EXTON, Pa., Nov. 17, 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 final approval of a settlement of the In Re ViroPharma Incorporated Securities Litigation. The order will become final upon the expiration of 30-day appeal period. In July 2004, the Company announced that it had received the court's preliminary approval of the settlement of this litigation.
"This episode is now behind us, and we can now fully focus our attention on the future of ViroPharma and executing on our business plan," commented Michel de Rosen, ViroPharma's chief executive officer. "Given the cost and uncertainties associated with litigation, we believe that this settlement is in the best interest of our company's overall business and our shareholders."
The 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.
About ViroPharma Incorporated
ViroPharma Incorporated is committed to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma commercializes Vancocin(R) Pulvules(R), approved for oral administration for treatment of antibiotic-associated pseudomembranous colitis caused by Clostridium difficile and enterocolitis caused by Staphylococcus aureus, including methicillin-resistant strains (for prescribing information, please download the package insert at http://www.viropharma.com/Vancocin_PI.pdf). ViroPharma currently focuses its drug development activities in viral diseases including cytomegalovirus (CMV) and hepatitis C (HCV). For more information on ViroPharma, visit the company's website at www.viropharma.com.