2013-01-17 13:59:10 -
NEW YORK, NY -- (Marketwire) -- 01/17/13 -- Immunovative, Inc. ("IMUN" or the "Company") (OTCQB: IMUN) announced today that the Company has filed a lawsuit against Immunovative Therapies, Ltd. ("ITL") in the U.S. District Court for the Southern District of New York. The lawsuit alleges that ITL wrongfully terminated the License Agreement between ITL and the Company. The suit seeks the imposition of an equitable lien on with respect to the patents, intellectual property ("IP"), and scientific work funded by the Company. In the alternative, the suit seeks return of approximately $3.7 million paid by the Company to ITL to fund its scientific work, compensatory damages, and an equity interest in ITL as provided by the License Agreement.
Seth Shaw, the CEO of the Company, said, "We regret that we have to resort to litigation to enforce our rights under the plain terms of the license agreement. ITL unfortunately has repudiated its obligations under the License Agreement. We cannot allow ITL to take the Company's money and provide nothing in return, for the millions of dollars it received pursuant to the License Agreement. We intend to preserve as much value as possible for our shareholders from this venture, but we no longer intend to be bound by the exclusivity restrictions of the License Agreement that ITL repudiated. Management will work extremely hard to both restore and create shareholder value moving forward."
About Immunovative, Inc.:
On December 12th, 2011, Immunovative, Inc. ("IMUN") signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. ("ITL"). Under the terms of the License Agreement, IMUN has been granted an exclusive, worldwide license to commercialize any products covered under ITL's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products. On January 8, 2013, IMUN received a notice from ITL purporting to terminate the License Agreement. Please visit IMUN's website at www.imun.com : www.imun.com/
About Immunovative Therapies, Ltd.:
Immunovative Therapies, Ltd. is an Israeli biopharmaceutical company that was founded in May 2004 with financial support from the Israeli Office of the Chief Scientist. ITL is a graduate of the Misgav Venture Accelerator, a member of the world-renowned Israeli technological incubator program. The company was the Misgav Venture Accelerator's candidate for the prize for the outstanding incubator project of 2006, awarded by the Office of the Chief Scientist. ITL specializes in the development of novel immunotherapy drug products that incorporate living immune cells as the active ingredients for treatment of cancer and infectious disease. Please visit ITL's website at: www.immunovative.co.il : www.immunovative.co.il/
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on IMUN's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which IMUN has little or no control. Such forward-looking statements are made only as of the date of this release, and IMUN assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by IMUN with the Securities and Exchange Commission.
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For more information please contact:
Mr. Seth M. Shaw
Chairman & Chief Executive Officer
New York: +1-917-796-9926
Email: Email Contact : www2.marketwire.com/mw/emailprcntct?id=9943447D1238F4F6