Arbitration Decision Denied All Claims Against Bionovo (BNVI) and its Founders
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Bionovo, Inc. (Nasdaq: BNVI) announced today that an arbitration decision issued on June 10, 2009 has denied all claims against the company and its founders, Drs. Isaac Cohen and Mary Tagliaferri.
The decision was in reference to a suit filed by former Chief Financial Officer James P. Stapleton, alleging fraud, negligent misrepresentation and breach of oral contract stemming from Mr. Stapleton's separation from Bionovo. The binding arbitration took place on May 11 and 12, 2009, before Sherman W. Smith, Jr., JAMS.
"It is unfortunate that this arbitration was necessary at all. We are pleased that we have prevailed on all of the issues presented," said Isaac Cohen, O.M.D., Bionovo's Chairman and CEO.
There are some residual claims remaining, which were not subject to this arbitration. The Company hopes to resolve these quickly, now that the arbitrator has ruled on several key facts and legal issues in the case.
Bionovo is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer.[SM]
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