Brief: AFT Pharmaceuticals Updates On AFT Orphan Pharmaceuticals Judgment

AFT Pharmaceuticals

28/08/2023 22:29

Aug 29 (Reuters) - AFT Pharmaceuticals Ltd  AFT.NZ :
    * AFT ORPHAN PHARMACEUTICALS JUDGMENT
    * HIGH COURT JUDGMENT UPHOLDING IN PART CLAIMS BY PBL
SOLUTIONS
LIMITED AGAINST AFT, AND DISMISSING OTHERS
    * HIGH COURT ALSO FOUND THAT AFT HAD NOT ACTED DISHONESTLY
    * COURT FOUND THAT CO OWED PBL SOLUTIONS FIDUCIARY DUTY IN
CONTEXT
OF EVALUATING PASCOMER OPPORTUNITY
    * DOES NOT EXPECT JUDGMENT TO HAVE A MATERIAL EFFECT ON
AFT'S
FY2024 EARNINGS GUIDANCE
    * CLAIMS BY PBL INDICATED CO SHOULD HAVE PROVIDED AFTO
CHANCE TO
PURSUE DRUG DEVELOPMENT OPPORTUNITY FOR TOPICAL SKIN MEDICINE
PASCOMER
    * COURT HELD PBL ENTITLED TO 35% SHARE OF PROFITS WHICH ARE
IN
FUTURE MADE BY AFT FROM PASCOMER FOR ORPHAN-LIKE OPPORTUNITIES
ONLY
    * NOTES NO PROFITS FROM PASCOMER OPPORTUNITY EARNED TO DATE
OR ARE
EXPECTED TO BE EARNED IN NEAR TERM
    * CO NOT REQUIRED TO ACCOUNT TO PBL FOR ANY PROFIT FROM
APPLICATION OF PASCOMER FOR TREATMENT OF NON-ORPHAN CONDITIONS 

Further company coverage:  AFT.NZ 

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