Braeburn and Camurus enter arbitration proceedings in England
Lund, Sweden — 15 June 2020 — Camurus AB (NASDAQ STO: CAMX) today announces that, following its issuance of a material breach notice on its US partner Braeburn Inc., Braeburn has initiated arbitration proceedings in England, under the parties’ license agreement.
Camurus has served Braeburn a material breach notice under the license agreement between the parties questioning Braeburn’s performance in respect of its efforts, including to prepare for regulatory approval and commercialization of Brixadi™ for the treatment of opioid dependence in Canada and as a weekly extended release product in the US, and to develop and prepare for the commercialization of CAM2038 for the treatment of chronic pain in the US. Braeburn disputes the validity of the notice of material breach.
Through this arbitration Braeburn seeks a determination by the arbitral tribunal of whether the company is in such material breach of the license agreement. If the tribunal finds that Braeburn is in material breach, Camurus will be entitled (subject to a 60-day cure period) to terminate the agreement and regain all rights granted to Braeburn, including the company’s rights to Brixadi and other products in North America (including all regulatory filings). If the tribunal finds that Braeburn is not in material breach, the license agreement will remain in full force and effect. During the arbitration proceedings, which pursuant to the provisions of the license agreement are to be completed within 90 days from the appointment of a full arbitration panel, all of the parties’ respective rights and obligations under the license agreement remain in full force and effect, including Braeburn’s obligation to develop, register and commercialize Brixadi, as well as associated financial terms.
For more information
Fredrik Tiberg, President & CEO
Tel. +46 (0)46 286 46 92
Fredrik Joabsson, Chief Business Development Officer
Tel. +46 (0)70 776 17 37
Camurus is a Swedish science-led biopharmaceutical company committed to developing and commercialising innovative and differentiated medicines for the treatment of severe and chronic conditions. New drug products with best-in-class potential are conceived based on the company’s proprietary FluidCrystal® drug delivery technologies and its extensive R&D expertise. Camurus’ clinical pipeline includes products for the treatment of cancer, endocrine diseases, pain and addiction, which are developed in-house and in collaboration with international pharmaceutical companies. The company’s shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit camurus.com.
This is information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the managing director, at 4:00 pm CET on 15 June 2020.