Cytogen sues Advanced Magnetics

Cytogen said it has filed a lawsuit against partner and MRI contrast developer Advanced Magnetics alleging breach of contract, fraud, unjust enrichment, and breach of the implied covenant of good faith and fair dealing.

The lawsuit, filed by the Princeton, NJ-based firm Wednesday in Massachusetts Superior Court, is related to the 2000 license agreement between the firms for the Combidex molecular imaging agent and ferumoxytol products from Advanced Magnetics.

Cytogen is seeking damages, along with a request for the Cambridge, MA-based firm to take all reasonable steps to secure Food and Drug Administration approval for Combidex in accordance with the license agreement.

Cytogen said it remains interested in discussing an amicable resolution of its complaints with Advanced Magnetics, but intends to protect its rights through litigation or negotiation.

By AuntMinnie.com staff writers
January 26, 2006

Related Reading

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Cytogen revises Q3 net loss, November 15, 2005

Expenses contribute to Cytogen's Q3 loss, November 4, 2005

FDA requests Combidex information, March 24, 2005

U.S. panel rejects Advanced Magnetics imaging agent, March 4, 2005

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