ISTA Pharmaceuticals, Inc.
Settlement Results in Revised Royalty Agreement for BROMDAY(TM), XIBROM(TM) and PROLENSA(TM)
IRVINE, CA, Mar 26, 2012 (MARKETWIRE via COMTEX) --ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) today announced it has
settled all issues with Senju Pharmaceutical Co., Ltd. that had been
in arbitration before the International Chamber of Commerce (ICC) and
has come to an agreement with Senju on disputed royalty payments for
XIBROM(TM) and BROMDAY(TM) (bromfenac ophthalmic solution) 0.09% eye
drops, approved for the treatment of postoperative inflammation and
reduction of ocular pain in patients who have undergone cataract
extractions. The settlement establishes separate royalty rates for
BROMDAY and ISTA's potential new proprietary product, PROLENSA(TM),
also for the treatment of postoperative inflammation and reduction of
ocular pain in patients who have undergone cataract extractions,
maintaining the existing rate for PROLENSA. The dispute concerned the
amount of royalties owed after the patent covering XIBROM and BROMDAY
expired in 2009. ISTA and Senju will continue their relationship
under the terms of an exclusive license agreement covering the
products through expiration of the last licensed patent, currently
anticipated to be September 2025.
A similar dispute on a significantly smaller royalty rate with
AcSentient, Inc. continues in arbitration with the ICC.
ABOUT ISTA PHARMACEUTICALS
ISTA Pharmaceuticals, Inc. is a fast growing and the third largest
branded prescription eye care business in the United States, with an
expanding focus on allergy therapeutics. ISTA currently markets four
products, including treatments for ocular inflammation and pain
post-cataract surgery, glaucoma and ocular itching associated with
allergic conjunctivitis. The Company's development pipeline contains
additional candidates in various stages of development to treat dry
eye, ocular inflammation and pain, and nasal allergies. Headquartered
in Irvine, California, ISTA generated revenues of $160 million in
2011. For additional information about ISTA, please visit the
corporate website at www.istavision.com.
BROMDAY(R) (bromfenac ophthalmic solution) 0.09%, XIBROM (bromfenac
ophthalmic solution)(R) 0.09%, and PROLENSA(TM) (bromfenac ophthalmic
solution) are trademarks of ISTA Pharmaceuticals, Inc.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that refer to future
events or other non-historical matters are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are intended to qualify for
the safe harbor from liability established by the Private Securities
Reform Act of 1995. Without limiting the foregoing, but by way of
example, statements contained in this press release related to
potential new proprietary products and future royalty payments are
forward-looking statements. Except as required by law, ISTA disclaims
any intent or obligation to update any forward-looking statements.
These forward-looking statements are based on ISTA's expectations as
of the date of this press release and are subject to risks and
uncertainties that could cause actual results to differ materially.
Important factors that could cause actual results to differ from
current expectations are detailed from time to time in ISTA's public
filings with the U.S. Securities and Exchange Commission, including
but not limited to ISTA's Annual Report on Form 10-K for the year
ended December 31, 2011.
For Investor Relations:
Lauren Silvernail
949-788-5302
[email protected]
Jeanie Herbert
949-789-3159
[email protected]
Kathy Galante
Burns McClellan
212-213-0006
[email protected]
For General Media:
Justin Jackson
Burns McClellan
212-213-0006
[email protected]
For Trade Media:
Tad Heitmann
BioComm Network
714-273-2937
[email protected]
Web Site: http://www.istavision.com