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Hemostemix Inc
Symbol HEM
Shares Issued 756,811,552
Close 2020-09-22 C$ 0.01
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Hemostemix provides litigation update

2020-09-22 08:56 ET - News Release

Mr. Thomas Smeenk reports

HEMOSTEMIX PROVIDES UPDATE ON LITIGATION AND CONSOLIDATION OF ITS COMMON SHARES

Hemostemix Inc. is providing an update on the various litigation matters it is pursuing or defending, as well as an update on the consolidation of its common shares that was approved by the shareholders of the corporation at the annual general and special meeting of shareholders held on May 6, 2020.

Litigation

Delaware

On June 29, 2020, Hemostemix filed an action in Delaware federal court against Accudata Solutions Inc. for failing to provide a statistical analysis of Hemostemix's clinical trial data and for failing to return the clinical trial data upon demand. Hemostemix also filed an injunction application to compel Accudata to provide the statistical analysis and clinical trial data to Hemostemix pursuant to Accudata's contractual obligations.

Aspire Health Science LLC moved to intervene in this action and filed an answer to the original complaint. Oral argument on Hemostemix's preliminary injunction application against Accudata was conducted on July 15, 2020, and Hemostemix is awaiting a decision on that injunction application.

In addition, Hemostemix was granted leave to file an amended complaint to include claims against Aspire and did so on July 27, 2020. Aspire filed a motion to dismiss Hemostemix's amended complaint on Aug. 14, 2020, and Hemostemix filed a response to Aspire's motion to dismiss on Aug. 28, 2020. Accudata filed a motion to dismiss Hemostemix's amended complaint on Aug. 24, 2020, and Hemostemix filed a response to Accudata's motion to dismiss on Sept. 8, 2020.

Florida

On Jan. 28, 2020, Aspire filed an action against Hemostemix in Florida state court for declaratory relief and specific performance to enforce the amended licensing agreement among Aspire and Hemostemix which Hemostemix properly rescinded on Dec. 5, 2019, for Aspire's default. Hemostemix filed a motion to dismiss the Florida action on the basis of lack of personal jurisdiction, to challenge service of the complaint and to challenge the sufficiency of the pleading. Aspire also brought a motion for a speedy hearing.

Argument was heard on Hemostemix's motion to dismiss on June 25, 2020, and Hemostemix is awaiting a decision. The Florida court stayed any consideration of Aspire's motion for speedy hearing until it rules on the Hemostemix's jurisdictional challenge. Pursuant to an earlier case management order, Hemostemix filed a case management report on Aug. 31, 2020, calling for stay of all matters, including discovery, pending a ruling on its jurisdictional challenge.

Alberta

On June 5, 2020, Hemostemix filed an originating application for a writ of Replevin against data and property improperly being held by Aspire. This application was dismissed at the time of hearing on a service ex juris issue. Hemostemix initially appealed the trial judge's decision. However, given the cost and burden associated with a lengthy and expensive appeal, Hemostemix opted not to file a factum in support of its appeal, resulting in the registrar striking the appeal for administrative reasons without any adjudication of merits.

Consolidation

Further to the approval of the 1:20 common share consolidation that was approved at the meeting, Hemostemix intends to implement the consolidation prior to Dec. 31, 2020. Hemostemix will provide further information in respect of the consolidation in future news releases when the board of directors of Hemostemix has made a decision in respect of the effective date of the consolidation.

About Hemostemix Inc.

Hemostemix is a publicly traded autologous stem cell therapy company. A winner of the World Economic Forum technology pioneer award, Hemostemix developed and is commercializing its lead product ACP-01 for the treatment of CLI, PAD, angina, ischemic cardiomyopathy, dilated cardiomyopathy and other conditions of ischemia. ACP-01 has been used to treat over 300 patients, and it is the subject of a randomized, placebo-controlled, double blind trial of its safety and efficacy in patients with advanced critical limb ischemia who have exhausted all other options to save their limb from amputation.

On Oct. 21, 2019, Hemostemix announced the results from its phase II CLI trial abstract entitled "Autologous Stem Cell Treatment for CLI Patients with No Revascularization Options: An Update of the Hemostemix ACP-01 Trial With 4.5 Year Followup" which noted healing of ulcers and resolution of ischemic rest pain occurred in 83 per cent of patients, with outcomes maintained for up to 4.5 years.

Hemostemix owns 91 patents across five patent families titled: Regulating Stem Cells, In Vitro Techniques for use with Stem Cells, Production from Blood of Cells of Neural Lineage, and Automated Cell Therapy.

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