Acme Resources and Rapid Dose Therapeutics Announce Filing of Defence in Court Proceeding Commenced Against Rapid Dose Therapeutics
October 10, 2018
Toronto and Burlington, Ontario–(Newsfile Corp. – October 10, 2018) – ACME Resources Corp. (“ACME” or the “Company”) and Rapid Dose Therapeutics Inc. (“RDT”) announce that RDT has filed its Statement of Defence in response to legal proceedings commenced against RDT in the Ontario Superior Court of Justice by CTT Pharmaceutical Holdings Inc. (“CTT”). See News Release dated September 28, 2018 (available on ACME’s profile on SEDAR at www.sedar.com). In its Statement of Defence, RDT denies the allegations made by CTT and seeks a dismissal of CTT’s legal proceedings.
RDT notes that CTT has not claimed patent infringement but has based its claim on misuse of confidential information provided by CTT, including the identities of its proposed contract manufacturer of oral thin films, its proposed contract manufacturer of film casting machines, a professor of pharmacology at the University of Montreal and a consulting firm which assisted CTT with regulatory submissions to Health Canada. RDT believes that CTT’s claims are without merit. RDT will defend itself vigorously, including on the basis that the information was public not confidential, has not been misused or used by RDT and has not caused CTT any monetary loss. CTT’s claim stated that it is seeking an interim and a permanent injunction restraining RDT from using or disclosing confidential information and from selling its QuickStrip or any other oral thin film wafer of medicine; however, no motion or further legal step in that regard has, to RDT’s knowledge, been initiated.
RDT’s Chief Executive Officer, Mark Upsdell stated, “We deny using any of CTT’s confidential information as alleged. RDT believes the CTT claims to be without merit, vindictive and opportunistic. Importantly, we note that CTT has not claimed patent infringement. We have had patent counsel in Canada review CTT’s Canadian patents and have been assured that RDT’s formulations and processes will not infringe any of the claims of those patents. Similar opinions have been received from patent counsel in the United States. RDT will continue to protect its own proprietary technologies including pursuing its own patent applications. RDT will continue to defend itself vigorously against CTT’s claims, including on the basis that the information was public not confidential, has not been misused or used by RDT and has not caused CTT any monetary loss.”
Proposed Business Combination
ACME and RDT have proposed a business combination which, when completed, will constitute a reverse take-over of ACME by the shareholders of RDT and the acquisition of RDT by ACME. The previously announced proposed amalgamation involving ACME, its wholly-owned subsidiary and RDT (the “Amalgamation”) and all of the matters relating to the Amalgamation have been approved by more than 99% of the votes cast by ACME shareholders present in person or represented by proxy at an ACME shareholders meeting held on August 30, 2018 and by 100% of the votes cast by RDT shareholders present in person or represented by proxy at a RDT shareholders meeting held on August 27, 2018. For details of the proposed Amalgamation and other aspects of the proposed reverse take-over transaction, please refer to ACME’s news release filed on ACME’s profile on SEDAR at w w.sedar.com on July 12, 2018 and the management information circular for the ACME shareholders meeting filed on ACME’s profile on SEDAR at w w.sedar.com on August 9, 2018.
RDT is a private Canadian biotechnology corporation providing disruptive proprietary drug delivery technologies designed to improve patient outcomes. RDT’s business is to manufacture, distribute and license its orally administrable composition of a film forming agent that delivers a micronized therapeutic to allow the ready absorption of pharmaceutical and other products by patients.
More Information about ACME:
For more information about ACME, visit ACME’s profile at www.sedar.com or contact Jorge Estepa, Corporate Secretary, 20 Adelaide Street East, Suite 200, Toronto, Ontario M5C 2T6 Tel: (416) 818-4035
More Information about RDT:
For more information about RDT, visit: : www.rapid-dose.com or contact Rapid Dose Therapeutics Inc at: email@example.com, 1121 Walkers Line, Suite 3, Burlington, ON CANADA L7N 2G4 Tel.: (416) 477-1052
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of ACME and RDT as to future events or results and are believed to be reasonable based on information currently available to them. There can be no assurance that forward- looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Back to press releases page