Phase III Medical, Inc. announced that it had reached substantially final resolution of its claims against StrandTek International.
On May 9, 2003, Phase III (f/k/a Corniche Group Incorporated) had received summary judgment in the sum of approximately $1.4 million against StrandTek, plus partial summary judgments against four individual guarantors for approximately $1.2 million in the aggregate plus post-judgment interest.
In the last six months of 2003, the company reached settlements with the four individual guarantors, and has now collected almost $1 million of its judgment from the four individuals, as full satisfaction of the reported claims against them. Such funds have been used by the company during the past six months for operating expenses and will continue to be used to help fund its operations to the extent still available in the beginning of 2004.
The company had reportedly been informed that the corporate defendants had made an assignment for the benefit of creditors and that it is highly unlikely that the company will recover any further on its judgments with respect to the StrandTek claim.
Phase III Medical, Inc. is a publicly traded company involved in the pharmaceutical, biotechnology and life science industry. The company provides capital and guidance to companies, within the medical sector, to acquire revenues, royalties and other contractual rights known as “royalty interests,” that entitle it to receive a portion of revenue from the sale of pharmaceuticals, medical devices and biotechnology products by third parties.
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