Advanced Magnetics to defend Cytogen suit

MR contrast developer Advanced Magnetics said the lawsuit filed against it by partner Cytogen is without merit, and that it plans to conduct a vigorous defense.

Cytogen filed suit January 25 against the Cambridge, MA-based firm in Massachusetts Superior Court, claiming breach of contact, breach of implied covenant of good faith and fair dealing, fraudulent misrepresentation, and unjust enrichment related to a licensing and marketing deal signed between the firms in August 2000.

Advanced Magnetics said it does not believe the lawsuit will materially distract the company from bringing to market its ferumoxytol product as an intravenous iron replacement therapeutic and its Combidex product as an MRI contrast agent.

By staff writers
January 30, 2006

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

FDA requests Combidex information, March 24, 2005

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