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news.Adventrx Pharmaceuticals has settled its dispute with Theragenex and its chairman and CEO for payments aggregating $600,000, which payments the company has received in full.
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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 and its founder, chairman and CEO 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, noted Adventrx.