In its ruling, the court approved agreements that created Protiva Biotherapeutics and the ongoing litigation with Protiva. The court rejected all motions raised by Protiva to block the spin-out of Tekmira.
In September, shareholders of Inex voted 99.3% in favor of spinning out all of the company’s technology, products, cash and partnerships into Tekmira.
“We are working to close the Tekmira spin-out as quickly as possible, and anticipate completion of this transaction by December 31, 2006. We remain confident in our legal and contractual positions versus Protiva,” said Timothy Ruane, president and CEO of Inex.
The dispute with Protiva relates to rights of certain drug delivery technology for the delivery of small interfering RNA (siRNA). As part of the contractual agreements that created Protiva in 2001, Inex believes that it has retained all rights to certain RNA delivery technology. Inex is continuing to develop its siRNA delivery technology with its collaborator, Alnylam Pharmaceuticals.
Inex has also filed a motion to dismiss the lawsuit initiated by Protiva on the grounds that California is an inappropriate venue to settle a dispute between two British Columbia-based companies.
The completion of the spin-out of Tekmira will allow Inex, having no pharmaceutical assets, to complete a financing with an investor group led by Sheldon Reid, a co-founder of Energy Capitol Resources.