New York Court Grants Summary Judgment in Favour of Bioniche Life Sciences Inc.
October 18 2011 - 4:15PM
PR Newswire (Canada)
-lawsuit brought by Ferghana Partners, Inc.- BELLEVILLE, ON, Oct.
20, 2011 /CNW/ - Bioniche Life Sciences Inc. , a research-based,
technology-driven Canadian biopharmaceutical company, today
announced that New York court has granted summary judgment in its
favour, dismissing all claims in a lawsuit brought by a former
licensing advisor, Ferghana Partners, Inc. About the Case The
lawsuit was filed by Ferghana in December, 2009, seeking payment of
6% of the funds received under Bioniche's strategic partnership
related to Urocidin™. In its lawsuit, Ferghana claimed it was
entitled to a "finder's fee" in relation to an advisory agreement
with Bioniche. This claim was made in relation to an outreach never
disclosed to Bioniche, made without the Company's approval and in
violation of the terms of the advisory agreement. In the 19-page
ruling granting Bioniche's motion for summary judgment of the case,
the New York court dismissed all of Ferghana's claims. The court
also denied Ferghana's cross motion to amend its complaint to
include additional allegations and claims. Bioniche was represented
in this matter by Dewey & LeBoeuf LLP, led by partner William
Primps and including associates Jeffrey Amato and Eric Levine.
Bioniche Counterclaims In the course of fact discovery relating to
its defense against Ferghana's meritless claims, Bioniche found
evidence supporting counterclaims against Ferghana for its failure
to properly advise and represent Bioniche. The court has yet to
rule on those counterclaims against Ferghana, which include fraud,
breach of fiduciary duty, breach of contract, unjust enrichment,
quantum meruit and related punitive damages. Bioniche will provide
further comment about its counterclaims as required for its
continuous disclosure obligations or as the court rules on them.
"We are pleased that the detailed ruling from Justice Schweitzer
has vindicated our position that Ferghana's demand for payment was
completely without merit, and we are committed to vigorously
pursuing our counterclaims to a successful conclusion," said Graeme
McRae, Chairman, President and Chief Executive Officer. "Bioniche
remains committed to making Urocidin™ available to the many
sufferers of non-muscle-invasive bladder cancer and we will be
unrelenting in our pursuit of that goal." About Bioniche Life
Sciences Inc. Bioniche Life Sciences Inc. is a research-based,
technology-driven Canadian biopharmaceutical company focused on the
discovery, development, manufacturing, and marketing of proprietary
and innovative products for human and animal health markets
worldwide. The fully-integrated company employs more than 200
skilled personnel and has three operating divisions: Human Health,
Animal Health, and Food Safety. The Company's primary goal is to
develop and commercialize products that advance human or animal
health and increase shareholder value. Bioniche Life Sciences Inc.
has been named one of the Top 50 Best Small and Medium-Sized
Employers in Canada for 2010. For more information, please visit
www.Bioniche.com. Except for historical information, this news
release may contain forward-looking statements that reflect the
Company's current expectation regarding future events. These
forward-looking statements involve risk and uncertainties, which
may cause, but are not limited to, changing market conditions, the
successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive
products and pricing, new product development, uncertainties
related to the regulatory approval process, and other risks
detailed from time to time in the Company's ongoing quarterly and
annual reporting. Bioniche Life Sciences Inc. CONTACT: Jennifer
Shea, Vice-President, Communications, Investor
&GovernmentRelationsBioniche Life Sciences Inc.Telephone: (613)
966-8058; from Australia: 0011 1 613-966-8058Cell: (613) 391-2097;
from Australia: 0011 1 613-391-2097Jennifer.Shea@Bioniche.com
Copyright
Purpose Canadian Financi... (TSX:BNC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Purpose Canadian Financi... (TSX:BNC)
Historical Stock Chart
From Aug 2023 to Aug 2024