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BioTechnologyNews.net Newsletter - Tuesday, 21 September 2010

 

 

BioProspect prepares for battle

 

 

Tuesday, 21 September 2010

 

AS a dispute between Solagran and Bioeffectives licensee and developer BioProspect plays out in the Federal Court, BioProspect has found an alternative conifer needle supplier to Solagran and waved goodbye to another director.

 

 

Last Thursday, BioProspect non-executive director Leo Elias Khouri announced his resignation from agricultural biotechnology company BioProspect.

 

A dispute between the parties, first reported to the market by Solagran, has now reached the courts after BioProspect took action against its licensee in the Federal Court.

 

KhouriÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s resignation was effective a day after the Federal Court ordered an interim injunction which stopped Solagran from causing damage to BioProspect, preventing large amounts of BioProspect shares from being traded at low prices.

 

The interim injection specifically restricted Solagran from selling, disposing of and exercising a right to deal with anything involved with both companiesÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ previous agreement for the conifer green needle complex.

 

Yesterday BioProspect reported it had found an alternative supply of CGNC chemically similar to SolargranÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s, which had been laboratory-tested and verified.

 

The board of BioProspect took legal action against Solagran when it allegedly suppressed financial records and thereby failed to cooperate under the development agreement which would allow the matter to be settled outside of court.

 

The dispute alleges Solagran breached intellectual property rights regarding its Bioeffectives technology and that Solagran wasnÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t selling mineral Bioeffective A (CGNC) at the agreed cost price.

 

BioProspect is seeking costs and damages from Solagran executive chairman Vagif Soultanov and former director Denis Kilroy.

 

Using rights written into the agreement, BioProspect requested an audit into SolargranÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s books and records to conclude whether or not these allegations were true.

 

Instead the company received a letter from SolagranÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s legal representatives saying they would not allow the audit, BioProspect alleged.

 

BioProspect close 0.2c or 18.2% up to 1.3c yesterday on a 2.7 million share swap, while Solagran slipped 0.5c or 3.3% to 14.5c.

 

 

Let us hope this folly finishes soon.

 

 

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Well its all around the same issue.. just being reported in different forms and with varying perspectives. The biotech article doesn't really line up with the BPO announcements. But personally I'm getting quite tired of it all.

 

Cant wait for the real show to get on the road.

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Hi all

 

Most wont be interested but here is one of the online Russian sites with details on Ropren.

 

It looks like the site was updated a few weeks ago, with the main areas being some more of the treatment conditions, and also the bit on Pharmacokinetics.

 

Translated link here:

 

http://translate.google.com.au/translate?h...%3DG%26prmd%3Db

 

Original here:

 

http://www.rlsnet.ru/tn_index_id_37384_firm_13768.htm

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