IBT (D) : Bebig files a complaint against Core Oncology

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@ibt-bebig.eu:
mailto:ir@ibt-bebig.eu
Internet: www.ibt-bebig.eu:
http://www.ibt-bebig.eu/