ProPhase Labs (PRPH) Reports Positive Verdict in Ongoing Phosphagenics Arbitration
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ProPhase Labs, Inc. (Nasdaq: PRPH) reported that the arbitration case that has been ongoing since October 2014 with Phosphagenics, Inc. and Phosphagenics, LTD (collectively, "Phosphagenics) in connection with the Phusion joint venture has been resolved and is now concluded.
The arbitrator rejected all of the counterclaims asserted by Phosphagenics that ProPhase pay damages to Phosphagenics. The arbitrator also awarded to ProPhase recovery of approximately $350,000 (net of the payment of certain wind down expenses) that had been invested in the Phusion joint venture entity; terminated the intellectual property license that had been granted to Phusion from Phosphagenics; and directed the wind down and termination of Phusion Laboratories LLC, the joint venture entity.
Ted Karkus, CEO of ProPhase Labs, stated, "I am pleased that this dispute and the costs associated with the Phusion project and arbitration expenses are now fully behind us. We will recover approximately $350,000, and more importantly, the distractions, costs and obligations to participate in the JV are behind us."
Mr. Karkus added that "Although the Phusion venture seemed promising at the time it was launched, we now can devote our resources and attention to projects and products where we own 100% of the value we create."
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