BioCentury
ARTICLE | Company News

Immunovative, Immunovative Therapies deal

January 14, 2013 8:00 AM UTC

Immunovative Inc. (formerly Novo Energies Corp.) said it received notice from Immunovative Therapies to immediately terminate a December 2011 license deal granting Immunovative Inc. exclusive, worldwide rights to commercialize products covered by Immunovative Therapies' IP that it received from the University of Arizona. Immunovative Therapies' claims include that Immunovative Inc. breached the agreement with respect to the administration and timing of payments to Immunovative Therapies. The notice also demands immediate payment of about $4.2 million from Immunovative Inc. for claimed damages suffered. Immunovative Inc. said it believes it is in compliance with the deal terms and intends to "contest strongly" the purported termination. Winston & Strawn LLP is legal advisor to Immunovative Inc. The companies could not be reached for details (see BioCentury, Jan. 23, 2012). ...