MAXM Maxim Pharmaceuticals (MM)

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Maxim Pharmaceuticals, Inc. HARTFORD, Conn., Sept. 22 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of California on behalf of all persons who purchased the publicly traded securities of Maxim Pharmaceuticals, Inc. (NASDAQ:MAXM) ("Maxim") between November 11, 2002 and September 17, 2004, inclusive (the "Class Period"). The Complaint alleges that Maxim and certain of its officers and directors issued materially false statements concerning Maxim's leading drug candidate, Ceplene, in the treatment of malignant melanoma. Specifically: (i) defendants concealed positive reports that survival rates and the status of malignant melanoma patients treated with Ceplene during the original MO1 Phase III study were rooted in a failed, fundamentally flawed and deficient trial; (ii) defendants' representation that "Maxim Pharmaceuticals Receives FDA Approval" was intended to convey that Ceplene was safe, effective and approved for use; (iii) under the Food, Drug and Cosmetic Act, it was illegal to publicly promote Ceplene as a safe and effective treatment for any type of disease; (iv) even though Maxim represented that the FDA "approved" Ceplene, no new clinical data or information demonstrating that the drug was effective in the treatment of malignant melanoma had been provided to the agency since it rejected the drug in 2001; (v) the later "confirmatory" Phase III study was in fact designed to refute key negative results in the MO1 study as interpreted by panel experts at the ODAC (results that explained why the drug did not work); (vi) negative results were again the likely outcome of the later "confirmatory" Phase III study, while positive results would create controversy and alone could not support approval of the drug for the treatment of malignant melanoma; and (vii) disclosure of the negative results of the later trial were delayed, affording insiders an opportunity for trading Maxim's securities. If you are a member of the class, you may, no later than November 22, 2004 request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . You also can visit our website: http://www.snlaw.net/. CONTACT: Nancy A. Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499, Web site: http://www.snlaw.net/

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