RedHill Biopharma Secures $8 Million Judgment in New York Legal Battle
RedHill Biopharma Secures $8 Million Judgment in New York Legal Battle
In a significant legal victory, RedHill Biopharma Ltd. (Nasdaq: RDHL) has been awarded a judgment totaling approximately $8 million in a summary judgment by the Supreme Court of the State of New York. The judgment, which includes $6.5 million in damages plus an additional $1.5 million in interest and costs, marks a crucial win in RedHill's ongoing legal proceedings against Kukbo Co. Ltd., a South Korean firm.
The court found in favor of RedHill, dismissing all counterclaims made by Kukbo, a ruling that underscores the court's acknowledgment of RedHill's commitment to maintaining good faith in contractual agreements. The case revolved around Kukbo's failure to remit agreed-upon payments as outlined in a Subscription Agreement dated October 25, 2021, and a subsequent Exclusive License Agreement signed on March 14, 2022.
RedHill's CEO, Dror Ben-Asher, commented on the ruling, expressing gratitude towards the court for its clear judgment, which validates RedHill's position from the inception of its relationship with Kukbo. He also thanked the law firm Haynes and Boone, LLP for their expert guidance and legal representation throughout this process.
With the judgment now entered, Kukbo has the right to appeal. However, RedHill plans to pursue not only the collection of the awarded amount but also its attorneys' fees as part of this judgment.
About RedHill Biopharma
RedHill Biopharma, based in Israel and Raleigh, North Carolina, is a specialized biopharmaceutical company focused on the commercialization and development of drugs specifically targeting gastrointestinal diseases, infectious diseases, and certain oncological conditions. One of the company’s flagship products is Talicia®, a treatment designed for adults suffering from Helicobacter pylori infections.
Additionally, RedHill is dedicated to advancing several late-stage clinical programs, including:
- - Opaganib (ABC294640): This first-in-class oral medication is a selective inhibitor aimed at treating multiple indications, including potential applications for Acute Radiation Syndrome and COVID-19.
- - RHB-107 (upamostat): This is currently under development for non-hospitalized symptomatic COVID-19 patients, with funding that covers the entirety of a critical trial phase.
- - RHB-102: Targeting nausea and vomiting induced by chemotherapy and radiotherapy, with favorable results from previous studies.
- - RHB-104: This treatment shows promise following positive results from its Phase 3 study targeting Crohn's disease.
- - RHB-204: Currently in Phase 3 for treating pulmonary nontuberculous mycobacteria disease.
With a focus on public health, RedHill continues to push the boundaries of innovation in the biopharmaceutical landscape. More information about the company and its range of products is available on their website.
As the company looks forward, RedHill also emphasizes that the forward-looking statements made in their reports are subject to a myriad of risks and uncertainties. This includes the potential outcomes of Kukbo's decisions surrounding the appeal process and the evolving nature of their clinical trials and product approvals.
For continued updates on RedHill Biopharma and its impact on the biopharmaceutical industry, interested parties are encouraged to follow the company through its official channels.
Topics Health）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.