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Tekmira Provides Periodic Update To Shareholders Regarding Litigation

Stocks in this article: TKMR

VANCOUVER, British Columbia, Sept. 19, 2012 (GLOBE NEWSWIRE) -- Tekmira Pharmaceuticals Corporation (Nasdaq:TKMR) (TSX:TKM), a leading developer of RNA interference (RNAi) therapeutics, today provided a periodic update to its shareholders on the ongoing litigation with Alnylam Pharmaceuticals, Inc. and AlCana Technologies, Inc.

"We are firmly committed to regaining control of our LNP technology and preserve its full value for Tekmira. The Massachusetts Superior Court has issued a pre-trial scheduling order with the timeline for the remaining pre-trial events leading up to a trial commencing on November 14, 2012," said Dr. Mark J. Murray, Tekmira's President and CEO.

Key activities in the legal timeline include:

  • Expert depositions will be completed by September 28, 2012.
  • Witness lists, exhibit lists and other motions must be completed during October 2012.
  • The final pre-trial conference will be on November 7, 2012.
  • Jury empanelment will begin on November 13, 2012.
  • The trial will commence, in front of a jury, on November 14, 2012.

Documents related to ongoing litigation can be found on the company's website at www.tekmirapharm.com .

Background to Ongoing Litigation

In March 2011, Tekmira filed a complaint in Massachusetts Superior Court against Alnylam alleging misappropriation and misuse of trade secrets, know-how and other confidential information, unfair and deceptive trade practices, unjust enrichment, unfair competition and false advertising. In April 2011, Alnylam filed an answer and counter-claim to our complaint. In June 2011, Tekmira amended its complaint to add AlCana as a defendant and add new claims alleging breach of contract, breach of the implied covenant of good faith and fair dealing, tortious interference with contractual relationships, and civil conspiracy. As described in the amended complaint, Tekmira is seeking relief in the form of damages — including the royalties and profits Alnylam and AlCana would receive from the alleged improper use of Tekmira's technology and the termination of Alnylam's license to Tekmira's technology. In June 2011, Alnylam filed an amended answer and counter-claim, and, in July 2011, AlCana filed its answer and counter-claim to Tekmira's amended complaint. Alnylam's answer and amended counter-claim alleges, in summary, breach of contract: contractual dispute resolution and confidentiality provisions, defamation, breach of covenant not to sue, breach of patent prosecution cooperation and non-use provisions, and breach of an implied covenant of good faith and fair dealing. AlCana's answer and amended counter-claim alleges, in summary, breach of contract and breach of an implied covenant of good faith and fair dealing. Alnylam's defamation counter-claim was dismissed by the BLS Court in September 2011 including an award of Tekmira's attorney's fees and costs. The pre-trial scheduling order has been issued outlining the remaining pre-trial events, with the trial scheduled to commence, in front of a jury, beginning on November 14, 2012.

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