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news.US biopharmaceutical company Callisto Pharmaceuticals said that it is suing its former vice president Donald Picker in the New York's Supreme Court over allegations of fraud and breach of employment agreement.
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The lawsuit alleges that Dr Picker breached his written employment agreement with Callisto by accepting employment with Tapestry Pharmaceuticals in a manner not in accordance with his agreement. According to Callisto, Dr Picker also acted fraudulently by failing to reveal to Callisto that he was negotiating employment with Tapestry, while purportedly representing Callisto in negotiations with Tapestry pursuant to a confidential disclosure agreement between Tapestry and Callisto.
Additionally, the company claims that Dr Picker misappropriated confidential files and materials from Callisto’s offices. Callisto is seeking $80 million in damages from Dr Picker.
New York-based Callisto focuses on the development of drugs to treat acute leukemia, carcinoid cancer (a neuroendocrine tumor) and multiple myeloma (an incurable blood cancer that invades and proliferates in bone marrow). Callisto’s lead candidate Atiprimod is undergoing phase II trials in advanced carcinoid cancer patients and is in phase I/IIa trials for patients with refracory multiple myeloma.