SAN
DIEGO, Nov. 4, 2024 /PRNewswire/ -- Inhibrx
Biosciences, Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company"), a
biopharmaceutical company with two programs in ongoing clinical
trials and a strong emerging pipeline, is pleased to announce a
decisive legal victory in a trade secrets case brought
by I-Mab Biopharma ("I-Mab") in the
United States District Court for the District of
Delaware. The jury found in favor
of Inhibrx, rejecting all allegations of
misappropriation before it, confirming the Company's adherence to
high ethical standards and innovation in scientific research.
I-Mab had initiated the lawsuit on March
1, 2022, alleging that Inhibrx and its Chief Scientific
Officer, Brendan Eckelman, Ph.D.,
improperly accessed and used proprietary information related to
several of I-Mab's research projects during a prior arbitration
proceeding involving I-Mab, for which Dr. Eckelman served as an
expert witness. However, the jury found absolutely no basis for
these claims, validating Inhibrx's independent development
processes and principled conduct in advancing its therapeutic
innovations.
"Inhibrx was founded on the values of integrity, scientific
excellence, and a commitment to advancing novel therapeutics for
patients in need. This verdict is not only vindicating, disproving
unfounded allegations, but also reaffirms our dedication to
conducting groundbreaking research with the utmost respect for
ethical boundaries," said Dr. Eckelman. "We're proud of the work we
do and of the team that made this possible by upholding the highest
standards."
Throughout the trial, Inhibrx demonstrated that its scientific
achievements were the result of its own hard work, advanced
capabilities, and innovation. Testimonies from Inhibrx's scientists
highlighted the Company's deep commitment to independent
development, securing proprietary knowledge, and protecting
intellectual property.
Inhibrx began as a small startup with a mission to pioneer
treatments that offer hope to patients battling cancer and other
serious diseases. Today, as a publicly traded company with a
growing portfolio of therapeutic candidates, it remains dedicated
to advancing solutions for unmet medical needs while respecting the
intellectual property of others.
"This outcome allows us to focus even more on what matters:
delivering life-changing therapies to patients around the world,"
added Mark Lappe, CEO of Inhibrx.
"We are grateful for the support we received throughout this
process and for the opportunity to continue our work undistracted
and with renewed dedication."
Inhibrx was represented by Potter Anderson & Corroon LLP and
Wilson Sonsini Goodrich & Rosati
PC. Certain matters remain before the Court.
About Inhibrx
Inhibrx is a clinical-stage
biopharmaceutical company focused on developing a broad pipeline of
novel biologic therapeutic candidates in oncology. Inhibrx utilizes
diverse methods of protein engineering to address the specific
requirements of complex target and disease biology, including its
proprietary protein engineering platforms. For more information,
please visit www.inhibrx.com.
Forward Looking Statements
The Company cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on the
Company's current beliefs and expectations. These forward-looking
statements include, but are not limited to, statements regarding:
the decisiveness of the legal victory and the fact that certain
matters remain before the Court; the Company's processes for
development; and its ability to conduct groundbreaking research,
advance solutions for unmet medical needs and deliver therapies to
patients around the world. Actual results may differ from those set
forth in this press release due to the risks and uncertainties
inherent in the Company's business, including, without limitation,
risks and uncertainties regarding: the potential for any appeals or
further proceedings by the Court relating to the I-Mab lawsuit; the
Company's ability to advance therapeutic candidates into, and
successfully complete, clinical trials; the timing or likelihood of
regulatory filings and approvals, including whether any product
candidate receives approval from the United States Food and Drug
Administration, or similar regulatory authority, for an accelerated
approval process; the commercialization of the Company's
therapeutic candidates, if approved; the Company's ability to
utilize the Company's technology platform to generate and advance
additional therapeutic candidates; the scope of protection the
Company is able to establish and maintain for intellectual property
rights covering the Company's therapeutic candidates; developments
relating to the Company's competitors and the Company's industry;
and other risks described from time to time in the "Risk Factors"
section of its filings with the U.S. Securities and Exchange
Commission, including those described in its Registration Statement
on Form 10, as amended (File No. 001-42031), its Registration
Statement on Form S-1, as amended and supplemented from time to
time (File No. 333-280127) and its Quarterly Reports on Form 10-Q,
and supplemented from time to time by its Current Reports on Form
8-K as filed from time to time. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and the Company undertakes no
obligation to update these statements to reflect events that occur
or circumstances that exist after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Investor and Media Contact:
Kelly D. Deck
Chief Financial Officer
ir@inhibrx.com
858-795-4260
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SOURCE Inhibrx Biosciences, Inc.