SEATTLE -- (BUSINESS WIRE) -- TapImmune Inc. (OTCQB:TPIV), announces successful outcome of proceedings against Michael Gardner after almost 2 years of litigation.
The International Center for Dispute Resolution International Arbitration Tribunal has found that Mr. Gardner made numerous false representations, did not fully provide the services he was hired to perform and did not intend to perform them at the time he was hired.
In addition, the arbitrator found that Mr. Gardner knew that TapImmune would be hindered by his arrangement and compensation with significant stock of the Company and that he had fraudulently induced the company into the agreement through misrepresentation and omission about his reputation and past history and ability to obtain funding for the Company.
The arbitrator found that TapImmune was deceived by Mr. Gardner. Any counterclaims by Mr. Gardner were denied in all respects. Mr. Gardner is ordered to pay TapImmune $196,204.00 plus statutory interest in the amount of 9% per year until the award is paid in full. The Company will now take the necessary steps to collect on the award.
Dr. Glynn Wilson, TapImmune Chairman and CEO said, “We are clearly satisfied with the final verdict from the arbitrator , however, this has been a significant distraction for our time and resources and we are anxious to put this ordeal behind us and move on to much more fulfilling endeavors in the Clinic, where our energies are 100% focused.” He went on to say, “TapImmune has a remarkable product pipeline stemming from the four collaborations with Mayo Clinic and our own in house technology platforms. We are extremely pleased with the clinical advances we have made over the past 2 years and look forward to moving all programs forward including the initiation of two Phase ll trials in the near term.” TapImmune was represented by the law firm of Gana LLP.
About TapImmune Inc.
TapImmune Inc. is an immunotherapy company specializing in the development of innovative vaccine technologies for the treatment of cancer and infectious disease. The Company’s vaccine compositions, peptide or nucleic acid-based, comprise one or multiple naturally processed epitopes (NPEs) designed to comprehensively stimulate a patients’ killer T-cells, helper T-cells and to restore or further augment antigen presentation by using proprietary nucleic acid-based expression systems. The Company’s vaccine compositions may be used as stand-alone medications or in combination with current treatment modalities. Please visit the Company’s website at www.tapimmune.com for details.
Forward-Looking Statement Disclaimer: This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company’s expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements”. Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company’s most recent Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. The Company assumes no obligation to update the forward-looking statements