Stem cell clinic biotech Stemedica just been sued by one of its own table members based on allegations related to money the company elevated, according to CourtHouseNews. The actual suit, filed by an investment business Tiara Holdings and board member Anthony Marlon, could be read here .
“ Tiara Holdings II LLC sued Stemedica Cell Technologies Inc. and its best three officers on April 6 in Clark Region Court. The officers are CEO and Chairman from the Board Roger Howe, Vice Chairman and CEO Maynard Howe and President and Chief Medical Officer Nikolai Yankovich. ” … Dr . Anthony M. Marlon, the medical doctor and businessman, holds 430, 000 shares associated with Stemedica through Tiara Holdings, where he is a member. This individual also is a member of the board of Stemedica, he says within the complaint. ”
Remember that “ Yankovich” seems to be a typo as the Stemedica innovator in question is Nikolai Tankovich.
The particular allegations in the suit are summarized by CourtHouseNews in this way:
“ Stemedica’ s founders have got operated a nearly 10-year investment scheme, wherein they have got raised over $110 million dollars from various person investors for the purported purpose of funding and establishing the stem cell company, ” Tiara says in the suit.
Tiara claims the Howes and Tankovich “ have used these investor funds, in whole or simply, to benefit themselves and their associates through too much compensation and lavish personal expenses and related celebration transactions. ”
“ Stemedica’ s founds have concealed and perpetuated this fraud through proposed operating subsidiaries, which permitted them to divert millions in order to benefit them without raising questions or concerns from Stemedica’ ersus investors and shareholders, ” Tiara says. ”
“ Additionally, it seeks damages and punitive damages for fraud, infringement of fiduciary duty, unjust enrichment and bad trust. ”
Maynard Howe reportedly informed CourtHouseNews that the allegations are false.
The Stemedica website still lists Doctor Marlon as a board member (see screenshot above).
Stemedica has seen some other past controversy as with part noted in the new suit related to a KPBS investigation of the San Diego company and ties reported in that piece to the stem cellular transplants received by patient Jim Gass, who later on developed a spinal tumor. The origin of Gass’ h tumor remains unknown to my knowledge and may have had absolutely nothing to do with Stemedica’ s cells, but the stem cell neighborhood would benefit from more clarity on that situation. Stemedica also garnered major media attention further back for its role in a non-FDA-approved cerebrovascular accident treatment received outside the U. S. by hockey story Gordie Howe (no relation to the company’ s Howe brothers).
Another San Diego stem cell companies, Stemgenex, is also the subject of a lawsuit , in the case related to allegations of improper marketing claims. Extra recent stem cell clinic-related lawsuits have been filed, completed, or remain active as I discuss right here and here .
Big HT to Alexey Bersenev.