Molecular Targeting Technologies, Inc. Initiates Legal Action Over Unauthorized Use of Albumin-binding Evans blue Targeted Radiotherapeutic (EB-TRT)

WEST CHESTER, Pa.--(BUSINESS WIRE)--Molecular Targeting Technologies, Inc. (MTTI) has filed a formal legal complaint in the Court of Common Pleas for Chester County, Pennsylvania concerning the unauthorized use of its EB-TRT technology by Dr. Xiaoyuan (Shawn) Chen, a former consultant who had previously worked with the company in a professional capacity pursuant to a consulting services agreement.

During his engagement with MTTI, Dr. Chen was granted access to proprietary EB-TRT technology under strict confidentiality. MTTI subsequently discovered that Dr. Chen committed a breach of his consulting service agreement by, among other things, co-founding a new enterprise, which is utilizing key aspects of MTTI’s protected intellectual property without authorization or license to start the company.

“MTTI obtained the commercial license for the EB-TRT technology from the United States National Institutes of Health,” said Dr. Chris Pak, President & CEO at MTTI. “We view this matter with the utmost seriousness and have taken appropriate legal steps to safeguard our technology and the interests of our stakeholders.”

The legal complaint alleges that Dr. Chen acted in direct violation of contractual obligations arising from his prior role as a consultant for MTTI. In addition to this filing, MTTI is conducting broader investigation and considering legal actions in other jurisdictions.

Molecular Targeting Technologies, Inc. (MTTI) is a clinical stage biotech company developing EB-TRT and is committed to improving patient outcomes and advancing healthcare. For more information: www.mtarget.com.