News and Announcements
SUDA Update on HC Berlin Pharma
- Published June 06, 2016 4:52PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
3rd June 2016, ASX Announcement
SUDA Ltd (ASX: SUD), a leader in oro-mucosal drug delivery, today announces that it has received a Statement of Claim in relation to a lawsuit between the Company and HC Berlin Pharma AG (in liquidation).
A review by our legal advisors in Germany has identified that the Statement of Claim contains assertions that are not based on fact, therefore based on our legal advice, the Directors of SUDA believe that the claim is without significant merit and will be vigorously defended.
In 2008, HC Berlin Pharma entered into an agreement with SUDA (then Eastland Medical Systems Ltd) for certain manufacturing rights. The licence granted to HC Berlin Pharma was subject of an in-kind capital contribution and SUDA was issued with shares in the capital of HC Berlin Pharma in exchange for these rights.
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