Avant is in complete default of any agreements with the Company
Many of us have been making this point over the last few months (years) in the MBs and they finally came out and said it:
"Avant was tasked with raising $3-5 million for the FDA approval process and sales and marketing. After 5 years, Avant remains unsuccessful at raising $3-5 million for the FDA approval process"
"We believe Avant is in complete default of any agreements with the Company and seek to remove Avant from any rights to an ovarian cancer test and OvaDx®."
And Arrayit finally took the bull by the horns and decided to take control of OvaDx back.
Yeah, we all knew this. Thier case will not hold up in court. From the beginning they just tried to extract money from Arrayit corp, and steal Ovadx by creating a dummy company YarraDx, and brought Tamarin onboard to try to run it and separate it from Arrayit so that The crooks culd make massive gains from AD going public and the Ovadx IP sales to another company through licensing or through gaining financing.
Tamarin got burned by these guys and Arrayit is not liable for her damages. They separated Arrayit by making it a non voting minority owner.
AD already gave property back to Arrayit . and Arrayit paid AD debts. Arrayit is progressing with Ovadx development and Tamarin and AD have not case against Arrayit. A trial will prove this.
Angel - thanks for posting this. I think this is good but there is a big open question. Legally can they do that? Were there timelines or deliverables in the agreements which nullified any contracts if certain milestones not met? Guess that will all come out in court. I certainly hope that they have consulted some good attorneys on this one.
You're correct delsurfer, There is a big open legal question about it. But could it be that we don't know all the nuances surrounding the agreement. The agreement itself, although signed in 2009, was not made public until Nov 2012 when AD filed the S-1. Could Arrayit have other documents supporting their case? I don't know the answer. Arrayit is preparing a counter suit, maybe they'll provide more there.