MICU Vicuron Pharmaceuticals (MM)

Shareholder Class Action Filed Against Vicuron Pharmaceuticals Inc. by the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., June 18 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons who purchased or otherwise acquired the common stock of Vicuron Pharmaceuticals Inc. (NASDAQ:MICU)("Vicuron" or the "Company") from January 6, 2003 through May 24, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Vicuron, George F. Horner III, Dov Goldstein, and Timothy Henkel violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. According to the complaint, the defendants issued a series of material misrepresentations to the market between January 6, 2003 and May 24, 2004, about its drug anidulafungin, thereby artificially inflating the price of Vicuron's common stock. More specifically, the complaint alleges that defendants failed to disclose or indicate the following: (1) that anidulafungin was unsafe and ineffective and that the Food and Drug Administration ("FDA") would not approve the drug as-is to treat candidiasis; (2) that anidulafungin failed to achieve superiority in all clinical measures over fluconazole in the Phase III trial for esophageal candidiasis; (3) that anidulafungin differed comparatively with the Company's claims that better clinical outcomes could be achieved with anidulafungin in treating candidiasis; (4) that anidulafungin's statistically significant higher relapse rate as compared with those fluconazole raised concerns that anidulafungin was an inferior therapy to fluconazole and caspofungin acetate for the treatment of esophageal candidiasis in immunosuppressed patients; (5) that the nature and outcome of any additional studies was uncertain; and (6) that as a result of the above, defendants prevented investors and Biosearch shareholders from learning the extent of the misrepresentations made to them during the Class Period. On May 24, 2004, Vicuron announced that it received an approvable letter from the FDA. However, the letter indicated that the Company's "New Drug Application" ("NDA") submission for anidulafungin does not currently support a labeling claim for the initial treatment of esophageal candidiasis. News of this shocked the market. Shares of Vicuron fell $8.86, or 40.46 percent, to close at $13.06, on May 24, 2004. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than August 16, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., of Schiffrin & Barroway, LLP, +1-888-299-7706 or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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