Power 3 Medical Products Inc (fka PWRM)

[Tommy105]

Shoot! TBIO sues PWRM! You win.

http://www.genomeweb.com/proteomics/transgenomic-sues-power3-libel-slander-breach-contract-protein-biomarker-deal

Transgenomic Sues Power3 for Libel, Slander, Breach of Contract in Protein Biomarker Deal
February 23, 2010
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+EmailPrinter-friendly versionRSS FeedView on one pageTransgenomic this week sued Power3 Medical Products, alleging breach of contract over a deal to market Power3's biomarker tests for neurodegenerative diseases.

The suit, filed in the US District Court in Nebraska, also accused Power3 of slander and libel, and of making "false representations" about its tests in order to "induce" Transgenomic into its marketing agreement with Power3.

Transgenomic said it has suffered more than $520,000 in damages. According to the company a press release issued by Power3 earlier this month terminating their contract and accusing Transgenomic of breach of contract and breach of confidentiality provisions caused Transgenomic's stock to fall 9 percent and lose more than $2 million of its market capitalization.

Transgenomic is asking the court to prohibit Power3 from continuing to defame it, as well as damages to be determined during trial, attorney's fees, and other expenses.

The lawsuit stems from an agreement Transgenomic and Power3 penned last year that gave Transgenomic exclusive rights to protein biomarkers from Power3, including those comprising its lead test NuroPro for Alzheimer's and Parkinson's diseases.