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news.Angiotech Pharmaceuticals has received a notice of termination from Rex Medical with respect to the license, supply, marketing and distribution agreement between Angiotech US and Rex, dated 13 March 2008.
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In the notice, Rex has alleged that Angiotech materially breached its obligations under the agreement, and stated that the agreement will be terminated automatically on 24 April 2011.
Rex has alleged that Angiotech failed to maintain and support the minimally required sales force levels in the US, failed to use commercially reasonable efforts to undertake the marketing and commercialisation of the Option Retrievable Vena Cava Filter
Rex also alleged that Angiotech failed to use commercially reasonable efforts in the promotion and distribution of Option Vena Cava Filter and refused to make payments.
Angiotech said the allegations and grounds cited for termination are wholly without merit, and it is assessing its options with respect to Option Vena Cava Filter, the agreement and potential arbitration proceedings with Rex.