VANCOUVER, British Columbia--(BUSINESS WIRE)--AlCana Technologies Inc. ("AlCana") commented today on recent rulings made in the civil suit brought by Tekmira Pharmaceuticals Inc. against certain current AlCana employees who were formerly employed by Tekmira ("former Tekmira employees"). On May 18, 2012, the Supreme Court of British Columbia denied Tekmira's application for injunctive relief and granted the former Tekmira employees' application for a temporary stay.
“We are pleased that the Supreme Court of British Columbia has recognized AlCana's contractual rights to continue its groundbreaking research developing novel cationic lipids with superior properties for the delivery of RNAi therapeutics. We believe, and the Court agreed, that the fundamental dispute between the corporate parties pending in Massachusetts Superior Court should be resolved prior to further consideration of the matter brought by Tekmira in British Columbia. We look forward to a presentation of the genuine facts in the Massachusetts case, and to a final resolution of this dispute in AlCana's favour.” said Dr. Thomas Madden, AlCana’s President and Chief Executive Officer.
In November 2011 Tekmira filed a Notice of Civil Claim in the Supreme Court of British Columbia alleging that the former Tekmira employees misappropriated Tekmira confidential information and trade secrets following their dismissal from Tekmira in October 2008.
At a hearing in the Supreme Court of British Columbia in January 2012, the former Tekmira employees entered into a consent order (the "Consent Order") agreeing that certain documents and materials alleged to have been removed from Tekmira shortly before the former Tekmira employees were terminated by Tekmira would be returned to Tekmira and that Tekmira information would not be used except in accordance with the terms of the parties' contract.
In March 2012, Tekmira applied to the Supreme Court of British Columbia for further injunctive relief, seeking to bar the former Tekmira employees from the use of any confidential information, including the use of such information pursuant to the terms of earlier agreements between the parties. In April 2012, the former Tekmira employees applied for a stay of the proceedings in the Supreme Court of British Columbia pending determination of the Massachusetts litigation. On May 18, 2012, the Supreme Court of British Columbia granted the stay sought by the former Tekmira employees, and denied the injunction requested by Tekmira.
About AlCana
AlCana is a private biotechnology company incorporated in British Columbia, Canada. AlCana is focussed on development of improved lipid nanoparticle (LNP) delivery systems for nucleic acid therapeutics. AlCana is based in Vancouver, BC.