NEWTON, Mass.- Pro-Pharmaceuticals, Inc. (OTCBB: PRWP) (“the Company”), today announced that the Superior Court of Suffolk County in Massachusetts formally issued its judgment yesterday dismissing the trade secret lawsuit prosecuted by Prospect Therapeutics, Inc. (“Prospect”) against the Company and its former Chief Executive Officer, David Platt, Ph.D.
Boston attorney Joan Griffin, who with Chris Robertson of Seyfarth Shaw represented the Company and Dr. Platt at trial said, "Unfortunately, even meritless claims against intellectual property can be difficult to extinguish, creating an unwarranted cloud over a strong company with promising new technology. The post-trial dismissal of this case is the right result."
Jonathan Guest, of Greenberg Traurig LLP, corporate counsel to the Company which provided intellectual property support to the trial team, praised the high quality and cost-efficiency of Ms. Griffin’s and Mr. Robertson’s trial preparation and presentation. He commented that “this was an important victory for a company that desires to devote resources to its drug development program.”
“Putting this lawsuit behind us is a significant event,” said Theodore Zucconi, Ph.D., Chief Executive Officer, Pro-Pharmaceuticals. “This decision enables us to forge ahead with the commercialization of DAVANAT® through partnerships with pharmaceutical companies, and gaining FDA approval for DAVANAT®. We believe DAVANAT® will dramatically improve the quality of life for cancer patients.”
On May 15, 2009, Prospect announced that it was liquidating and had assigned all of its assets for the benefit of creditors. In response, the Company moved to dismiss the lawsuit on various grounds, including failure to prosecute. At a post trial hearing on July 14, 2009, in a ruling from the bench, the Court allowed the Company’s motion to dismiss.
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