In respect to the preliminary injunction in the Netherlands, Serono denies that its press release of November 8, 2000 contained any defamatory statements against Biogen or Avonex(R).
Between one and two million people worldwide are living with multiple sclerosis, which is a chronic, debilitating disease of the central nervous system that affects mainly young adults. At present, there is no cure for MS and treatments aim to delay progression of the disease, relieve symptoms, and control the morbidity. Treating patients with high doses of interferon, at an early stage of their disease, is showing great promise in the relief of this highly incapacitating condition. By delaying the progression of disability and reducing the number and severity of attacks, quality of life is preserved.
Some of the statements in this press release are forward-looking. Such statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from those expected or anticipated in the forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions, which may be affected by a number of factors, including those discussed below and more fully described in the Company's prospectus filed with the U.S. Securities and Exchange Commission on July 26, 2000. These factors include any failure or delay in the Company's ability to develop new products, any failure to receive anticipated regulatory approvals, any problems in commercializing current products as a result of competition or other factors, our ability to obtain reimbursement coverage for our products, and government regulations limiting our ability to sell our products. The Company has no responsibility to update the forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release.
Serono, headquartered in Geneva, Switzerland, is a global biotechnology leader. The Company has four recombinant products on the market, Gonal-F(R), Rebif(R), Serostim(R) and Saizen(R). In addition to being the world leader in reproductive health, Serono has strong market positions in neurology, metabolism and growth. The Company's research programs are focused on growing these businesses and on establishing new therapeutic areas. Currently, there are seven products in development including six recombinant proteins.
In 1999, Serono achieved worldwide sales of US$1.054 billion and a net
income of US$183.7 million, making it the third largest biotech company
based on revenues. The Company operates in 45 countries, and its products
are sold in over 100 countries. Bearer shares of Serono S.A., the holding
company, are traded on the SWX Swiss Exchange (SEO) and its American Depositary
Shares are traded on the New York Stock Exchange (SRA).
(1) PRISMS Study Group, Randomized Double-Blind Placebo-Controlled Study of Interferon Beta-1a in Relapsing- Remitting Multiple Sclerosis. The Lancet. Vol. 352. Nov 7, 1998. 1498-1504.
Bloomberg: SEO SW/SRA US