RESEARCH TRIANGLE PARK, NC / ACCESSWIRE / April 16, 2019 / Brighthaven Ventures LLC. ('BHV'), a wholly owned subsidiary of Avolynt, Inc., a company focused on the development of therapeutics for rare and metabolic diseases, announced today the award of over $46 million in judgments against Islet Sciences, Inc. ('Islet') and Islet CEO John F. Steel IV.
In 2015, Islet, formerly a publicly traded company, now delisted, filed civil claims against BHV and two BHV executives. The claims were litigated in the North Carolina Business Court in Raleigh, North Carolina, and all claims brought by Islet were dismissed with prejudice by the Court.
BHV filed counter claims against Islet and third-party claims against John F. Steel IV, Edward T. Gibstein, and COVA Capital Partners, LLC. The Court found Islet, Steel, Gibstein, and COVA liable on the BHV claims and awarded damages to BHV in excess of $46 million on its claims against Islet and Steel. BHV entered into a confidential settlement agreement with Gibstein and COVA, the terms of which were not disclosed.
'Islet's claims were baseless, and we are very pleased that the Court dismissed Islet's claims with prejudice,' said Avolynt CEO James Green. 'The BHV claims for damages were material, and we are pleased with the outcome on those claims as well.'
About Brighthaven Ventures, LLC
Brighthaven Ventures, LLC, d/b/a BHV Pharma is a wholly owned subsidiary of Avolynt Inc.
About Avolynt, Inc.
Avolynt is a privately-owned drug development company based in Research Triangle Park, North Carolina. Avolynt's mission is to improve the lives of patients suffering from dysfunctions related to human metabolism. The Avolynt team has significant discovery and development experience across the metabolic syndrome, including diabetes, obesity, nonalcoholic steatohepatitis (NASH) and other metabolic diseases. Through its subsidiaries, Avolynt is developing multiple novel therapeutics for the treatment of metabolic disease. For more information about Avolynt, visitwww.avolynt.com.
SOURCE: Avolynt, Inc.