager
- Valérie Danaguezian, CFO
- Rémi Soula, Director of Business Development & Legal Affairs
About Adocia
Adocia is a clinical-stage biotechnology company that specializes in the development of innovative formulations of already-approved therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases. In the diabetes field, Adocia’s portfolio of injectable treatments is among the largest and most differentiated of the industry, featuring seven clinical-stage products. Additionally, Adocia expanded its portfolio to include the development of treatments of obesity and short bowel syndrome.
The proprietary BioChaperone® technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use. Adocia customizes BioChaperone to each protein for a given application. Adocia’s clinical pipeline includes five novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analog lispro (BioChaperone® Lispro U100 and U200), a combination of basal insulin glargine and rapid-acting insulin lispro (BioChaperone® Combo), a rapid-acting formulation of human insulin (HinsBet® U100), and a combination of a prandial insulin with amylin analog pramlintide (ADO09). It also includes an aqueous formulation of human glucagon (BioChaperone® Glucagon) for the treatment of hypoglycemia. Adocia preclinical pipeline includes combinations of insulin glargine with GLP-1 receptor agonists (BioChaperone® Glargine GLP-1) for the treatment of diabetes, a ready-to-use combination of glucagon and a GLP-1 receptor agonist (BioChaperone®Glucagon GLP1) for the treatment of obesity and a ready-to-use aqueous formulation of teduglutide (BioChaperone® Teduglutide) for the treatment of short bowel syndrome.
In 2018, Adocia and Chinese insulin leader Tonghua Dongbao entered into a strategic alliance. In April 2018, Adocia granted Tonghua Dongbao licenses to develop and commercialize BioChaperone Lispro and BioChaperone Combo in China and other Asian and Middle Eastern territories. The licensing included 50 million dollars upfront and up to 85 million dollars development milestones, plus double-digit royalties on sales. In June 2018, Tonghua Dongbao agreed to manufacture and supply active pharmaceutical ingredients insulin lispro and insulin glargine to Adocia globally, excluding China, to support Adocia’s portfolio development in these territories.
Adocia aims to deliver “Innovative medicine for everyone, everywhere.”
To learn more about Adocia, please visit us at www.adocia.com
For more information please contact:
| Adocia Gérard Soula Chairman and CEO contactinvestisseurs@adocia. Ph.: +33 4 72 610 610 | Adocia Press Relations Europe MC Services AG Raimund Gabriel adocia@mc-services.eu Ph.: +49 89 210 228 0 | Adocia Investor Relations USA The Ruth Group Tram Bui tbui@theruthgroup.com Ph.: +1 646 536 7035 |
Disclaimer
This press release contains certain forward-looking statements concerning Adocia and its business. Such forward-looking statements are based on assumptions that Adocia considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the “Risk Factors” section of the Reference Document filed with the French Autorité des marchés financiers on April 12, 2019 (a copy of which is available at www.adocia.com) and to the development of economic conditions, financial markets and the markets in which Adocia operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Adocia or not currently considered material by Adocia. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Adocia to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy Adocia shares in any jurisdiction.
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