-lawsuit brought by Ferghana Partners,
Inc.-
BELLEVILLE, ON,
Oct. 20, 2011 /PRNewswire/ - Bioniche
Life Sciences Inc. (TSX: BNC) (ASX: BNC), 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.
SOURCE Bioniche Life Sciences Inc.