YM BioSciences Inc. (NYSE YMI, TSX:YM), announces that it filed a Form 6K describing that certain US patents for nimotuzumab licensed to YM's majority-owned Canadian subsidiary , CIMYM BioSciences Inc., have become subject to a lien in the United States, pursuant to a court order, to a third party. The lien is a consequence of a dispute unrelated to either YM, its licensor, or the patent owner, the Center of Molecular Immunology (CIM). Counsel has advised the Company that the lien does not affect the exclusive, royalty-free license for nimotuzumab issued by CIMAB S.A. to CIMYM for numerous territories, including the US.
None of the international patents for nimotuzumab for which YM is licensed are affected.
"We do not believe that this situation will have an impact on YM's continuing development of nimotuzumab in the US nor do we expect it to be material to YM," said David Allan, Chairman and CEO of YM. "We issue this press release solely in response to market activity."
The lien against the two patents, which were issued by the USPTO to CIM, appear to form part of an award resulting in liens against approximately 60 patents from a number of scientific institutes assigned to that third party by a court in Miami, Florida. The liens have no relation to the US embargo against Cuba and result specifically from a civil suit brought to seek compensation for a plaintiff in a matter unrelated to these patents.