Radient Pharmaceuticals Announces Dismissal of Lawsuit on Its CIT Cancer Therapeutic Technology
20 Oktober 2011 - 1:00PM
Marketwired
Radient Pharmaceuticals Corporation "the Company" or "Radient"
(OTCQX: RXPC) (PINKSHEETS: RXPC), a developer and marketer of In
Vitro Diagnostic (IVD) cancer tests, today announced that the
lawsuits filed against Radient Pharmaceuticals regarding rights to
its Combination Immune Technology (CIT) cancer vaccine technology
have been dismissed.
On September 30, 2011, the Court of Queen's Bench of Alberta,
Canada has ruled in favor of Radient by dismissing companion
lawsuits filed by AccuVector Group Inc. in 2002, and the Board of
Governors of the University of Alberta in 2003. The plaintiffs had
alleged damages of up to CDN$20 million.
CIT is a patented cancer therapy owned by Radient
Pharmaceuticals' wholly owned subsidiary, NuVax Therapeutics, Inc.
CIT is a novel immunogene therapy that works based on a tumor
vaccine comprising two polynucleotide sequence encoding two
specific proteins into the patient's tumor cells to enhance the
immune system's natural ability to destroy cancer cells. CIT
technology induces an effective systematic anti-tumor response.
"The dismissal of this suit clears the way for us to move
forward in a more productive way with our CIT technology," stated
Radient Chairman and CEO Douglas MacLellan.
For additional information on Radient Pharmaceuticals
Corporation and its products visit: www.radient-pharma.com or
e-mail info@radient-pharma.com. For Investor Relations contact
Dilek Mir at: ir@radient-pharma.com or 714-881-0244.
The following table is intended to provide the latest
information on Radient's business metrics:
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RPC's Business Metrics
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Cash on hand: $372,255*
*Approximate amount as of October 19, 2011
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Common Shares Outstanding: 647 million*
*Approximate number as of October 19, 2011.
750 million shares authorized.
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Outstanding Warrants & Options: 111 million*
*Approximate number as of October 19, 2011
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Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals
Corporation is dedicated to saving lives and money for patients and
global healthcare systems through the deployment of its FDA-cleared
In Vitro Diagnostic Onko-Sure® cancer test kit for colorectal
cancer treatment and recurrence monitoring. The Company's focus is
on the discovery, development and commercialization of unique
high-value diagnostic tests that will help physicians answer
important clinical questions related to early disease state
detection, treatment strategy, and the monitoring of disease
progression or recurrence. To learn more about our company,
products, and potentially life-saving cancer test, visit
www.radient-pharma.com.
Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this document
include certain predictions and projections that may be considered
forward-looking statements under securities law. These statements
involve a number of important risks and uncertainties that could
cause actual results to differ materially including, but not
limited to, the performance of joint venture partners, as well as
other economic, competitive and technological factors involving the
Company's operations, markets, services, products, and prices. With
respect to Radient Pharmaceuticals Corporation, except for the
historical information contained herein, the matters discussed in
this document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements.
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