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Transgenomic, Power3 End Breach-of-Contract Suit

NEW YORK (GenomeWeb News) – Transgenomic and Power3 Medical Products have settled a breach-of-contract suit through a mediated agreement that includes an equity-based payment, Transgenomic said today.

Transgenomic sued Power3 in 2010 after it terminated a marketing agreement that gave Transgenomic the right to market Power3's NuroPro test for neurodegenerative diseases. The suit also accused Power3 of libel and slander because the company had issued a press release accusing Transgenomic of breach of contract.

In its suit, Transgenomic accused Power3 of making "false representations" about its tests in order to entice Transgenomic into the marketing agreement. Specifically, Transgenomic claimed that Power3 had presented it with data claiming that NuroPro's specificity and sensitivity was 100 percent for Alzheimer's disease. Later tests run by Transgenomic, however, failed to validate Power3's results.

Transgenomic said in the complaint that it suffered more than $520,000 in damages resulting from Power3's accusations, which caused its stock to fall 9 percent and a loss of more than $2 million in market capitalization.

Transgenomic also asked the court to prohibit Power3 from continuing to defame it, and for damages to be determined during trial, including attorney's fees and other expenses.

Under the mediated agreement, ironed out through the US District Court for the District of Nebraska, all litigation and disputes have been resolved and terminated, and all commercial rights covered under the agreement will revert to Power3, which will provide Transgenomic with an equity payment of an undisclosed value.

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