Friday, 05 April 2019 08:45 AM
Company Update Lawsuits
RESEARCH TRIANGLE PARK, NC / ACCESSWIRE / April 5, 2019 / Brighthaven Ventures LLC. ("BHV"), a wholly owned subsidiary of Avolynt, Inc., a company focused on the development of therapeutics for rare and metabolic diseases, announced today the dismissal of civil litigation against BHV executives in the United States District Court, Southern District of New York.
In 2015, Richard Schoninger, Scott Schoninger, Jacqueline Schoninger, Gerald Allen, and COVA Capital Partners, LLC filed claims against executives of BHV, a wholly owned subsidiary of Avolynt, Inc. in the Southern District of New York. Plaintiffs' unsubstantiated claims arose from their direct investment in Islet Sciences, Inc., an unrelated, now delisted, formerly publicly traded company.
In 2018, based on undisputed facts, all claims were dismissed by the Court on summary judgment. Plaintiffs appealed the decision to the Second Circuit Court of Appeals, which agreed with the reasoning of the lower court, and quickly affirmed the lower court's decision denying plaintiffs' appeal in 2019.
"Both the District Court and the Court of Appeals found that there was absolutely no evidence to support plaintiffs' meritless claims. We are glad to have this nuisance lawsuit behind us." said BHV Chief Financial Officer Steven Delmar.
About Brighthaven Ventures, LLC
Brighthaven Ventures, LLC, d/b/a BHV Pharma is a wholly owned subsidiary of Avolynt Inc. BHV Pharma owns intellectual property and other certain exclusive rights to SGLT2 inhibitor remogliflozin-etabonate.
About Avolynt, Inc.
Avolynt is a privately-owned drug development company based in Research Triangle Park, North Carolina. Avolynt's mission is to improve the lives of patients suffering from dysfunctions related to human metabolism. The Avolynt team has significant discovery and development experience across the metabolic syndrome, including diabetes, obesity, nonalcoholic steatohepatitis (NASH) and other metabolic diseases. Through its subsidiaries, Avolynt is developing multiple novel therapeutics for the treatment of metabolic disease. For more information about Avolynt, visit www.avolynt.com.
CONTACT:
+1 (919) 659-5677
SOURCE: Avolynt, Inc.