TheraVitae Inc. Files Lawsuit Against RegenoCELL Therapeutics, Inc.
The lawsuit claims damages against RegenoCELL in the amount of $3,000,000, an accounting of all revenues and profits earned by RegenoCELL from its wrongful activities and an injunction requiring RegenoCELL to cease using TVI's intellectual propert
Online, November 10, 2010 (Newswire.com) - TheraVitae Inc.(TVI) announced today that it filed a lawsuit on October 6, 2010 against RegenoCELL Therapeutics, Inc.(RegenoCELL), a public US company (PINK: RCLL-Private), for breach of a Confidentiality and Non-Circumvention Agreement (the Agreement) dated April 4, 2008, breach of trust, conversion and trade-mark infringement. The lawsuit was filed in the Ontario Superior Court of Justice.
TVI claims that RegenoCELL has violated the Agreement by engaging in the unauthorized dissemination of confidential information belonging to TVI, including technical data, ideas, designs, inventions and trade secrets, and by using TVI's confidential information and intellectual property -- including TVI's trade-mark -- to compete with and circumvent the efforts of TVI.
The lawsuit claims damages against RegenoCELL in the amount of US $3,000,000, an accounting of all revenues and profits earned by RegenoCELL from its wrongful activities and an injunction requiring RegenoCELL to cease using TVI's intellectual property assets and confidential information and to return same to TVI.
About TVI
TheraVitae Inc. is an autologous (patient's own) stem cell therapy company engaged in the research, development, formulation, clinical testing, registration, manufacture and commercialization of heart repair and peripheral arterial disease repair stem cell processing. Our core competency lies in our expertise to derive, propagate and differentiate a synergetic cell population from a patient's peripheral blood into neuronal cell precursors, cardiomyocyte cell precursors, and angiogenic cell precursors. VesCell, our first product, is a synergetic cell population of angiogenic cell precursors. It is used by physicians to treat end-stage heart failure and peripheral arterial disease ("PAD") on a compassionate care basis. VesCell has been used in the treatment of more than 500 patients.
- 30 -