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Viral Genetics settles HIV/AIDS products

Viral Genetics Inc of San Marino, California, and its President Haig Keledjian, have entered into a binding Release and Settlement Agreement with Timothy and Thomas LLC (T&T) and its principals. The Agreement received the approval of the Court, ending the lawsuit that had started in March 2006 and which was before the United States District Court for the Northern District of Illinois (Case No. 06 C 1813). The Court dismissed all claims without admission of liability by any party. Viral Genetics has also paid or settled all legal fees incurred as a result of this litigation during the last several years.

"We are pleased to put this arduous and time-consuming process behind us as we are now completely free to focus on the development of our drug candidates and our new VG Energy subsidiary," said Haig Keledjian. "Reacquiring the development and marketing rights to Africa for our HIV/AIDS products is an important result of this settlement given the size of the HIV epidemic in that region and our past level of development there."

As part of the Settlement, Viral Genetics terminated the Distribution Management Agreement with T&T that was the subject of the lawsuit, effectively reacquiring the rights to develop and market HIV/AIDS products in Africa that had previously been granted to T&T for a period of twenty years. In consideration for the Agreement’s termination, the company agreed to pay to compensate T&T financially over the course of three years.

"Our HIV/AIDS technology and intellectual property portfolio have grown considerably in these last five years” said Monica Ord, senior vice president of Viral Genetics. “We are now free to pursue possible partnerships and joint ventures at a much higher level that better reflect the value of the work. Our relationships in Africa are more substantial than ever before and this settlement allows us to resume work in a country that desperately needs an effective treatment for AIDS. We are excited to move forward!"

 
   
 
 
 
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