Navigation Links
Bionovo Announces Arbitration Decision in Lawsuit Filed by Former Officer - All Claims Denied
Date:6/11/2009

EMERYVILLE, Calif., June 11 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) announced today that an arbitration decision issued on June 10, 2009 has denied all claims against the company and its founders, Drs. Isaac Cohen and Mary Tagliaferri.

The decision was in reference to a suit filed by former Chief Financial Officer James P. Stapleton, alleging fraud, negligent misrepresentation and breach of oral contract stemming from Mr. Stapleton's separation from Bionovo. The binding arbitration took place on May 11 and 12, 2009, before Sherman W. Smith, Jr., JAMS.

"It is unfortunate that this arbitration was necessary at all. We are pleased that we have prevailed on all of the issues presented," said Isaac Cohen, O.M.D., Bionovo's Chairman and CEO.

There are some residual claims remaining, which were not subject to this arbitration. The Company hopes to resolve these quickly, now that the arbitrator has ruled on several key facts and legal issues in the case.

Bionovo, Inc.

Bionovo is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, markets with significant unmet needs and billions in potential annual revenue. The company applies its expertise in the biology of menopause and cancer to design new drugs derived from botanical sources which have novel mechanisms of action. Based on the results of early and mid-stage clinical trials, Bionovo believes they have discovered new classes of drug candidates within their rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and is traded on the NASDAQ Capital Market under the symbol, "BNVI". For more information about Bionovo and its programs, visit: http://www.bionovo.com.

Forward Looking Statements

This release contains certain forward-looking statements relating to the business of Bionovo, Inc. that can be identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development, efficacy and safety, regulatory actions or delays, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, physician acceptance, third party reimbursement, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. Bionovo, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE Bionovo, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Bionovo Announces Closing of Public Offering of Common Stock
2. Bionovo Describes a New Class of Therapeutic Compounds
3. Bionovo Announces 2007 Financial Results and Highlights
4. Bionovo to Present at the Cambria Capital Investor Meeting
5. John D. Baxter, M.D. Joins Bionovos Board of Directors
6. Bionovo to Present at the Rodman & Renshaw 10th Annual Global Investment Conference
7. Bionovo to Present Recent Findings of BN108, its Anticancer Agent, at the 31st Annual San Antonio Breast Cancer Symposium
8. Willa A. Hsueh, M.D., Joins Bionovos Scientific Advisory Board
9. Bionovo Announces Cost Control Measures Taken
10. Bionovo Announces Presentation at the National Cancer Institute
11. Jan Ake Gustafsson, M.D., Ph.D., Joins Bionovos Scientific Advisory Board
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... February 13, 2016 , ... ... becomes the first in the area to offer AngioPlex™ Optical Coherence Tomography (OCT) ... disease, such as macular degeneration, diabetic retinopathy, and other vascular conditions. , In ...
(Date:2/13/2016)... ... February 13, 2016 , ... The National Association for Children ... organization representing the growing community of recovering individuals (now over 23 million), to ... in policies addressing addiction. , Although many of the presidential candidates of ...
(Date:2/13/2016)... ... February 13, 2016 , ... The producers of Enterprises TV ... , The increasingly modern world of instantaneous consumption proves very convenient for businesses. ... such as oil and coal, which pollutes our air, water, and soil. It can ...
(Date:2/13/2016)... ... February 13, 2016 , ... When an Au Pair comes all the way ... they are in for and they are often worried things won’t go well. More often ... for. This year’s Au Pair of the Year winner’s all commented how their Au Pairs ...
(Date:2/12/2016)... CA (PRWEB) , ... February 12, 2016 , ... According ... hernia surgeries are beginning to account for a significant portion of hernia repairs throughout ... Towfigh of the Beverly Hills Hernia Center notes that this trend has not only ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... PAULO , Feb. 12, 2016 ... commenced a cash tender offer (the "Tender Offer") ... million outstanding aggregate principal amount of its 6.500% ... and ISIN Nos. US44915JAA88/ USP5246AAF05) (the "Notes"). In ... soliciting (the "Consent Solicitation") consents (the "Consents") of ...
(Date:2/12/2016)... PLATTSBURGH, NY , Feb. 12, 2016 /PRNewswire/ - Demers Ambulances ... Florida to Okaloosa County ... 164 Type III ambulances and one LT2 van. Quality Emergency ... Demers dealer, is responsible for the sale.  This is the ... Benoit LaFortune , Executive Vice President at Demers. --> ...
(Date:2/12/2016)... 2016  SI-BONE, Inc., a medical device company that pioneered the ... invasive surgical (MIS) device indicated for fusion for certain disorders of ... the Medicare Administrative Contractor (MAC) covering the states of ... , Massachusetts , Minnesota ... , Rhode Island , Vermont ...
Breaking Medicine Technology: