Isolagen(TM), Inc. announced today that it has reached an agreement in principle to settle its securities class action lawsuit and its two derivative actions against the Company and certain of its current and former officers and directors
"We are pleased to have reached agreement in principle to resolve the last of the securities class action and derivative action lawsuits," said Declan Daly, President and CEO of Isolagen, Inc. "The Isolagen management team continues to execute against its goals in an effort to positively advance the Company."
Payments for all settlements will be funded entirely by the Company's liability insurance. Under the terms of the proposed settlements, a payment will be made to the putative class in the securities action lawsuit. In the two derivative action settlements, a payment will be made for plaintiffs' attorney fees. In connection with the proposed settlement of the securities class action, Isolagen is to receive a release of indemnification claims asserted by the underwriters of certain securities offerings who were also named as defendants in the lawsuit. Also, in connection with the above proposed settlements, Isolagen is to receive a final payment of $500,000 from it liability insurance carrier for reimbursement of any and all current and future defense costs.
Finalization of the proposed settlements remain subject to conditions, including the liability insurance carrier's compliance with its agreement to provide the funds necessary to make the settlement payments, as well as the execution of the definitive settlement documentation and court approval.
About Isolagen, Inc.
Isolagen(TM), Inc. (Amex: ILE - News) is an aesthetic and therapeutic company committed to developing and commercializing scientific advances and innovative technologies. The company's technology platform includes the Isolagen Process(TM), a cell processing system for skin and tissue rejuvenation which is currently in clinical development for a broad range of aesthetic and therapeutic applications including wrinkles, acne scars, burns and periodontal disease. Isolagen also commercializes a scientifically-advanced line of skincare systems through its majority-owned subsidiary, Agera® Laboratories, Inc.
Source: Isolagen, Inc.
"We are pleased to have reached agreement in principle to resolve the last of the securities class action and derivative action lawsuits," said Declan Daly, President and CEO of Isolagen, Inc. "The Isolagen management team continues to execute against its goals in an effort to positively advance the Company."
Payments for all settlements will be funded entirely by the Company's liability insurance. Under the terms of the proposed settlements, a payment will be made to the putative class in the securities action lawsuit. In the two derivative action settlements, a payment will be made for plaintiffs' attorney fees. In connection with the proposed settlement of the securities class action, Isolagen is to receive a release of indemnification claims asserted by the underwriters of certain securities offerings who were also named as defendants in the lawsuit. Also, in connection with the above proposed settlements, Isolagen is to receive a final payment of $500,000 from it liability insurance carrier for reimbursement of any and all current and future defense costs.
Finalization of the proposed settlements remain subject to conditions, including the liability insurance carrier's compliance with its agreement to provide the funds necessary to make the settlement payments, as well as the execution of the definitive settlement documentation and court approval.
About Isolagen, Inc.
Isolagen(TM), Inc. (Amex: ILE - News) is an aesthetic and therapeutic company committed to developing and commercializing scientific advances and innovative technologies. The company's technology platform includes the Isolagen Process(TM), a cell processing system for skin and tissue rejuvenation which is currently in clinical development for a broad range of aesthetic and therapeutic applications including wrinkles, acne scars, burns and periodontal disease. Isolagen also commercializes a scientifically-advanced line of skincare systems through its majority-owned subsidiary, Agera® Laboratories, Inc.
Source: Isolagen, Inc.
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