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Hemostemix Inc
Symbol HEM
Shares Issued 756,811,552
Close 2020-10-08 C$ 0.005
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Hemostemix wins motion to quash service re Aspire

2020-10-08 07:23 ET - News Release

Mr. Thomas Smeenk reports

HEMOSTEMIX ANNOUNCES PARTIAL WIN IN FLORIDA

The Ninth Judicial Circuit Court for Orange County, Florida, has granted Hemostemix Inc.'s motion to quash service of process by Aspire Health Service LLC in Aspire's action filed against Hemostemix for declaratory relief and specific performance in relation to the amended licensing agreement among Aspire and Hemostemix which Hemostemix properly rescinded on Dec. 5, 2019. Aspire has 120 days to perfect service under the Hague Service Convention and file proof of service, failing which the complaint against Hemostemix will be dismissed without prejudice.

The company's motion to dismiss Aspire's claims on jurisdictional and mandatory arbitration grounds was not granted. The order is immediately appealable and on Friday, Oct. 2, 2020, Hemostemix filed both a notice of appeal of the court's order and a motion to stay the proceedings in the Florida action, pending the appeal.

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.

We seek Safe Harbor.

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