Carrington Laboratories, Inc. today announced the settlement of a lawsuit filed in February 2007 by Glamorpuss, Inc. The value of the settlement was not disclosed. Carrington maintains its position and denies any wrongdoing in the matter.
"We are eager to focus our full attention to analyzing our business and advancing DelSite's work with the bird flu vaccine, and needed to resolve some outstanding issues that occupied our time and resources at the corporate level," said Carlton E. Turner, PhD, Carrington's president and CEO. "We are glad to put this lawsuit behind us without significant financial impact."
DelSite Biotechnologies, Inc., is Carrington's wholly owned subsidiary that is developing its propriety GelSite(R) technology designed to provide controlled release of peptide and protein-based drugs and vaccines. DelSite is currently developing a nasal powder vaccine using its GelVac(TM) formula with the H5N1 avian flu antigen and conducting studies which are funded in part by two grants from the NIAID (National Institute of Allergy and Infectious Diseases) of NIH (National Institutes of Health) under the Department of Health and Human Services.
"This is a very exciting time for us," Dr. Turner said. "Last month DelSite announced the successful completion and results of preclinical toxicology studies of the GelVac(TM) nasal powder influenza vaccine under FDA-reviewed protocols. This clears our path to proceed to a Phase I clinical trial in humans later this year. We are, in fact, awaiting arrival of the H5N1 antigen and are fully prepared to manufacture the vaccine for clinical testing upon its arrival. This vaccine system, if successful, could very well revolutionize how vaccines are formulated, stored, distributed and administered."
"GelVac(TM) has been shown to work with many antigens," Dr. Turner continued. "It is stable at room temperature, requires no needles, no preservatives, no cold storage and can be shipped anywhere free of the restrictive cold chain distribution systems required for traditional vaccines. As a nasal powder, it's patient-friendly and doesn't require administration by a medical professional. No painful injection could mean greater public acceptance and thus, public protection on a broader scale against specific diseases."
"At the corporate level, we are analyzing our business models and exploring strategies to move our business forward. We've incurred financial losses over recent years, due in part to Carrington's corporate funding of DelSite's initiatives and programs, and due in part to operational losses. We are now evaluating our business segments and growth opportunities with fresh perspectives. To that end, we just announced we have retained the services of an investment advisor to help us understand how we can capitalize on our considerable technologies and assets in a long-range business plan for the ultimate benefit of our shareholders and supporters. Improving shareholder value remains our highest priority."
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