InKine Pharmaceutical Securities Litigation

On March 19, 2004, a Writ of Summons was filed in the Court of Common Pleas in Philadelphia County against InKine, captioned as Korman v. InKine Pharmaceutical Co., Court of Common Pleas, Philadelphia County Trial Division, March Term 2004, No. 04341.

On April 6, 2004, a Civil Class Action Complaint (the "Complaint") was filed by the Plaintiff naming as defendants InKine, and also naming as defendants, Dr. Leonard S. Jacob, Robert F. Apple and Dr. Martin Rose, individuals who are officers and directors of InKine.

After the filing of the Complaint by Plaintiff against the individual officer and director defendants, the parties agreed to enter into a Tolling Agreement tolling the claims against Dr. Leonard S. Jacob, Robert F. Apple and Dr. Martin Rose.

On May 6, 2004, an Amended Civil Class Action Complaint (the "Amended Complaint") was filed naming only InKine Pharmaceutical as a Defendant. The Amended Complaint generally alleges that InKine violated New York Business Corporate Law and breached its contract to shareholders by issuing securities in violation of existing shareholders’ preemptive rights.

The Amended Complaint further alleges that a class of shareholders was harmed by the conduct of InKine.

This litigation is being voluntarily settled after advice of counsel. The parties recognize that the terms of the settlement are fair, adequate and reasonable.

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