RedHill Biopharma Awarded $1.8 Million in Legal Costs and Expenses by New York Supreme Court in Addition to its Prior $8.25 Million Summary Judgment Win
RedHill Biopharma (NASDAQ:RDHL) has secured an additional $1.82 million award for legal costs and expenses from the New York Supreme Court, supplementing its previous $8.25 million summary judgment victory against Kukbo Co. Ltd. Both awards include a 9% ongoing statutory interest accrual.
The company has also obtained an attachment grant from Korea's Incheon District Court against Kukbo, enabling court-ordered seizure of Kukbo's assets to prevent disposal before judgment enforcement. While Kukbo has appealed the summary judgment decision, with oral arguments scheduled for September, they retain the right to appeal the latest legal costs award.
RedHill Biopharma (NASDAQ:RDHL) ha ottenuto un ulteriore riconoscimento di 1,82 milioni di dollari a titolo di spese legali e oneri dal New York Supreme Court, a integrazione della precedente sentenza sommaria favorevole di 8,25 milioni di dollari nei confronti di Kukbo Co. Ltd. Entrambi i provvedimenti prevedono l'applicazione di un interesse statutario continuativo del 9%.
La società ha inoltre ottenuto dal Tribunale distrettuale di Incheon, in Corea, un provvedimento di sequestro contro Kukbo, che autorizza il pignoramento dei beni di Kukbo per impedirne la dispersione prima dell'esecuzione della sentenza. Kukbo ha presentato appello contro la sentenza sommaria, con udienza orale fissata a settembre, e conserva il diritto di impugnare anche il recente provvedimento sulle spese legali.
RedHill Biopharma (NASDAQ:RDHL) ha conseguido una adjudicación adicional de 1,82 millones de dólares para costes y gastos legales por parte del New York Supreme Court, que se suma a su anterior victoria por sentencia sumaria de 8,25 millones de dólares contra Kukbo Co. Ltd. Ambos fallos incluyen la acumulación de un interés estatutario continuo del 9%.
La compañía también ha logrado que el Tribunal de Distrito de Incheon en Corea conceda un embargo contra Kukbo, permitiendo la incautación judicial de los activos de Kukbo para evitar su disposición antes de la ejecución de la sentencia. Kukbo ha apelado la sentencia sumaria, con vista oral programada para septiembre, y mantiene el derecho a recurrir asimismo la reciente adjudicación de los costes legales.
RedHill Biopharma (NASDAQ:RDHL)는 뉴욕주 대법원(New York Supreme Court)으로부터 변호비 및 소송비용으로 182만 달러의 추가 판결을 확보했으며, 이는 Kukbo Co. Ltd.에 대한 825만 달러의 요약판정 승소에 추가된 것입니다. 두 판결 모두 연 9%의 법정이자가 계속 적용됩니다.
회사는 또한 한국 인천지방법원으로부터 Kukbo에 대한 압류 허가를 받아, 판결 집행 전 자산 처분을 막기 위해 Kukbo 자산에 대한 법원 강제집행이 가능해졌습니다. Kukbo는 요약판정에 대해 항소했으며 구두 변론은 9월에 예정되어 있고, 최근 변호비 판결에도 항소할 권리를 보유하고 있습니다.
RedHill Biopharma (NASDAQ:RDHL) a obtenu une allocation supplémentaire de 1,82 million de dollars au titre des frais et dépenses juridiques de la part de la New York Supreme Court, en complément de sa victoire antérieure par jugement sommaire de 8,25 millions de dollars contre Kukbo Co. Ltd. Les deux décisions prévoient l'application d'un intérêt légal continu de 9%.
La société a également obtenu du tribunal de district d'Incheon, en Corée, une autorisation de saisie à l'encontre de Kukbo, permettant la confiscation ordonnée par le tribunal des actifs de Kukbo afin d'empêcher leur cession avant l'exécution du jugement. Kukbo a fait appel du jugement sommaire, avec une audience orale prévue en septembre, et conserve le droit d'interjeter appel contre la récente allocation des frais juridiques.
RedHill Biopharma (NASDAQ:RDHL) hat vom New York Supreme Court einen zusätzlichen Zuschuss in Höhe von 1,82 Mio. USD für Anwaltskosten und Auslagen zugesprochen bekommen, ergänzend zu seinem vorherigen Summary-Judgment-Erfolg von 8,25 Mio. USD gegen Kukbo Co. Ltd. Beide Entscheidungen sehen einen fortlaufenden gesetzlichen Zinssatz von 9% vor.
Das Unternehmen hat zudem vom Incheon District Court in Korea eine Pfändung gegen Kukbo erwirkt, die die gerichtliche Sicherstellung von Kukbos Vermögenswerten ermöglicht, um deren Veräußerung vor der Vollstreckung des Urteils zu verhindern. Kukbo hat gegen das Summary Judgment Berufung eingelegt; die mündliche Verhandlung ist für September angesetzt. Außerdem behält Kukbo das Recht, gegen die jüngste Entscheidung zu den Rechtskosten Berufung einzulegen.
- Awarded additional $1.82 million in legal costs and expenses
- Previous $8.25 million summary judgment remains in place
- Both awards include 9% ongoing statutory interest accrual
- Successful attachment grant in Korea preventing Kukbo from disposing assets
- Kukbo has appealed the summary judgment decision
- Potential appeal of the legal costs award could delay final resolution
The New York Supreme Court has awarded RedHill approximately
RALEIGH, N.C. and
RedHill also succeeded in its application to
Kukbo appealed the summary judgment decision on December 4, 2024, and the parties have since completed briefing on that appeal with oral argument tentatively scheduled for the September term. Kukbo also has a right to seek an appeal of the award of legal costs and expenses.
About RedHill Biopharma
RedHill Biopharma Ltd. (Nasdaq: RDHL) is a specialty biopharmaceutical company primarily focused on U.S. development and commercialization of drugs for gastrointestinal diseases, infectious diseases and oncology. RedHill promotes the FDA approved gastrointestinal drug Talicia®, for the treatment of Helicobacter pylori (H. pylori) infection in adults[1]. RedHill's key clinical late-stage development programs include: (i) opaganib (ABC294640), a first-in-class, orally administered sphingosine kinase-2 (SPHK2) selective inhibitor with anti-inflammatory, antiviral, and anticancer activity, targeting multiple indications with U.S. government and academic collaborations for development for radiation and chemical exposure indications such as GI-Acute Radiation Syndrome (GI-ARS), a Phase 2/3 program for hospitalized COVID-19, and a Phase 2 study in prostate cancer in combination with darolutamide; (ii) RHB-204, a next-generation optimized formulation of RHB-104, with a planned Phase 2 study for Crohn's disease (based on RHB-104's positive Phase 3 Crohn's disease study results) and Phase 3-stage for pulmonary nontuberculous mycobacteria (NTM) disease; (iii) RHB-107 (upamostat), an oral broad-acting, host-directed, serine protease inhibitor with potential for pandemic preparedness, is in late-stage development as a treatment for non-hospitalized symptomatic COVID-19 and is also targeting multiple other cancer and inflammatory gastrointestinal diseases; and (iv) RHB-102, with potential
More information about the Company is available at www.redhillbio.com / X.com/RedHillBio.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may discuss investment opportunities, stock analysis, financial performance, investor relations, and market trends. Such statements, including, but not limited to, statements regarding the intended use of net proceeds from the offering, may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words and include statements regarding the risk that the Company will not comply with the listing requirements of the Nasdaq Capital Market ("Nasdaq") to remain listed for trading on Nasdaq, the addition of new revenue generating products, out-licensing of the Company's development pipeline assets, timing of opaganib's development for Acute Radiation Syndrome, non-dilutive development funding from RHB-107 and its inclusion in a key platform study. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control and cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, market and other conditions, the risk that the addition of new revenue generating products or out-licensing transactions will not occur; the risk that the Kukbo appeal is successful; the risk that acceptance onto the RNCP Product Development Pipeline will not guarantee ongoing development or that any such development will not be completed or successful; the risk that the FDA does not agree with the Company's proposed development plans for opaganib for any indication, the risk that observations from preclinical studies are not indicative or predictive of results in clinical trials; the risk that the FDA pre-study requirements will not be met and/or that the Phase 3 study of RHB-107 in COVID-19 outpatients will not be approved to commence or if approved, will not be completed or, should that be the case, that we will not be successful in obtaining alternative non-dilutive development funding for RHB-107, the risk that HB-107's late-stage development for non-hospitalized COVID-19 will not benefit from the resources redirected from the terminated RHB-204 Phase 3 study, that the Phase 2/3 COVID-19 study for RHB-107 may not be successful and, even if successful, such studies and results may not be sufficient for regulatory applications, including emergency use or marketing applications, and that additional COVID-19 studies for opaganib and RHB-107 are likely to be required, as well as risks and uncertainties associated with the risk that the Company will not successfully commercialize its products; as well as risks and uncertainties associated with (i) the initiation, timing, progress and results of the Company's research, manufacturing, pre-clinical studies, clinical trials, and other therapeutic candidate development efforts, and the timing of the commercial launch of its commercial products and ones it may acquire or develop in the future; (ii) the Company's ability to advance its therapeutic candidates into clinical trials or to successfully complete its pre-clinical studies or clinical trials or the development of a commercial companion diagnostic for the detection of MAP; (iii) the extent and number and type of additional studies that the Company may be required to conduct and the Company's receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings, approvals and feedback; (iv) the manufacturing, clinical development, commercialization, and market acceptance of the Company's therapeutic candidates and Talicia®; (v) the Company's ability to successfully commercialize and promote Talicia® and Aemcolo®; (vi) the Company's ability to establish and maintain corporate collaborations; (vii) the Company's ability to acquire products approved for marketing in the
Company contact:
Adi Frish
Chief Corporate & Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
Category: Corporate
1Talicia® (omeprazole magnesium, amoxicillin and rifabutin) is indicated for the treatment of H. pylori infection in adults. For full prescribing information see: www.Talicia.com.
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