AMDL Comments on Canadian Lawsuit
December 11 2003 - 12:41AM
PR Newswire (US)
AMDL Comments on Canadian Lawsuit TUSTIN, Calif., Dec. 10
/PRNewswire-FirstCall/ -- AMDL, Inc. (Amex: ADL; Berlin,
Frankfurt), developer and marketer of tests for the early detection
of cancer and other serious diseases, today said that it was
notified by the University of Alberta of an action that had been
filed in Alberta, Canada arising out of Dr. Lung Chang's employment
with the University and AMDL's acquisition of all of Dr. Chang's
rights to the Combination Immunogene Therapy (CIT), which AMDL
acquired on August 28, 2001 from Dr. Chang. The action is similar
to the action filed in February 2002 by AcuVector, the terminated
former licensee of the CIT technology. The University claims that
AMDL was unjustly enriched and interfered with the contractual
relationship between Dr. Chang, AcuVector and the University
thereby inducing a breach of the University's rights. At the time
AMDL acquired the CIT technology, AMDL received assurances from Dr.
Chang and his attorneys that AcuVector's license rights had been
terminated. AMDL believes it has meritorious defenses to both
claims of the University and AcuVector. AMDL paid $2 million for
the CIT technology and intends to vigorously defend the action and
seek indemnification from Dr. Chang on both claims. About AMDL
AMDL, Inc. (AMEX:ADL), headquartered in Tustin, California, is a
theranostics company, involved in the detection and treatment of
the same disease, cancer. AMDL is the inventor, developer and
worldwide marketer through exclusive distribution agreements of the
DR-70(R) non-invasive cancer blood test, which has demonstrated its
ability to detect the presence in humans of up to 13 cancers 84
percent of the time overall. In a study published in the Journal of
Immunoassay (1998, vol. 19, pp 63-72) DR-70(R) was shown to detect
at least 13 different types of cancer (lung, breast, stomach,
liver, colon, rectal, ovarian, esophageal, cervical, trophoblastic,
thyroid, malignant lymphoma, pancreatic) although the sample size
for 9 of the cancers was not statistically significant. Clinical
trials of DR-70(R) have been conducted in Canada, China, Germany,
Taiwan and Turkey. DR-70(R) can detect many kinds of cancer using a
single tube of blood, eliminating the need for costly, multiple
tests. AMDL also owns a combination immunogene therapy technology
that is a possible treatment for those already diagnosed with
cancer and could eventually be used as a vaccine to protect
patients known to be at risk because of a family history for
certain types of cancer. The combination therapy both builds the
body's immune system and destroys cancer cells. More information
about AMDL and its additional products can be obtained at
http://www.amdlcorporate.com/. Forward-Looking Statements
Statements in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties,
including the failure to complete successfully the development of
new or enhanced products, the Company's future capital needs, the
lack of market demand for any new or enhanced products the Company
may develop, any actions by the Company's partners that may be
adverse to the Company, the success of competitive products, other
economic factors affecting the Company and its markets, and other
risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release. DATASOURCE: AMDL, Inc. CONTACT: Gary L. Dreher, President
& CEO of AMDL, Inc., +1-714-505-4460 Web site:
http://www.amdlcorporate.com/
Copyright
Amdl (AMEX:ADL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Amdl (AMEX:ADL)
Historical Stock Chart
From Jul 2023 to Jul 2024