Arbitration filed against two former Biological Dynamics’ employees, vice presidents of core technology research and manufacturing, to protect the company’s proprietary exosome-isolation technology
Biological Dynamics announced it has filed arbitration against two former employees, Richard Young and Bryan Rice, alleging that they have misappropriated Biological Dynamics’ proprietary technology to benefit their new company, EXOKĒRYX, Inc. The Company believes that this new enterprise unfairly competes with Biological Dynamics’ exosome-isolation ExoVerita™ platform and its derivatives.
Biological Dynamics has invested more than 10 years in innovative research and development to build its proprietary lab-on-a-chip platform, which detects cancer and other diseases using its unique and patent-protected technology. Biological Dynamics believes it has found evidence of misappropriation of its IP and know-how, and it is prepared to take all actions necessary to enforce its rights, protect its commercial interests, and ensure that all current and former employees adhere to their contractual obligations to the Company.
“An important priority for Biological Dynamics is to rigorously protect our proprietary technologies and to advance our life-changing products and services. With mounting evidence against these former employees and their new company, we intend to take all necessary legal action to defend our intellectual property rights, while ensuring accountability and adherence to the contractual obligations,” said Paul R. Billings, MD, PhD, CEO and Director of Biological Dynamics. “We are in an excellent position today, commencing commercialization, and fulfilling our mission to help improve care by providing early disease diagnosis for high-risk cancer patients,” concluded Dr. Billings.
Biological Dynamics’ investigation of the alleged theft of proprietary technology and other confidential information by its former employees is ongoing and additional legal action may be necessary.
Source – BusinessWire