Gemvax "Regret over First Trial Verdict... Will Immediately Appeal"

GemVax & Kael expressed regret over the partial loss ruling in the first trial of the civil lawsuit filed by BioVille and announced on the 4th their intention to immediately appeal.

The civil lawsuit is a claim for damages stating that "the stock and management rights transfer agreement of Korea Stem Cell Bank signed in June 2012 between BioVille and GemVax, etc. is null and void due to a formal defect in the resolution of BioVille's board of directors, and compensation for damages arising therefrom is required." The lawsuit was filed against the shareholders of Korea Stem Cell Bank at the time, including GemVax, and the directors of BioVille.

The court dismissed all claims for damages against the BioVille directors at the time, but recognized GemVax's responsibility to return unjust enrichment, ordering GemVax to deliver the shares of Korea Stem Cell Bank and simultaneously pay 17.5 billion KRW in stock purchase price along with 5% annual interest on it.

All claims by BioVille that damages were caused to BioVille by incorporating Korea Stem Cell Bank as an affiliate company were dismissed.

A GemVax official stated, "This transaction occurred 12 years ago and did not cause any damage to BioVille," adding, "We expect that the responsibility for returning unjust enrichment under the first trial ruling will be resolved or limited through the appeal."