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Aspire Health Science Files Supplemental Motion for Expedited Hearing in Lawsuit Against Hemostemix Inc. and Suspends Patient Recruitment for Hemostemix CLI Phase 2 Clinical Trial

ORLANDO, FL, Feb. 13, 2020 /CNW/ - Aspire Health Sciences, LLC ("Aspire") announces that on February 12, 2020 , it filed an amended motion for speedy hearing (the "Motion") in relation to the previously announced legal proceeding (the "Lawsuit") initiated against Hemostemix Inc. ("Hemostemix") regarding Hemostemix's purported rescission of the Amended and Restated License Agreement between Aspire and Hemostemix dated September 30, 2019 (the "Amended License Agreement").  The Motion seeks to have the Lawsuit heard on an expedited basis and provides rationale for expediting the Lawsuit for a number of reasons, including certain events publicly announced by Hemostemix on February 10 , 2020.  The following is an excerpt from the Motion:

"[R]eceivership proceedings have already begun in Alberta , Canada.  Hemostemix's primary secured creditor has given notice of its intention to enforce its security and recently moved for an order appointing a receiver.  The Alberta court is presiding over a motion to appoint a receiver, and a second insolvency hearing is scheduled for February 20 , 2020.  In the meantime, the Alberta court appointed an inspector, which is an individual who serves as a representative on behalf of a debtor's creditors under Canadian bankruptcy law.  Unsurprisingly, Hemostemix publicly acknowledged it has no assurance that its proposed financing to pay its secured creditor will be successful in the timeframe required. . . .  Hemostemix recently announced the resignation of its Chief Executive Officer, its Chief Financial Officer, and one other director."

Aspire strongly disagrees with the assertion by Hemostemix in its press release that the Lawsuit is frivolous and without merit, and Aspire looks forward to settling the matter in an expedited hearing. However, due to the lack of certainty regarding the Amended License Agreement, Aspire will suspend patient recruitment for the ACP-01 Phase 2 Clinical Trial until the outstanding legal matters are sufficiently resolved.

The public filings in the Circuit Court of the Ninth Judicial Circuit in Orange County, Florida – including the Motion and complaint alleging breach of the Amended License Agreement and seeking specific performance of the same – are filed under Case Number 2020-CA-001031-0 and may be obtained at the following link by typing "Aspire Health Sciences" into the Business Name field under the Court Records Search page:


About Aspire Health Sciences, LLC

Aspire is a private company with an FDA registered manufacturing facility specializing in contract manufacturing and development of Cellular Therapies under cGMP guidelines.

SOURCE Aspire Health Science, LLC

View original content: http://www.newswire.ca/en/releases/archive/February2020/13/c6666.html