Neurochem says tribunal decision denies majority of Immtech claims

By Elaine Rigoli

Tampa, Fla., June 12 - Neurochem, Inc. said Monday that an arbitral tribunal of the International Chamber of Commerce Court of Arbitration (ICC) has denied the majority of Immtech Pharmaceuticals, Inc.'s claims in the arbitration concerning an agreement entered into in April 2002 under which Neurochem had the right to apply its proprietary anti-amyloid technology to test certain compounds to be provided by Immtech.

The Tribunal held that Neurochem did not misappropriate any of Immtech's compounds, information or trade secrets and that Immtech was not entitled to any interest in, or assignment of, Neurochem's patent applications, according to a news release.

While the Tribunal found that Neurochem had breached certain sections of the agreement, Immtech was awarded a total of $35,000 in damages, plus interest, in connection with a disputed milestone payment, and not the compensatory damages of up to $50 million or the punitive damages that Immtech had been claiming.

The Tribunal denied Immtech's various other claims, including those based on fraud, negligence, breach of fiduciary relationship and unjust enrichment.

The Tribunal also denied Neurochem's counterclaims and awarded Immtech only a portion of the arbitration costs and of Immtech's related legal fees.

In total the Tribunal awarded Immtech about $1.9 million, the release said.

Neurochem, located in Laval, Quebec, is focused on the development and commercialization of therapeutics to address critical unmet medical needs.

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