U.S. BioDefense Receives UCL BioMedica Option Termination Notification.CITY OF INDUSTRY, Calif. -- U.S. BioDefense, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :UBDE) announced today that its Option Agreement to license European Patent Application No. 02743434.9, and U.S. patent application 10/483,190 entitled "Liver cell progenitor pro·gen·i·tor
1. A direct ancestor.
2. An originator of a line of descent.
ancestor, including parent.
stem cells. and use for the treatment of liver disease Liver Disease Definition
Liver disease is a general term for any damage that reduces the functioning of the liver.
The liver is a large, solid organ located in the upper right-hand side of the abdomen. " and related foreign applications was terminated by UCL BioMedica allegedly due to partial non-payment. U.S. BioDefense disputes the allegation claiming any partial payment schedules had been agreed to by UCL UCL University College London
UCL Université Catholique de Louvain
UCL UEFA Champions League
UCL Upper Confidence Limit
UCL University of Central Lancashire
UCL Upper Control Limit
UCL Unfair Competition Law
UCL Ulnar Collateral Ligament since negotiations have been ongoing for a full license agreement for the past few months.
U.S. BioDefense filed a Notice of Exercise prior to expiration and received a full term sheet for the license from UCL prior to termination. U.S. BioDefense, Inc. has sought legal counsel to consult on potential litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. against UCL for breach of contract and to recover past option payments and damages. No formal litigation or legal notices been filed against U.S. BioDefense or UCL BioMedica as of the date of this release.
U.S. BioDefense, Inc. is evaluating a number of breakthrough Stem Cell stem cell
In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. technologies and is focused on commercializing marketable Stem Cell and related Biotechnologies. U.S. BioDefense, Inc. had officially notified UCL of its intent to exercise the option agreement in June, prior to retaining Director of Stem Cell Research Dr. Cyndi Chen, Ph.D.
Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Forward-Looking Statements
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding U.S. BioDefense's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to U.S. BioDefense's brand image, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important factors that should be considered is contained in U.S. BioDefense's Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. U.S. BioDefense does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.