Inex bankruptcy dismissal appealed by Stark

By Caroline Salls

Pittsburgh, Nov. 8 - Inex Pharmaceuticals Corp. received notice that Stark Trading and Shepherd Investments International Ltd. will appeal the decision of the Supreme Court of British Columbia dismissing the bankruptcy petition brought forward by Stark, according to an Inex news release.

The court dismissed the bankruptcy petition on Oct. 27.

"We believe the decision of the Supreme Court to dismiss the bankruptcy petition was correct and we will continue to defend our position vigorously," Inex president and chief operating officer Timothy M. Ruane said in the release.

"We are continuing to operate our business and advance our products through development to maximize the value of our assets for all stakeholders."

Ruane said he had no further details on Stark's appeal.

Stark is the majority holder of promissory notes issued by Inex subsidiary Inex International Holdings.

According to the release, the promissory notes are not due until April 2007 and can be repaid in cash or in shares, at Inex's option, at maturity.

Inex is a Vancouver, B.C.-based pharmaceutical company.

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