ADVENTRX Settles Dispute With Former Licensee
June 30 2008 - 7:00AM
PR Newswire (US)
SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (AMEX:ANX) today announced that it settled
its dispute with Theragenex, LLC and its Chairman and President and
Chief Executive Officer for payments aggregating $600,000, which
payments the Company has received in full. The parties have agreed
to jointly move to dismiss the underlying arbitration action and
all related claims and counterclaims, with prejudice. In addition,
in connection with dismissing the arbitration, the Company and
Theragenex will release each other from any and all claims related
to their past relationship. In October 2007, the Company filed a
demand for arbitration against Theragenex (doing business as TRx
Pharma, LLC and/or TRx Pharmaceuticals, LLC) and its founder,
Chairman and President and Chief Executive Officer in his
individual capacity as the alter ego of Theragenex, seeking damages
of up to $10 million with respect to breach of a license agreement,
dated October 20, 2006, between the Company and Theragenex. In
November 2007, Theragenex responded to the Company's demand,
asserting numerous affirmative defenses, counterclaiming
intentional misrepresentation, negligent misrepresentation and
rescission and seeking a refund of its initial $500,000 payment
under the license agreement, plus interest, rescission of the
license agreement and that the Company pay its reasonable
attorneys' fees and costs associated with the action. About
ADVENTRX Pharmaceuticals ADVENTRX Pharmaceuticals is a
biopharmaceutical company focused on in-licensing, developing and
commercializing proprietary product candidates primarily for the
treatment of cancer and infectious disease. The Company seeks to
improve the performance and commercial potential of existing
treatments by addressing problems associated with these treatment
regimens. More information can be found on ADVENTRX's web site at
http://www.adventrx.com/. DATASOURCE: ADVENTRX Pharmaceuticals,
Inc. CONTACT: Investors, Ioana C. Hone of ADVENTRX Pharmaceuticals,
+1-858-552-0866 Web site: http://www.adventrx.com/
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