News / Science & Technology
Montano Challenge of CVBT Status Quo Order Denied
CardioVascular BioTherapeutics, Inc. (“CVBT” or the “Company”). CVBT is informed that on February 20, 2014 the Delaware Court of Chancery denied the defendants’ (Daniel C. Montano, John (Jack) Jacobs, Ernest C. Montano, Viktoriya Tamlenova Montano, Ernest Montano III, and Joong Ki Baik) motion to vacate, or in the alternative, amend the status quo order filed on January 31, 2014. Accordingly, the Interim Board of Directors consisting of Mickael A. Flaa, Grant Gordon, Calvin A. Wallen III, Jon Ross, and Robert Schleizer, remains authorized to act on behalf of CVBT, subject to various restrictions imposed by a status quo order.
The Second Delaware Lawsuit, which seeks to confirm the
validity of the November 27, 2013 stockholder action by written consent which approved
certain amendments to CVBT’s bylaws and effected the removal of all of the
members of the board of directors other than Mickael A. Flaa and Grant Gordon,
is scheduled by the Court of Chancery to be heard on May 2, 2014.
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About CardioVascular BioTherapeutics
CVBT is a biopharmaceutical company developing drug
candidates for diseases characterized by inadequate blood flow to tissue or
organs. The company is the sponsor of a currently paused Phase II trial to
treat severe coronary heart disease (CVBT-141H), and has received FDA
authorization for a Phase I trial to treat peripheral arterial disease
(CVBT-141C). A Late-Stage trial to treat chronic diabetic foot ulcers
(CVBT-141B) is planned pending FDA approval.
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Forward
Looking Statements
This news release contains forward-looking statements
that involve risks and uncertainties. Actual results and outcomes may differ
materially from those discussed or anticipated. For example, statements
regarding expectations for new research, progress with clinical trials or
future business initiatives are forward looking statements. Factors that might
affect actual outcomes include, but are not limited to, FDA approval of CVBT
drug candidates, market acceptance of CVBT products by customers, new
developments in the industry, future revenues, future expenses, future margins,
cash usage and financial performance. For a more detailed discussion of these
and associated risks, see the company's most recent documents filed with the
Securities and Exchange Commission.
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SOURCE: CardioVascular BioTherapeutics, Inc.
