PreMD Announces Order Made by Judge in Ontario Court
November 01 2006 - 12:12PM
PR Newswire (US)
TORONTO, Nov. 1 /PRNewswire-FirstCall/ -- Further to its press
release of October 24, 2006, predictive medicine company PreMD Inc.
(TSX: PMD; Amex: PME) ("PreMD") today announced that a judge of the
Ontario Superior Court of Justice in Toronto has made an order that
PreMD's motion for an injunction to prevent what PreMD states is
the unlawful termination of its 1998 license agreement with
Abulkalam K.M. Shamsuddin ("Shamsuddin") (the "License Agreement")
by Shamsuddin, Stuart Brazier ("Brazier") and Med-11 AG ("Med-11")
shall be heard by a Judge of the Ontario Superior Court of Justice
in Toronto during the week of December 4, 2006. The License
Agreement granted an exclusive license by Shamsuddin to PreMD
relating to certain intellectual property involving part of PreMD's
cancer products, which include ColorectAlert(TM), LungAlert(TM) and
a breast cancer test. PreMD also today announced that counsel for
Shamsuddin, Brazier and Med-11 has advised PreMD that they will not
terminate the License Agreement until December 8, 2006; it remains
PreMD's position that any attempt to terminate the License
Agreement would be unlawful and, in any event, the purpose of the
Ontario Court motion is to grant an injunction preventing any
purported termination until a full trial on the merits has been
held. About PreMD PreMD Inc. is a world leader in predictive
medicine, dedicated to developing rapid, non-invasive tests for the
early detection of life-threatening diseases. PreMD's
cardiovascular products are branded as PREVU(x) Skin Sterol Test.
The company's cancer tests include ColorectAlert(TM), LungAlert(TM)
and a breast cancer test. PreMD's head office is located in
Toronto, and its research and product development facility is at
McMaster University in Hamilton, Ontario. For further information,
please visit http://www.premdinc.com/. This press release contains
forward-looking statements. These statements involve known and
unknown risks and uncertainties, which could cause the Company's
actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include,
among others, the successful development or marketing of the
Company's products, the competitiveness of the Company's products
if successfully commercialized, the lack of operating profit and
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, product
liability, reliance on third-party manufacturers, the ability of
the Company to take advantage of business opportunities,
uncertainties related to the regulatory process, and general
changes in economic conditions. In addition, while the Company
routinely obtains patents for its products and technology, the
protection offered by the Company's patents and patent applications
may be challenged, invalidated or circumvented by our competitors
and there can be no guarantee of our ability to obtain or maintain
patent protection for our products or product candidates. Investors
should consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statements. Investors are cautioned not to rely on these
forward-looking statements. PreMD is providing this information as
of the date of this press release and does not undertake any
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
otherwise. (x) Trademark DATASOURCE: PreMD Inc. CONTACT: Brent
Norton, President and CEO, Tel: (416) 222-3449 ext. 22, Email: ;
Ron Hosking, Chief Financial Officer, Tel: (416) 222-3449 ext. 24,
Email:
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