INOVIQ Limited (ASX:IIQ) (INOVIQ or the Company) refers to its previous announcement to the ASX on 24 February 2021 in relation to the legal proceedings commenced in the Supreme Court of Victoria against the Company by founding shareholder Tony Walker and former BARD1 executive director and chief scientific officer, Dr Irmgard Irminger-Finger (Plaintiffs and, together, the Claim).
The plaintiffs allege that INOVIQ breached various implied contractual obligations in the share sale agreements under which it acquired BARD1AG SA and the BARD1 technology connected with conversion of the Plaintiffs' performance shares (which have since converted to a nominal number of ordinary shares following a resolution of shareholders passed at the Company's 2021 AGM).
The Company continues to dispute the basis of the Claim and has recently filed an amended defence in response to amendments to the Plaintiffs' statement of claim. The proceeding has been listed for trial in February 2023.
As set out in previous announcements, INOVIQ is continuing its review of the BARD1 autoantibody program and while that review is being undertaken no further investment in the technology is planned. A decision will be made about further investment at the completion of that review process and taking into account any relevant matters that are raised during the legal proceeding.
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