MELBOURNE, Australia, July 31 /PRNewswire/ -- Biota has filed its updated Particulars of Loss and Damage in its suit against GlaxoSmithKline (GSK) for failing to support the influenza drug, Relenza, discovered by Biota and licensed to GSK in 1990. The updated damages assessment filed with the Victorian Supreme Court estimates Biota's losses in the range of A$564 million to A$704 million (US$485 million to US$605 million). The assessment is net of royalties paid to date by GSK to Biota.
The initial Particulars of Loss and Damages lodged in July 2005 assessed damages to Biota in the range of A$308 million (US$265 million) to A$430 million (US$370 million). The increase in damages is attributable to a number of factors, including growth in the global stockpiling market for influenza antiviral treatments. The current stockpiling market is now estimated to be US$5.6 billion, up from Biota's initial estimate of US$3 billion in 2005.
The next significant step in the litigation as required by the Victorian Supreme Court is the filing of witness statements by Biota, which is scheduled for late October 2007. The matter is scheduled for trial on 1 April 2008.
About Biota
Biota is a leading antiviral drug development company based in Melbourne Australia, with key expertise in respiratory diseases, particularly influenza. Biota developed the first-in-class neuraminidase inhibitor, zanamivir, subsequently marketed by GlaxoSmithKline as Relenza.
Biota research breakthroughs have included a series of candidate drugs aimed at treatment of respiratory syncytial virus (RSV) disease, licensed to MedImmune Inc. and novel nucleoside analogues designed to treat hepatitis C virus (HCV) infections, licensed to Boehringer Ingelheim. Biota has clinical trials underway with its lead compound for human rhinovirus (HRV) infection in patients with compromised respiration or immune systems. In addition, Biota has key partnerships with Daiichi-Sankyo for the development of second generation influenza antivirals and with Inverness Medical to market Biota developed FLU OIA influenza diagnostics.
Relenza(TM) is a registered trademark of the GlaxoSmithKline group of companies.
BioStar (R) OIA(R) FLU and BioStar (R) OIA(R) FLU A/B are registered trademarks of Inverness Medical.
*Further information available at http://www.biota.com.au/.
Biota
CONTACT: Investor-Analyst Enquiries, Peter Cook, +61 3 9915 3720, or
Damian Lismore, +61 3 9915 3721, both of Biota Holdings Limited; or Media
Enquiries, Nerida Mossop of Hinton & Associates, +61 3 9600 1979, or mobile,
+61 437 361 433; or David Sheon, +1-202-518-6321 for Biota
Web site: http://www.biota.com.au/
