SAN DIEGO, April 1 /PRNewswire-FirstCall/ -- Gen-Probe (Nasdaq: GPRO)
announced today that the Company, along with its co-respondents F. Hoffmann-La
Roche Ltd. and Roche Molecular Systems, Inc., has prevailed in its arbitration
with Digene (now Qiagen) concerning the Company's supply and purchase
agreement with Roche for human papillomavirus (HPV) products.
Earlier today, a three-member arbitration panel from the International
Centre for Dispute Resolution issued an interim award that dismisses with
prejudice all of Qiagen's claims. Gen-Probe expects the award to remain
substantially unchanged, although it is subject to further proceedings related
to its implementation. For example, requests by Roche and Gen-Probe for
reimbursement of legal expenses will be submitted and decided in coming weeks.
"We are pleased that the arbitration panel confirmed the validity of our
agreement with Roche," said Bill Bowen, Gen-Probe's senior vice president and
general counsel. "We continue to expect our APTIMA HPV assay, which is
available in Europe and is in clinical trials in the United States, to make an
important contribution to women's health, and to be a key menu addition for
our fully automated, high-throughput TIGRIS system."
Roche and Gen-Probe established their supply and purchase agreement in
February of 2005. Digene initiated the arbitration against Roche in December
2006. Gen-Probe joined the proceedings in July of 2007. The arbitration
hearings commenced in October of 2008, and closing arguments were heard in
January of 2009.
About Gen-Probe
Gen-Probe Incorporated is a global leader in the development, manufacture
and marketing of rapid, accurate and cost-effective nucleic acid tests (NATs)
that are used primarily to diagnose human diseases and screen donated human
blood. Gen-Probe has more than 25 years of NAT expertise, and received the
2004 National Medal of Technology, America's highest honor for technological
innovation, for developing NAT assays for blood screening. Gen-Probe is
headquartered in San Diego and employs approximately 1,000 people. For more
information, go to www.gen-probe.com.
Caution Regarding Forward-Looking Statements
Any statements in this news release about our expectations, beliefs,
plans, objectives, assumptions or future events or performance are not
historical facts and are forward-looking statements. These statements are
often, but not always, made through the use of words or phrases such as
believe, will, expect, anticipate, estimate, intend, plan and would. For
example, statements concerning future development, the potential of the APTIMA
HPV assay, and reimbursement of legal expenses are forward-looking statements.
Forward-looking statements are not guarantees of performance. They involve
known and unknown risks, uncertainties and assumptions that may cause actual
results, levels of activity, performance or achievements to differ materially
from those expressed or implied by any forward-looking statement. Some of the
risks, uncertainties and assumptions that could cause actual results to differ
materially from estimates or projections in the forward-looking statement
include, but are not limited to: (i) the risk that we may not successfully
complete development of our APTIMA HPV assay, (ii) the risk that the HPV
market will not grow as expected, (iii) the risk that we may not add
additional menu to the TIGRIS system, (iv) the risk that we may not be able to
maintain our current corporate collaborations, including our collaborations
with Roche, or enter into new ones, (v) the risk that the final arbitration
award may be modified from the interim award, (vi) the risk that we will not
receive reimbursement for our legal expenses, and (vii) the risk that third
party patent rights may limit our ability to develop and sell products. For
additional information about risks and uncertainties we face and a discussion
of our financial statements and footnotes, see documents we have filed with
the SEC, including our Annual Report on Form 10-K for the year ended December
31, 2008 and all our periodic filings made with the SEC. We assume no
obligation and expressly disclaim any duty to update any forward-looking
statement to reflect events or circumstances after the date of this news
release or to reflect the occurrence of subsequent events.
Contact:
Michael Watts
Vice president, investor relations and
corporate communications
858-410-8673
SOURCE Gen-Probe Incorporated
04/01/2009
CONTACT: Michael Watts, Vice president, investor relations and corporate
communications of Gen-Probe Incorporated, +1-858-410-8673
Web Site: http://www.gen-probe.com
(GPRO)
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