IBt Bebig files a complaint against Core Oncology
(Thomson Reuters ONE) -
January 24, 2011
Seneffe - Belgium, January 24, 2011, IBt Bebig (Reuters: IBTH.BR - Bloomberg:
IBTB BB) has announced today that it has filed a complaint against Core
Oncology, Inc. in the United States District Court in Seattle, to rescind an
agreement with Core Oncology.
In November 2009 the parties agreed to form a strategic alliance. As part of
that agreement, IBt Bebig acquired a takeover option for Core Oncology and
granted a subordinated short term loan of US$ 2 million to Core Oncology. In the
course of 2010, it turned out that the financial statements presented by Core
Oncology at the time of both the execution of the agreement and the disbursement
of the loan had to be revised and adjusted considerably. Following these
adjustments, key financial data were significantly worse. In addition, Core
Oncology did not repay the US$ 2 million note by its original maturity date, but
rather claimed it had changed the maturity date and other terms without IBt
Bebig's prior knowledge or approval, in transactions which IBt Bebig believes to
be invalid.
Subsequently, IBt Bebig is alleging in its complaint that Core Oncology made
misrepresentations about its financial condition intentionally or negligently.
IBt Bebig is further alleging that Core Oncology acted in concert and conspired
with third parties to tortiously interfere with Core Oncology's obligation to
repay the preceding mentioned note. Accordingly, IBt Bebig is suing besides Core
Oncology also three persons of its Board of Directors as well as two other
parties related to the company's officers and Directors. Regarding internal
accounting, as a precautionary measure, IBt Bebig decided to regroup the loan
from non-current assets to doubtful debt.
"Discussions have been underway since a year between us and Core Oncology and it
appears today that unfortunately the strategic alliance we wanted to build
cannot be conclusive. Therefore we had to take this decision to file a complaint
against Core Oncology. Nevertheless, the US market remains by far the largest in
the World for permanent brachytherapy and we have a strong willingness to re-
enter that market. As we are the leader in Europe, we already started looking
for other opportunities to make a new trans-Atlantic alliance", commented Dr.
Gunnar Mann, Managing Director of IBt Bebig.
About IBt Bebig
Contributing to saving lives!
The IBt Bebig group is a European based group, active in the Medical Device
segment of the Health Care sector.
The core business of the IBt Bebig group is the cancer treatment by radiation
technology. Its specificity is the treatment of cancer by brachytherapy, a
technique which consists of placing a sealed medical device containing a
minuscule quantity of a radioactive isotope in the body, on either a temporary
or on a permanent basis. Depending on the application, the device can take the
shape of a plaque, a seed or a catheter. The precise positioning of the device
allows the cancer cells to be destroyed while sparing the healthy tissues and
increasing the patient's quality of life. Today, the alternative brachytherapy
procedures cover the non-invasive treatment of cancers of the prostate, neck,
head and eye, as well as certain gynecological cancers.
IBt Bebig employs more than 150 people and has entities in Germany, France,
United Kingdom, Spain, Italy and India. Its Head Office is located in Seneffe,
Belgium and the company has been listed on the Euronext stock exchange since
April 1997 (Reuters : IBTH.BR - Bloomberg : IBTB BB).
Contact
Paul-Emmanuel Goethals
Head of Investor Relations & Communication
Tel: +32.64.520.808
E-mail: ir(at)ibt-bebig.eu
Internet:www.ibt-bebig.eu
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: IBt Bebig via Thomson Reuters ONE
[HUG#1481480]
Unternehmensinformation / Kurzprofil:
Datum: 24.01.2011 - 07:51 Uhr
Sprache: Deutsch
News-ID 50649
Anzahl Zeichen: 4859
contact information:
Town:
Seneffe
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 175 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"IBt Bebig files a complaint against Core Oncology"
steht unter der journalistisch-redaktionellen Verantwortung von
IBt Bebig (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
