XTend Medical, a company that specialises in delivering medical technology to healthcare organizations globally, has filed a lawsuit in the Delaware Chancery Court against U&I Bio-Tech Korea, U&I Bio-Tech California, Mr Sam Lee, and Mr Eric Shin.
Through the litigation, XTend seeks to compel the defendants to perform their obligations under an asset purchase agreement that the parties signed in December, which includes assigning all of the intellectual property associated with the BioHarp technology to XTend.
Reportedly, XTend had originally filed a similar action in California, but the defendants insisted that the parties litigate their dispute in Delaware. Rather than facing further procedural delays in obtaining a decision on the merits, XTend dismissed the California case and re-filed in Delaware. All defendants have been served with XTend’s complaint, and their response is due to the Delaware court in early June.
Paul Lisenby, CEO of XTend Medical, said: “The company has decided to file in the Delaware Chancery Court to defeat the defendants’ efforts to delay this case and to move forward as expeditiously as possible in securing possession of the BioHarp assets, as provided in the Asset Purchase Agreement that the parties signed on December 8, 2009. This case will be heard by a Chancellor or Vice Chancellor who is an expert in corporate law and commercial disputes, and there will be no jury involved in the decision.
“XTend seeks all available legal and equitable remedies, including money damages and an order transferring all of the BioHarp Assets to the company, which the defendants were obligated to do under the Asset Purchase Agreement but which they have refused to do. The defendants’ actions and positions have hampered XTend’s progress toward commercializing the BioHarp technology. XTend Medical believes the defendants now must account to the Delaware Court for their behavior.”