Aeterna Zentaris Announces Final Settlement of Previously Disclosed Class-Action Lawsuit
03 Juni 2021 - 02:05PM
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the
“Company”), a specialty biopharmaceutical company developing and
commercializing a diversified portfolio of pharmaceutical and
diagnostic products, today announced the U.S. District Court for
the District of New Jersey has given final approval of the
settlement from the previously disclosed class-action lawsuit
against the Company. The settlement payment will be funded entirely
by the Company’s insurers. Pending no action taken during the
30-day appeal period, this matter will be considered fully and
finally settled.
The previously disclosed class-action lawsuit
alleged that the Company and certain of its current and former
officers and directors violated the Securities Exchange Act of 1934
in connection with certain public statements made between August
30, 2011, and November 6, 2014, regarding the safety and efficacy
of Macrilen™ (macimorelin) and the prospects for the approval of
the Company's New Drug Application for the product by the FDA.
Although Aeterna denies all of the alleged claims and all
liability, it agrees that the settlement is appropriate to resolve
the disputes, avoid further costs of litigation and avoid further
distractions to management.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty
biopharmaceutical company developing and commercializing a
diversified portfolio of pharmaceutical and diagnostic products
focused on areas of significant unmet medical need. The Company’s
lead product, macimorelin (Macrilen™), is the first and only U.S.
FDA and European Commission approved oral test indicated for the
diagnosis of adult growth hormone deficiency (AGHD). The Company is
leveraging the clinical success and compelling safety profile of
macimorelin to develop it for the diagnosis of childhood-onset
growth hormone deficiency (CGHD) in collaboration with Novo
Nordisk.
Aeterna Zentaris is dedicated to the development
of therapeutic assets and has recently taken steps to establish a
growing preclinical pipeline to potentially address unmet medical
needs across a number of indications, including neuromyelitis
optica spectrum disorder (NMOSD), hypoparathyroidism and
amyotrophic lateral sclerosis (ALS; Lou Gehrig’s disease).
Additionally, the Company is developing an oral prophylactic
bacterial vaccine against SARS-CoV-2, the virus that causes
COVID-19.
For more information, please visit
www.zentaris.com and connect with the Company on Twitter, LinkedIn
and Facebook.
Forward-Looking Statements
This press release contains statements that may
constitute forward-looking statements within the meaning of U.S.
and Canadian securities legislation and regulations, and such
statements are made pursuant to the safe-harbor provision of the
U.S. Securities Litigation Reform Act of 1995. Forward-looking
statements are frequently, but not always, identified by words such
as “expects,” “anticipates,” “believes,” “intends,” “potential,”
“possible,” and similar expressions. Such statements, based as they
are on current expectations of management, inherently involve
numerous risks, uncertainties, and assumptions, known and unknown,
many of which are beyond our control. Forward-looking statements in
this press release include, but are not limited to, those relating
to actions taken during the 30-day appeal period.
Forward-looking statements involve known and
unknown risks and uncertainties, and other factors which may cause
the actual results, performance or achievements stated herein to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Investors should consult our quarterly and annual
filings with the Canadian and U.S. securities commissions for
additional information on risks and uncertainties, including those
risks discussed in our Annual Report on Form 40-F and annual
information form, under the caption "Risk Factors". Given the
uncertainties and risk factors, readers are cautioned not to place
undue reliance on these forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce any
revisions to any of the forward-looking statements contained herein
to reflect future results, events or developments, unless required
to do so by a governmental authority or applicable law.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
Toronto Stock Exchange accepts no responsibility for the adequacy
or accuracy of this release.
Investor Contact:
Jenene ThomasJTC TeamT (US): +1 (833) 475-8247E:
aezs@jtcir.com
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