Vita 34 AG: A subsidiary of Vita 34, FamiCordTx, will file a lawsuit against a US licensor

Vita 34 AG / Key word(s): Legal Matter
Vita 34 AG: A subsidiary of Vita 34, FamiCordTx, will file a lawsuit against a US licensor

27-Sep-2023 / 19:21 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
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Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014

A subsidiary of Vita 34, FamiCordTx, will file a lawsuit against a US licensor

Leipzig, [27 Sept 2023] – Polski Bank Komórek Macierzystych (“PBKM”), a fully owned subsidiary of Vita 34 AG announced on January 2, 2020, that PBKM´s subsidiary FamiCordTx S.A. entered into an agreement to acquire from a US-based biotech company (“Licensor”), an exclusive license to use CAR-T technology (“CAR-T Licence”). Based on this license, FamiCordTx intended to develop a project to market cancer immunotherapy (“Project”).

FamiCordTx  has obtained information that Licensor cannot grant the CAR-T Licence to FamiCordTx to the extent required for the Project. FamiCordTx (along with the PBKM  which joined as a party the license agreement on May 12, 2020),  decided today to file a lawsuit against Licensor. FamiCordTx and PBKM will take all legal steps under both the license agreement with Licensor and the applicable US law to enforce its rights, including, in further steps, possible claims for damages.

There exist alternative technologies which FamiCordTx can use to develop the aforementioned  Project to market cancer immunotherapy. FamiCordTx is in discussions with relevant parties including the Licensor in order to conclude agreements to use such technologies.

If FamiCordTx is not able to substitute the CAR-T License by an alternative technology FamiCordTx is required to develop this technology by itself which requires FamiCordTx to raise additional funds and which will delay the development of CAR-T based technology.

Notifying person: Jakub Baran (CEO)

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