Admedus Ltd
ABN 35 088 221 078
ASX ANNOUNCEMENT
REGISTERED OFFICE:
26 Harris Road Malaga Western Australia 6090
PO Box 6879
East Perth Western Australia 6892
T +61 (0)8 9266 0100
F +61 (0)8 9266 0199
Einfo.au@admedus.com www.admedus.com
ADMEDUS ANNOUNCES SETTLEMENT OF FEDERAL COURT PROCEEDINGSBrisbane, Australia 9 September 2016
Admedus settles Federal Court Proceedings
Results in Admedus Ltd owning 100% of Admedus regenerative technology
Clearer path to profitability
Admedus Limited (ASX: AHZ) is pleased to announce that it has reached a binding agreement to settle the proceedings that were commenced in the Federal Court by Dr Geoffrey Lane and Dr Keith Woollard (and entities associated with Mr Lane and Mr Woollard) on 7 November 2014, as noted in the Company's announcement on 12 November, 2014.
Mr Wayne Paterson, Chairman and Interim CEO said today, "On behalf of the Board, I would like to thank the parties for resolving the proceedings. I am pleased with the outcome of the settlement which results in Admedus Ltd now owning 100% of the regenerative technology."
The settlement is in full and final resolution of the proceedings and is without admission of liability of Admedus. The terms and conditions of the settlement agreement remain confidential; however settlement will have a minimal impact on the financial position of the Company.
Mr Paterson also commented, "While we were confident in our position in this matter, the settlement avoids the expense, distraction and uncertainty of a lengthy trial and enables Admedus Ltd to focus on growing the business and increasing shareholder value. The path to profitability is now even clearer with the successful resolution of the proceedings. Finalising this matter has cut short what was already a lengthy process. I consider the outcome to be fair and equitable to all parties with minimal impact to the balance sheet.
With the uncertainty of litigation behind us, Admedus can continue to focus on profitable growth of its cardiovascular sales and regenerative product range without distraction. The Company is on track to launch its vascular product VascuCel in November as well as expansion of its CardioCel product range."
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For more information, please contact:Dr Julian Chick | Chief Operating Officer | Admedus Limited Tel: +61 (0)8 9266 0100
Media:Shevaun Cooper | PR Manager | Admedus Limited
Tel: +61 (0) 417 985 599 | Email: scooper@admedus.com
Media EuropeFTI Consulting
Simon Conway / Victoria Foster Mitchell Tel: +44 (0) 20 3727 1000
admedus@fticonsulting.com
US InvestorRx Communications Group, LLC Melody A. Carey
+1 917 322 2571
mcarey@rxir.com
About Admedus LimitedAdmedus (ASX: AHZ) is a specialist healthcare company. Our focus is on investing in and developing next generation technologies with world class partners, acquiring strategic assets to grow product and service offerings and expanding revenues from our existing, profitable medical sales and distribution business. The company has assets from research & development through clinical development as well as sales, marketing and distribution.
Admedus has commercialised its innovative tissue engineering technology for regenerative medicine in four continents. We also have a major interest in developing the next generation of vaccines with a Brisbane-based research group led by Professor Ian Frazer. The vaccine programmes target disease with significant global potential, such as Herpes and Human Papillomavirus.
Further information on the company can be found on www.admedus.com
Admedus Ltd. published this content on 09 September 2016 and is solely responsible for the information contained herein.
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