SAN DIEGO, October 28 /PRNewswire/ --
- QUALCOMM Believes Claims Are Meritless
QUALCOMM Incorporated (Nasdaq: QCOM) today stated that, although it has not seen the actual complaint, the reported allegations made to the European Commission are factually inaccurate and legally meritless. The accusation that QUALCOMM has not lived up to its commitments to standard-setting organizations to license its essential patents on fair and reasonable terms is belied by the more than 130 licenses that QUALCOMM has granted to a broad range of companies, among them five of the six reported claimants (for a complete list of QUALCOMM's licensees, visit www.qualcomm.com/technology/licensing). These licenses, including agreements with the world's largest and most sophisticated manufacturers of wireless telecommunications equipment, make QUALCOMM's patents the most extensively licensed portfolio in the cellular industry. The widespread market acceptance of QUALCOMM's licensing program conclusively demonstrates that QUALCOMM's licensing practices are fair, reasonable and pro-competitive.
QUALCOMM disagrees with any suggestion that it has contributed less significant technology to the WCDMA 3G standard. Indeed, it is widely acknowledged that efforts to design around QUALCOMM's fundamental innovations in formulating the UMTS/WCDMA standard were unsuccessful. It is especially ironic that the complaints are being lodged by suppliers who voluntarily entered into license agreements with QUALCOMM, acknowledging its leading WCDMA patent portfolio. This action appears to be nothing more than an attempt by these licensees to renegotiate their license agreements by seeking governmental intervention.
QUALCOMM has granted and announced far more licenses than any other company claiming to hold patents essential to the CDMA2000, WCDMA or TD-SCDMA standards. QUALCOMM's extensive licensing program has fostered the widespread adoption of leading-edge technologies and promoted vibrant competition throughout the wireless industry, encouraging innovation and technological advancement. Contrary to the reported allegation that QUALCOMM is seeking to exclude chip competitors, QUALCOMM has licensed major chip manufacturers, including Texas Instruments, NEC, Infineon, Philips, Agere, Motorola, VIA and Fujitsu.
"We are proud that our licensing program has enabled many new entrants to design innovative wireless devices and compete in the 3G marketplace," said Dr. Paul E. Jacobs, chief executive officer of QUALCOMM. "It is not surprising that the reported allegations come largely from entrenched 2G suppliers who have the most to lose from the enhanced and expanded competition in 3G created by QUALCOMM's widespread licensing and supply of enabling 3G technology, chipsets and software. The many new handset market entrants, working in cooperation with QUALCOMM, threaten the market shares of these entrenched manufacturers and their component suppliers. We welcome the opportunity to demonstrate these facts in an open and public process."
"It is ironic that these companies claim that QUALCOMM's behavior has harmful effects for the mobile telecommunications sector when the facts are completely contrary. In fact, the average selling price of WCDMA handsets is declining, and WCDMA subscriber uptake is increasing - each at a faster rate than GSM experienced during its early commercial years," said Steve Altman, president of QUALCOMM.
Unlike GSM, where there are a small number of entrenched suppliers, the WCDMA market enjoys healthy competition among many handset suppliers, including companies from Korea, Japan, China, the United States and Europe as a result of QUALCOMM's proactive licensing of its substantial R&D investments and the widespread availability of chipsets and software from QUALCOMM and its licensees.
The allegations regarding royalty discounting, while misleading, are simply complaints about legitimate and lawful price competition, which is good for manufacturers, operators and especially consumers. QUALCOMM has never made the purchase of its chips a condition of granting a license.
QUALCOMM will vigorously defend against any claim of unlawful conduct in its licensing or chipset sales practices.
QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2005 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the Company's ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable basis, the extent and speed to which CDMA is deployed, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 26, 2004, and most recent Form 10-Q.
QUALCOMM is a registered trademark of QUALCOMM Incorporated. CDMA2000 is a registered trademark of the Telecommunications Industry Association (TIA USA). All other trademarks are the property of their respective owners.
Christine Trimble, Corporate Communications
Bill Davidson, Investor Relations
Christine Trimble, Corporate Communications, +1-858-651-3628, firstname.lastname@example.org, or, Bill Davidson, Investor Relations, +1-858-658-4813, email@example.com, both of QUALCOMM Incorporated
COPYRIGHT 2005 PR Newswire Association LLC
EAST BRUNSWICK, N.J. -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNTE), an emerging specialty pharmaceuticals company focused on developing, manufacturing and marketing novel therapeutic products for unmet medical needs, announced today that the Nasdaq Listing Qualifications Panel (the "Panel") has agreed to continue the listing of the Company's securities on The Nasdaq National Market provided that the Company files its restated financials for the appropriate periods and Quarterly Report on Form 10-Q for the period ending June 30, 2005 by no later than December 26, 2005. Additionally, the Panel has granted the Company an extension to file its Quarterly Report on Form 10-Q for the period ending September 30, 2005 by no later than January 3, 2006.
As previously reported, the Company's Audit Committee, with the assistance of management, counsel and independent accounting consultants, and as discussed with its independent auditors, has determined that the periods affected by an error in recording the Company's reserve for product returns and inventory include the six months ended June 30, 2005 and the fiscal years ended 2004, 2003 and 2002.
Savient announced on August 19, 2005 that it had received a Nasdaq Staff Determination Letter stating that it was not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2005, and that the Company's common stock was, therefore, subject to delisting from The Nasdaq Stock Market.
The Company is in the process of preparing restated financial statements for the fiscal years ended December 31, 2002, 2003 and 2004, and the quarter ended March 31, 2005, as well as its Quarterly Report on Form 10-Q for the three months ended June 30, 2005. It will then need to allow adequate time for its independent auditors to review such financial statements and periodic reports prior to their filing with the Securities and Exchange Commission.
About Savient Pharmaceuticals, Inc.
Based in East Brunswick, New Jersey, Savient Pharmaceuticals, Inc. is a specialty pharmaceutical company dedicated to developing, manufacturing and marketing novel therapeutic products that address unmet medical needs. The Company's lead product development candidate, Puricase(R), for the treatment of refractory gout has reported positive Phase 1 and 2 clinical data. Savient's experienced management team is committed to advancing its pipeline and expanding its product portfolio by in-licensing late stage compounds and exploring co-promotion and co-development opportunities that fit the Company's expertise in specialty pharmaceuticals and initial focus in rheumatology. The Company's operations also include a wholly-owned U.K. subsidiary, Rosemont Pharmaceuticals Ltd., which develops, manufactures and markets liquid formulations of prescription pharmaceutical products. Rosemont's product portfolio includes over 90 liquid formulations primarily targeting the geriatric population. Further information on the Company can be accessed by visiting www.savientpharma.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this report regarding the Company's strategy, expected future financial position, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, statements as to the possible continued listing of the Company's common stock on The Nasdaq Stock Market, the timing of the filing of the Company's June 30, 2005 Form 10-Q, and the timing of the filing of amendments to any prior filings are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, delisting of the Company's common stock from The Nasdaq Stock Market, delay or failure in developing Prosaptide(TM), Puricase(R) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing; introduction of generic competition for Oxandrin(R); fluctuations in buying patterns of wholesalers; potential future returns of Oxandrin or other products; our continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; economic, political and other risks associated with foreign operations; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in on-going or future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not assume any obligation to update any forward-looking statements.
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