EXTON, Pa., July 27, 2004 (PRIMEZONE) -- ViroPharma Incorporated (Nasdaq:VPHM) today announced that the United States District Court for the Eastern District of Pennsylvania has issued an order granting preliminary approval of a settlement of the In Re ViroPharma Incorporated Securities Litigation class action. In March 2004, the Company announced that it had entered into the agreement in principle to settle this litigation.
The preliminary settlement calls for payment of $9.0 million by the Company's insurance carriers to the class, without any payment by ViroPharma or the other defendants, and for dismissal of the action with prejudice. ViroPharma has denied and continues to deny any and all allegations of wrongdoing in connection with this matter, but believes that given the cost and uncertainties associated with litigation, the settlement is in the best interests of the Company and its stockholders. The settlement is conditioned on final court approval after notice to the plaintiff class and expiration of the time for appeal from any order of the Court approving the settlement. There can be no assurance that final court approval of the settlement will be obtained.
ViroPharma Incorporated is committed to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma is currently focused on drug development activities in viral diseases including cytomegalovirus (CMV) and hepatitis C (HCV).