WESTFIELD, N.J., Sept. 12, 2017 /PRNewswire/ -- 3ST Research
LLC, a company focused on the discovery, synthesis, and development
of innovative abuse-resistant and abuse-deterrent opioids,
announced the filing of litigation against Albany Molecular
Research, Inc. (Nasdaq: AMRI). The lawsuit was filed on
July 31, 2017 in the United States
District Court in New Jersey.
Dr. John Thottathil, a noted
medicinal chemist and the lead scientist at 3ST Research, invented
and patented novel technology to address the epidemic of opioid
abuse. Dr. Thottathil initiated and then supervised the
laboratory work on his inventions that had been subcontracted to
AMRI. Having become aware of the value of this research, the
lawsuit alleges that AMRI fraudulently appropriated this research
for its own benefit, added AMRI employees as co-inventors to
patents on Dr. Thottathil's research, and sought to gain control of
this intellectual property for its own benefit. Together, these
actions by AMRI have markedly slowed research in this
time-sensitive and critically important medical field, and have
blocked Dr. Thottathil from further pursuing advances using his own
technology.
In June 2017, AMRI announced that
it had accepted an acquisition offer from The Carlyle Group and the
private equity firm, GTCR. The acquisition was formally
completed on August 31, 2017.
About 3ST Research
3ST Research was formed to develop innovative drugs that can
address the worldwide epidemic of opioid abuse. The Company's
technology involves the discovery and synthesis of novel drugs that
alter the absorption or metabolism of commonly used drugs in order
to benefit patients. The Company's initial focus is the
creation of opioid drugs that are both resistant to abuse, as well
as deterrents to potential misuse. 3ST technology focuses on
synthesizing opioids with drug complexes that are "Generally
Recognized as SAFE" (GRAS) by the Food and Drug Administration
(FDA), which can rapidly accelerate both development and approval
of drugs that broadly advance human health.
Media Contact:
Tiberend Strategic Advisors, Inc.
David Schemelia, 212-375-2686
dschemelia@tiberend.com
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SOURCE 3ST Research