Isolagen, Inc. Reaches Agreement in Principle to Settle Its Class Action and Derivative Action Lawsuits
25 Septiembre 2008 - 8:00AM
PR Newswire (US)
EXTON, Pa., Sept. 25 /PRNewswire-FirstCall/ -- Isolagen(TM), Inc.
(AMEX:ILE) announced today that it has reached an agreement in
principle to settle its securities class action lawsuit and its two
derivative actions against the Company and certain of its current
and former officers and directors (Civil Action Case No.
05-cv-04983-RB, Case No. 06-cv-01302-RB and Case No. 08-cv-724-RB).
"We are pleased to have reached agreement in principle to resolve
the last of the securities class action and derivative action
lawsuits," said Declan Daly, President and CEO of Isolagen, Inc.
"The Isolagen management team continues to execute against its
goals in an effort to positively advance the Company." Payments for
all settlements will be funded entirely by the Company's liability
insurance. Under the terms of the proposed settlements, a payment
will be made to the putative class in the securities action
lawsuit. In the two derivative action settlements, a payment will
be made for plaintiffs' attorney fees. In connection with the
proposed settlement of the securities class action, Isolagen is to
receive a release of indemnification claims asserted by the
underwriters of certain securities offerings who were also named as
defendants in the lawsuit. Also, in connection with the above
proposed settlements, Isolagen is to receive a final payment of
$500,000 from it liability insurance carrier for reimbursement of
any and all current and future defense costs. Finalization of the
proposed settlements remain subject to conditions, including the
liability insurance carrier's compliance with its agreement to
provide the funds necessary to make the settlement payments, as
well as the execution of the definitive settlement documentation
and court approval. About Isolagen, Inc. Isolagen(TM), Inc.
(AMEX:ILE) is an aesthetic and therapeutic company committed to
developing and commercializing scientific advances and innovative
technologies. The company's technology platform includes the
Isolagen Process(TM), a cell processing system for skin and tissue
rejuvenation which is currently in clinical development for a broad
range of aesthetic and therapeutic applications including wrinkles,
acne scars, burns and periodontal disease. Isolagen also
commercializes a scientifically-advanced line of skincare systems
through its majority-owned subsidiary, Agera(R) Laboratories, Inc.
For additional information, please visit http://www.isolagen.com/.
Isolagen Forward Looking Statements All statements in this news
release that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statement include the finalization of the proposed settlements, the
liability insurance carrier's compliance with its agreement to
provide the funds necessary to make the settlement payments, and
the execution of the definitive settlement documentation and court
approval. While management has based any forward-looking statements
contained herein on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of our
control, that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth under
Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K
for the year ended December 31, 2007, as updated in "Item 1A. Risk
Factors" in the Company's Quarterly Reports on Form 10-Q. We
operate in a highly competitive and rapidly changing environment,
thus new or unforeseen risks may arise. Accordingly, investors
should not place any reliance on forward-looking statements as a
prediction of actual results. We disclaim any intention to, and
undertake no obligation to, update or revise any forward-looking
statements. Readers are also urged to carefully review and consider
the other various disclosures in the Company's Annual Report on
Form 10-K for the year ended December 31, 2007, as well as other
public filings with the SEC since such date. DATASOURCE: Isolagen,
Inc. CONTACT: Mike Beyer of Sam Brown Inc., +1-773-463-4211 or Web
site: http://www.isolagen.com/
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