BLUE BELL, PA
March 17, 2004 - InKine Pharmaceutical Company, Inc.
(Nasdaq: INKP) )today reported that it believes that it is not required to issue stock to satisfy potential claims relating to preemptive rights in connection with certain prior securities offerings. As previously announced on March 14th, if shareholders at the time of certain prior securities offerings had preemptive rights, those shareholders may have certain claims against the Company. Those claims may be satisfied in cash rather than stock. If statutory preemptive rights are found to exist, and if shareholders with such rights claim damage from prior offerings, the Company believes that it is entitled to reimbursement for any resulting liabilities from third parties. However, no assurance can be given that the Company will obtain such reimbursement or that any such liability will not be material.
About InKine Pharmaceutical
InKine
Pharmaceutical Company, Inc. is a publicly traded
biopharmaceutical company focused on the diagnosis and
treatment of cancer and autoimmune diseases. The Company's
development strategy is to acquire late-stage drug
candidates with short time lines to commercialization. The
Company's first product, Visicol™ is the first and only
tablet purgative preparation indicated for bowel cleansing
prior to colonoscopy. InKine's second product, IBStat™, is a
novel oral hysocyamine spray for the treatment of Irritable
Bowel Syndrome (IBS) and spasm of the colon. Additionally,
the Company is developing other clinical compounds such as
Colirest™, which is in clinical trials for the treatment of
Crohn's disease and completed Phase II trials for the
treatment of ulcerative colitis. For further information,
please visit InKine on their web site http://www.inkine.com.
In addition to historical facts or
statement of current condition, this press release may
contain forward-looking statements. Forward-looking
statements provide InKine's current expectations or
forecasts of future events. These may include statements
regarding anticipated scientific progress on its research
programs, development of potential pharmaceutical products,
interpretation of clinical results, prospects for regulatory
approval, manufacturing development and capabilities, market
prospects for its products, sales and earnings projections,
and other statements regarding matters that are not
historical facts. You may identify some of these
forward-looking statements by the use of words in the
statements such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe" or other words and
terms of similar meaning. InKine's performance and financial
results could differ materially from those reflected in
these forward-looking statements due to general financial,
economic, regulatory and political conditions affecting the
biotechnology and pharmaceutical industries as well as more
specific risks and uncertainties such as those set forth in
its reports on Form 10-Q and 10-K filed with the U.S.
Securities and Exchange Commission. Given these risks and
uncertainties, any or all of these forward-looking
statements may prove to be incorrect. Therefore, you should
not rely on any such factors or forward-looking statements.
Furthermore, InKine does not intend (and it is not
obligated) to update publicly any forward-looking
statements. This discussion is permitted by the Private
Securities Litigation Reform Act of
1995. |
