Bioenvision, Inc. Says Securities Class Action Litigation Without Merit
July 26 2007 - 3:30PM
Business Wire
Bioenvision, Inc. (Nasdaq:BIVN) today announced that it has been
named as a defendant in a securities class action lawsuit filed in
the United States District Court for the Southern District of New
York purportedly on behalf of sellers of the Company�s common stock
during the period from May 1, 2007 through May 28, 2007.
Bioenvision�s Chairman and CEO, Christopher B. Wood, and CFO, James
S. Scibetta, were also named as defendants. The litigation alleges,
among other things, that the Company made material misstatements
and omissions in connection with the agreement and plan of merger
entered into with Genzyme Corporation on May 29, 2007. The Company
believes all the allegations in the complaint are without merit and
intends to vigorously defend them. About Bioenvision Bioenvision�s
primary focus is the acquisition, development and marketing of
compounds and technologies for the treatment of cancer. Bioenvision
has a broad pipeline of products for the treatment of cancer,
including: Evoltra�, Modrenal��(for which Bioenvision has obtained
regulatory approval for marketing in the United Kingdom for the
treatment of post-menopausal breast cancer following relapse to
initial hormone therapy), and other products. Bioenvision is also
developing Suvus��which is currently in clinical development for
refractory chronic hepatitis C infection. For more information on
Bioenvision please visit our website at www.bioenvision.com.
Certain statements contained in this press release are
�forward-looking� statements, including express or implied
statements regarding the future approval by Bioenvision�s
stockholders of the�pending agreement and plan of merger with
Genzyme. Because these statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements.
Specifically, factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to: risks associated with
whether the merger of Wichita Bio Corporation with and into
Bioenvision will be approved by the stockholders of Bioenvision;
risks associated with the uncertainty as to whether such merger
will in fact occur; risks associated with disruptions from the
proposed merger transaction which may harm relationships with
customers, employees, suppliers and partners; risks associated with
the outcome of litigation and regulatory proceedings to which we
are currently a party and may become a party in the future; risks
associated with preclinical and clinical developments in the
biopharmaceutical industry in general and in Bioenvision�s
compounds under development in particular; the potential failure of
Bioenvision�s compounds under development to prove safe and
effective for treatment of disease; uncertainties inherent in the
early stage of Bioenvision�s compounds under development; failure
to successfully implement or complete clinical trials; failure to
receive marketing clearance from regulatory agencies for our
compounds under development; acquisitions, divestitures, mergers,
licenses or strategic initiatives that change Bioenvision�s
business, structure or projections; the development of competing
products; uncertainties related to Bioenvision�s dependence on
third parties and partners; and those risks described in
Bioenvision�s filings with the SEC. Bioenvision assumes no
obligation to update any forward-looking statements as a result of
new information or future events or developments, except as
required by law and the statements contained in this press release
are current as of the date of this release only.
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